condo feature

OTIS in the Park terrace rendering

OTIS IN THE PARK DOWNTOWN KITCHENER’S EXCLUSIVE NEW ADDRESS

Poised on the southern edge of Victoria Park, everything one needs is within walking distance from Otis in the Park. Indulge in this lush and prestigious part of the city, while knowing all of your day-to-day needs are within reach.

Nestled in the heart of our downtown area, Victoria Park boasts many of its original amenities from its opening in 1896, including an iron bridge that provides walkers a means to cross its stunning lake, wildlife, flower beds, access to the Iron Horse Trail and more.

With only 30 units available, this distinguished property is something truly special for those looking for an elevated experience in the heart of Kitchener.

OTIS in the Park penthouse rendering

EVERYTHING AT YOUR FINGERTIPS From exceptional entertainment to gourmet gastronomy, every service and amenity is within walking distance. Take a stroll through Victoria Park on a warm summer’s day, pick up dinner on your way home, and even walk to some of the Region’s best companies. With Otis in the Park, location is everything!

AMENITIES INSIDE AND OUT Custom interior details, aesthetic elegance and thoughtful integration into Victoria Park means that every detail has been considered. Building features include a pet washing station, 24/7 surveillance and building-wide security, mobile-initiated, automated parking system, secure bicycle storage, and a proposed basement lounge/restaurant with dine-in priority for residents.

ABOUT THE BUILDERS Newly built or re-imagined spaces - VIVE Development offers you a beautiful place to call home.

We love working among existing neighbourhoods and intentionally integrate into mature communities that have access to existing public transit, shopping, parks and restaurants.

Our newly built spaces feature the latest in building technology and innovative design. Neighbouring context is painstakingly considered when we design our new building communities.

OTIS in the Park suite rendering

THE CONDO EVOLUTION SMALL SPACE LIVING IS GAINING MOMENTUM

Arrow Lofts in Downtown Kitchener

Condos have historically been the choice of empty-nesters and retirees looking to right size their lifestyle and extend their savings. For them (and for any condo owner!), the convenienceof eliminating exterior yard work and maintenance means that they have more time to enjoy family, friends, travel and hobbies.

However, as home prices continued to rise, the profile of the average condo buyer began to shift. Condos became the go-to real estate option for first time buyers. The distinct advantage to condo ownership is the purchase price. In addition, condos tend to be built closer to city cores and amenities, inviting residents to forgo cars in favour of mass transit. In fact, Kitchener recently approved a zoning change that will no longer require any parking in new residential developments downtown.

More recently families have begun to take advantage of condo living. On top of all of the benefits already listed, they value the inherent safety that comes with living in a building with additional security measures, and potentially a concierge that can help monitor the coming and goings of their children.

In addition, in 2006 Ontario introduced Places to Grow: Growth Plan for the Greater Golden Horseshoe, which included an objective to accommodate more growth through re-urbanization. Places to Grow set a minimum target of 40% of new residential units to be constructed within the Built Up Area (area that was already developed in 2006). The Region of Waterloo Official Plan’s target is set at 45 per cent. Developers responded to this plan by building “up” rather than “out” and as a result, Waterloo Region has consistently exceeded their goal since the introduction of the Growth Plan. According to the 2018 Building Permit Activity and Growth Monitoring report released in March of this year, apartments remained the largest component of residential building permit activity with 1,374 units, representing close to half (47 per cent) of new units.

Of course, particularly around the university and college campuses, investors have continued to find a stable market in the purchase of units to rent. The stability of investing in real estate versus stocks has meant that student housing has become a favourite of pension funds. For instance, since 2015 the Canada Pension Plan Investment Board has been investing in operators of off-campus housing in both the United States and Britain.

So is condo living (or investment) right for you? With a wide variety of styles available (from low-rise buildings and townhomes to high-rise buildings and factory conversions), something is sure to suit.

Not sure what’s involved in purchasing a condo, or how you would decorate it once you move in? Turn the pages to find out more about condo living from local experts, and be sure to contact one of our Realtors for the most up to date real estate market advice.

MAKE A BIG STATEMENT IN A SMALL SPACE

Home staging by Beyond the Stage Homes

Shauna Lynn Simon

SHAUNA LYNN SIMON CEO/Lead Creative Solutions Provider

With a little creativity, you can maximize your space, without sacrificing style. Here are some of our best tips for the right furniture and colours, as well as managing your storage.

Selecting the right furniture for your space will be the key to getting the most out of it.

• Consider an armless couch. Arms can take up precious inches of space. Plus, an armless couch gives a sleek look, and visually will appear much less bulky.

• Downsize your end tables. Nesting tables are a great alternative to a standard end table, and will allow you to easily eliminate the need for a coffee table.

• If you prefer to keep the coffee table, you may consider swapping a standard coffee table for a storage ottoman. Not only will this increase your storage space, but it will provide an additional seating option for guests.

Multi-functional furniture can be vital to small space living, whether it’s a shelving unit that turns into a dining table, or a bed or sofa that opens up to add storage space. There are a TON of furniture items available today that are cleverly designed to play double duty. In a smaller space, it’s important that that every piece of furniture works for you.

Storage can be a commodity in small space living, especially if an extra storage unit is not available. Purchasing furniture with built-in storage options, as outlined above, is just one way to maximize your storage space. Within your 4 walls you also have the vertical height to take advantage of. Incorporate storage from the floor to the ceiling wherever possible.

• Remove closet doors to help to open up a space, making it easier to manoeuvre, and much less inhibiting.

• Add a closet organizer to all closets. If you can’t install a custom closet, make use of stackable storage bins, and clearly label.

• Pack away clothes that are out of season, and purge regularly.

• Add built-in cabinetry to your living room to help with media storage, and other miscellaneous storage.

• Under-bed storage can be a gold mine. If you have a standard bedframe, simply add a bed skirt to hide the mess below, and invest in under-bed storage containers and bins. For platform beds, consider purchasing one that has storage built-in beneath it for easy access to the space below.

Choosing the right colours for your small space can be a challenge. In order to avoid crowding a space with colour, try to avoid using more than 3 colours in any given room. Select neutral shades for the walls, and spruce it up with accent colours in an area rug, throws, cushions, and other accessories. Choose colours that complement each other, and avoid dark colours where possible.

The number one rule when working in a small space is to remember that there is “a place for everything, and everything in its place”. It might be cliché, but it really does work.

ASK A LAWYER

VICTOR HUSSEIN Hussein Law Office Professional Corporation

Q: WHAT SHOULD I CONSIDER WHEN BUYING A CONDO?

A: There are many different things to consider when buying a condo versus buying a freehold home. Here are five factors that should be explored:

Condominium Unit/Boundary: When buying a condominium, you are technically buying a condominium unit (“unit”). The definition or boundaries of a given unit varies between different condominium projects. For example, in a high rise situation, the definition or boundaries of the unit is simple - it is usually the area contained within the four-walls of your living space.

However, these days condominiums come in various forms. They can range from the more familiar individual units in a high-rise building to the fully detached home within a condominium complex. Therefore, if you are considering buying a condominium, ensure what exactly the unit will be that is being purchased. In other words, make certain of the boundaries of your condominium unit. For example, does your unit include the front and rear yards, or does it only include the area contained within the walls of your living space?

Common Elements: A second consideration is the common elements. This refers to those areas of the condominium complex that are made available to all condominium unit owners. Common elements usually include hallways, walkways, pool, and fitness facilities. Compare what common elements are offered at different condominium complexes.

Common Expenses/Condo Fees: As a condominium unit owner, you will be expected to contribute to the maintenance of the common elements. This contribution is commonly referred to as either condo fees or common expense fees. This is a monthly fee charged to each unit. The fee varies between condominium complexes. Generally, the greater the number of facilities offered, such as fitness facilities, saunas, and so on, the higher your condo fees will be.

During your search, find out the condo fees being charged presently, when the last increase in fees occurred, if the condominium corporation is planning to raise these fees in the near future and last, but certainly not least, what maintenance services are provided for this fee. For example, is lawn maintenance and snow removal provided, or are you expected to maintain your own lawn and shovel your own driveway?

Reserve Fund: Under the Condominium Act, R.S.O. 1990, c. C.26, every Condominium Corporation is to establish and maintain one or more reserve funds (“fund”). Simply put, this fund is established to finance any major repairs and replacement of common elements and assets of the Condominium Corporation that may be required in the future. For example, if the underground garage needs restoration work completed, the fund will be employed to finance the work. It should be noted: if the fund does not have sufficient monies to finance the restoration, the individual unit owners will be required to pay an additional amount on a pro rata basis to cover the shortfall, in addition to the regular condo fees.

The capital for the Reserve Fund arises from the condo fees. A set portion of the monthly condo fees are placed into the fund until these monies are needed. During your search, inquire as to the size of the fund.

Keep in mind that a new condominium complex will not have much of a reserve fund due simply to the fact that very little, if any, condo fees have been collected to date. However, most buyers of new condominium units are comfortable with a small reserve fund as they do not expect any major repairs in the near future.

By-Laws and Rules: As a condominium owner, you are subject to various by-laws and rules which may restrict how you use your condominium. This is because the condominium corporation has the power to enact by-laws and rules which govern a variety of matters that are essential to the smooth administration of the condominium. Some of the by-laws will relate to the corporate administration of the condominium including the election and function of directors. Other by-laws will deal with the assessment and collection of common expense and the management of the property. It is very important to review and understand that some of the rules may prohibit you as an owner from doing things that would otherwise be acceptable if you were living in a freehold house. For instance, some condominiums have strict rules relating to the keeping of pets. Obviously, if you intend on keeping your pet, you would want to read these rules prior to purchasing a condominium.

Condos today can range from the more familiar individual units in a high-rise building to the fully detached home within a complex.

The above represents only five of a host of possible considerations to bear in mind when buying a condominium unit. Other important factors to consider include reviewing the Status Certificate (a snapshot of the financial and legal circumstances of the building and specific unit) and reviewing the terms for interim occupancy/closing in the event that the condominium is not registered on the closing date (in the case of a new build).

When buying a condominium unit, always use the services of a professional REALTOR® . There are certain conditions that must be present before signing an Agreement to Purchase a Condominium. The timely advice and assistance of a professional can help to ensure that your transaction will be worry-free and enjoyable.