OCT 28 – NOV 11, 2017 | nexthome.ca
EASTERN ONTARIO EDITION
SPE CI A
Connecting Canadians to new HOMES & CONDOS for more than 25 years L
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MODERN CONDO LIVING BY THE RIDEAU RIVER
INSIDE:
Q&A WITH MINISTER OF HOUSING PETER MILCZYN
CHOOSING THE HOME TYPE THAT’S RIGHT FOR YOU
36’ Stanley Show Home | 2,450 sq. ft
Avalon Encore, Orléans from
$
267,400
60 years of beautiful home design Large windows bathe bright open spaces with natural light in every Minto home, and as its centrepiece – your family. Always evolving, ever inspiring, timelessly elegant – Minto.
Mahogany, Manotick
Potter’s Key, Stittsville
from
from
$
489,900
$
319,900
ottawahomes.minto.com
INCREDIBLE VALUE, INSPIRING DESIGNS
LIVE IN STYLE WITH UP TO $22,500 IN DESIGN STUDIO CREDITS A
Two-Storey Townhome, The Riverdale Corner ‘A’, 2,429 Sq.Ft., $359,990 Includes: 3 Stainless Steel Appliances, Rec. Room Ready & $22,500 at Décor
A Mattamy home is a HOME YOU’LL VALUE for a lifetime
SALES CENTRE HOURS
Monday - Thursday 1 pm-8 pm; Friday 1 pm-6 pm; Saturday, Sunday and Holidays 11 am-6 pm
The Valleyfield Model Home in Half Moon Bay, Barrhaven
38' Detached Home, The Madison ‘A’, 2,027 Sq.Ft. $441,990 Includes: Rec. Room Ready, Cold Storage, Next Step & $15,000 at Décor
38' Detached Home, The Madison ‘B’, 2,027 Sq.Ft. $445,990 Includes: Rec. Room Ready, Cold Storage, Next Step & $15,000 at Décor
STITTSVILLE Townhomes From $321,990 Detached Homes From $459,990
PHASE 2 NOW AVAILABLE Sales Centre 1879 Stittsville Main Street 613-435-7171
38' Detached Home, The Annex ‘B’, 2,621 Sq.Ft. $477,990 Includes: 9' Ceilings on Second Floor, Waffle Ceilings, Rec. Room Ready & $15,000 at Décor
2017 BILD Home Builder of the Year
MATTAMYHOMES.COM All illustrations are artist’s concept. All dimensions are approximate. Prices, specifications, terms and conditions subject to change without notice. E.&O.E.
Exclusive Zen Urban Flats Deal your Zen Urban Flat when you SAVE $10,000 on buy before THE END OF 2017!*
Sundance Zen Urban Flats Sundance is the perfect blend of nature and convenience of urban living. Rife with greenery, playgrounds, and community life, this area is quickly becoming Ottawa’s number one choice for families. One listen to the murmurs of Findlay Creek, or the feeling of a warm summer’s breeze on nearby trails will have your entire family enamoured with this charming community. Coupling proximity to schools and bus routes with forests and creeks, Sundance is the perfect community in which to live, play, and grow. Visit our sales centre and ask our representative for more details on how you can save $10,000 on your purchase today!* 779 Fiddlehead St., Bank St South 613-425-1332
*Exclusive Zen Urban Flat deal applies to units in Building E only. Conditions apply, please contact a sales representative for more details.
Move in ready homes across the city As Ottawa’s largest builder of homes and condominiums we have plenty of move in ready homes waiting for you across the city. Ready immediately, or in as little as 4 months, we have homes big and small that will fit every unique lifestyle.
RESOLVE Findlay Creek
THE MOONEY’S BAY Hunt Club
940 SQ FT Zen Urban Flat uilding E Level 1 Unit 1) Fully Furnished Only $219,900
Immediate Availability 990 SQ FT 2 Bed Condo Flat (Block B Unit 104) Only $277,900
MELBOURNE Riverside South
JUNIPER Available Early 2018 3185 SQ FT Single Home (Lot 84) $15K Design Centre Bonus Only $748,000
Available October 2017 1840 SQ FT 3 Storey Townhome (Block 2 Unit 8) End Unit Only $369,900
COLTON B Navan
SUMMIT Kanata
Close in 2 months 2250 SQ FT Single Home (Lot 2023) Only $496,900
Available in 5 months 2325 SQ FT Townhome (Block 15 Unit 82) End Unit Only $386,900
ClaridgeHomes.com Prices and specifications are subject to change without notice. E.&O.E.
OCT 28 – NOV 11, 2017 | VOLUME 17 ISSUE 20
CONTENTS
VICE-PRESIDENT & CHIEF PUBLISHING OFFICER
Caroline Andrews PUBLISHER & GENERAL MANAGER
Shawn Woodford ASSOCIATE PUBLISHER
Anne-Marie Breen DIRECTOR OF CONTENT & EDITOR-IN-CHIEF
Jennifer Reynolds MANAGING EDITOR
Wayne Karl ART DIRECTOR
Tammy Leung CONTRIBUTING EDITORS
Sonia Bell Marlene Eisner Elisa Krovblit Keay SALES MANAGER, EASTERN ONTARIO
18
ON THE COVER:
TRENDING
eQ Homes
C6 Housing Market
Breaking ground at Greystone Village
Ottawa home prices make strong gains in Q3
16
SPOTLIGHT ON CONDOS Your guide to new condo communities in the Gatineau and Greater Ottawa Area
Fall Getaways
Six fun getaways in Ontario to enjoy this fall
ADVICE
C14 Home Smarts
Choosing the home type that’s right for you BY MARNIE BENNETT
27 Mortgage Intel
PROPERTY PROFILES
C4 Cardel Homes
KoL Condominiums at Blackstone
INSPIRATION
C12 Home Style
Getting down to brass tacks
8 NextHome.ca
Sarah Khan SENIOR MANAGER, DISTRIBUTION
Dwayne Rutherford NATIONAL CIRCULATION MANAGER
John Jenkins
PRODUCTION MANAGER
Anthony Majetic PRODUCTION CO-ORDINATOR
Dennis Ng GRAPHIC DESIGNER
Dennis Ng Published by
A brand of Yellow Pages Homes Ltd. #500-401 The West Mall Etobicoke, ON M9C 5J5 T 416.626.4200 F 416.784.5867 nexthome.ca
Advertising Call 416.626.4200 for advertising rates and information.
BY ALYSSA FURTADO
Circulation Highly targeted, free distribution system aimed at real estate buyers using street level boxes and racking, plus door-to-door insertions in key audience segments.
20 Peter Milczyn
Ontario Minister of Housing
IN EVERY ISSUE
10 22 24 26
SALES & MARKETING CO-ORDINATOR
How to cut the costs of carrying a mortgage
Q&A
C4
Paul Bimm paul.bimm@nexthome.ca
Editor’s Note Hot Properties Advertisers Index What’s Online
Call 1.855.826.4200 to discuss distribution opportunities. Copyright 2017 All rights reserved by Yellow Pages Homes Ltd. Reproduction in any form is prohibited. Contents of this publication are covered by Copyright and offenders will be prosecuted under the law. The views and data expressed by columnists do not necessarily represent those of the publication. Terms Advertisers, Editorial content are not responsible for typographical errors, mistakes or misprints. All prices are correct as of press time and are subject to change without notice. E. & O. E. Editorial Submissions from interested parties will be considered. Please submit to the editor at wayne.karl@nexthome.ca
EMBRACE YOUR PATH. Grand Opening Continues! After searching far and wide for the perfect new home, your hunt ends here at Pathways at Findlay Creek by eQ Homes. Enrich your life with your choice of any of eQ Homes’ three sensational housing styles, all offering outstanding value for families, downsizers and first-time buyers alike.
eqhomes.ca
Townhomes from the low
300’s
$
Sales Centre Located @ 4828 Bank St., Ottawa, Ontario
613-822-7247 | sales@eqpathways.ca Prices and specifications are subject to change without notice. Rendering is artist’s concept. E.&O.E.
from the low
Singles
400’s
$
EDITOR’S NOTE
DON’T LOOK NOW... BUT, OTTAWA, YOUR STAR IS ON THE RISE
WAYNE KARL MANAGING EDITOR NextHome EMAIL: Wayne.Karl@nexthome.ca TWITTER: @WayneKarl
+
We’ve often written in NextHome about how the Eastern Ontario housing market may not be the most spectacular performer, but it is a solid and steady one. Case in point – a new survey from Century 21 Canada, which shows that Ottawa home prices are among the lowest in Canada, of all the major markets. This is based on a price per square foot basis for a detached home, at $215, which has grown 121 per cent since 1997. Compare these numbers to, say, Oakville, Ont. at the other end of the scale, at $627 psf and 493-per-cent growth over the last 20 years. So, while Ottawa’s growth may pale in comparison to other markets, this also means it remains much more affordable – and that’s a good thing. More positive developments may be in Ottawa’s future. The Conference Board of Canada, for example, forecasts that real GDP in Ottawa-Gatineau is on track to increase by 2.5 per cent this year, the fastest rate of growth in seven years. Many key pillars of the economy are enjoying solid advances, with government, construction, tourism and high-tech all seeing an upswing in hiring. With 11,000 new jobs forecast this year, and another 7,100 in 2018, Ottawa may also see a surge in housing demand – and therefore price growth. Solid and steady, indeed.
GETTING DOWN TO
page C12
+ get social 10 NextHome.ca
Interact with us on social media: nexthome
I live for moments. I live in
Discover your own. SINGLE-FAMILY HOMES + CONDOMINIUMS
CARDELHOMES.COM
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See sales consultant for details. Prices, terms and specifications are subject to change without notice. E & O.E. * No purchase necessary. Internet access may be required. Enter December 13th, 2016 – December 12th, 2017 for a chance to win. Prize Draw Dec. 14th, 2017. Only open to homeowners who bought or will buy a new Valecraft Home in Ottawa or Embrun between December 13th, 2016 – December 12th, 2017, who will have a mortgage on it in 2018 and who are legal residents of Ontario over the age of majority. Limit of one (1) entry per Mortgagor as defined. Skill-testing question and Release required. One Prize of mortgage payments up to $1,500/month during 2018 (ARV $18,000). Odds of winning depend on number of eligible entries received. Restrictions apply. Full rules and entry information at valecraft.com.
SPOTLIGHT ON
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IN THIS SECTION
YOUR PULL-OUT GUIDE TO HIGHRISE, CONVERSION, LOFT, TERRACE & TOWNHOME CONDO PROJECTS
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SPOTLIGHT ON
CONDOS
MODELS COMING SOON
Quartz model shown
Live carefree in Kanata 2 BEDROOM / 2 BATH FROM THE
•
• • •
9' ceilings Hardwood floors Granite countertops Elevator Private balconies
• • • •
OCCUPANCIES AVAILABLE
INCL HST
6 appliances Air conditioning Heated underground parking A/C and humidifier
+ MUCH MORE!
CONDOS
Visit us online for community info, floorplans and more. Errors and omissions excluded. Prices, plans, elevations, promotions and specifications subject to change without notice.
SPOTLIGHT ON
•
300s
$
DECEMBER 2017
C3
SPOTLIGHT ON
CONDOS
PROPERTY PROFILE
KOL CONDOMINIUMS AT BLACKSTONE YOUR NEW HOME IN A THRIVING COMMUNITY
Surrounded by single-family and townhomes in Blackstone, KoL condos are the epitome of hasslefree, maintenance-free living. Ideal for urban downsizers who are in search of a luxurious condo only steps from the Trans-Canada trail, these condos are made to fit a maintenance-free lifestyle. Meet your friends or go for a morning walk, head to Kanata Centrum for a movie, or enjoy a dinner out at one
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of the many local restaurants. KoL features three lowrise buildings, each with 12 units, with an elevator and heated underground parking (with bike storage). Each unit comes with two bedrooms, two bathrooms, private balconies and in-suite laundry. With four floorplans to choose from, sizes ranging from 1,175 to 1,192 sq. ft., and an accessible unit, there really is
something for everyone. These condos are built to impress. All suites come standard with hardwood throughout, granite countertops in the kitchen, six appliances and nine-ft. ceilings. These open-concept units feature large windows, modern and clean lines that are both chic and warm. With plenty of light and space, you certainly won’t feel like you’re downsizing.
+
LOCATION Kanata DEVELOPER Cardel Homes DEVELOPMENT Blackstone HOME TYPE Condominiums
SALES CENTRE
139 Westphalian Ave. Open Monday to Wednesday 1 to 7 p.m.; Saturday and Sunday noon to 5 p.m.; closed Thursday and Friday CONTACT 613.435.5704 cardelhomes.com
CONDOS
that there really isn’t any need to leave Kanata! Cardel Homes has been building for more than 40 years, and continues to set new benchmarks as they deliver what modern families want: Well thought-out floorplans, features that make life easier and great value in a great home. In short, Cardel homes are built for real life. Prices for these luxurious condos start at $343,000 and occupancy begins as early as January. Take advantage of these amazing units, with only $20,000 down. For more information, visit cardelhomes.com or contact the sales office and book your personal tour of the building.
SPOTLIGHT ON
The best thing about living at KoL? This master-planned community is already flourishing, which means you don’t have to live in a construction zone. Construction on the first of three buildings is well underway, with two fully decorated models set to open in December. All are corner units, allowing you to sit on your private balcony and enjoy the peace and quiet of community and surrounding greenspace. Located off Terry-Fox near Fernbank, KoL has everything you need right at your fingertips. Only minutes from the 417, steps from Walmart and a short walk to pharmacies, schools and OC Transpo, you will quickly find
OCT. 28-NOV 11, 2017 C5
TRENDING
OTTAWA HOME PRICES MAKE STRONG GAINS IN
SPOTLIGHT ON
CONDOS
Q3 OF 2017
Increased buyer demand saw a positive gain in home prices in Ottawa in the third quarter of 2017, says the latest Royal LePage House Price Survey. The aggregate price in the city rose 7.9 per cent year-over-year, to $441,453. When broken out by housing type, the median price of a standard two-storey home climbed 8.8 per cent year-over-year to $464,391. During the same period, the median price of a bungalow grew 5.4 per cent year-over-year to $430,448, while condominiums rose 6.0 per cent year-over-year to $333,754. “There is significant momentum in Ottawa,” says Hanna Browne, broker, Royal LePage Team Realty. “Prices are appreciating and potential buyers are moving quickly, fearing that they may get priced out of the market. “Migration from Toronto and its surrounding regions is putting upward pressure on prices as buyers choose Ottawa for its affordability, good lifestyle, strong economy and proximity to both Toronto and Montreal. We are also seeing an increase in foreign buyers who are mostly choosing to relocate to Ottawa for the same reasons.” The surge in sales activity and reduced inventory have greatly benefited the health of the condominium market, adds Browne, which had been relatively depressed over the past five years as a result of overbuilding. “There is still good inventory across Ottawa’s communities, however, listings in highly desired communities or priced between $300,000 and $500,000 are the
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Increase in home prices in third quarter of 2017, year-over-year OTTAWA House Type
% Increase
Median Price
Two-Storey Bungalow Condominium
8.8% 5.4% 6%
$464,391 $430,448 $333,754
House Type
% Increase
Median Price
Two-Storey Bungalow Condominium
13.9% 9.5% 15.2%
$748,049 $525,781 $413,670
NATIONAL
Source: Royal LePage Real Estate Services
most limited,” she notes. Nationally, the Royal LePage National House Price Composite, compiled from proprietary property data in 53 of the nation’s largest real estate markets, showed that the price of a home in Canada increased 13.3 per cent year-over-year to $628,411 in the third quarter. By housing type, the median price of a standard twostorey home rose 13.9 per cent year-over-year to $748,049, and the median price of a bungalow grew 9.5 per cent to $525,781. During the same period, the median price of a condominium rose 15.2 per cent to $413,670. Meanwhile, on a quarter-overquarter basis, home prices in Canada’s five most populated housing markets are rising at a similar, healthy pace – the first time this has occurred in six years. “For now, the Toronto and Vancouver housing markets have
returned to earth,” says Phil Soper, president and CEO, Royal LePage. “After a period of unsustainable price inflation and sharp market corrections, we are seeing low single-digit appreciation in each. Calgary has shaken off the oil-bust blues and Montreal appears to be at the beginning of a new era of economic prosperity. Rounding out the ‘big five,’ the Ottawa market is behaving like it usually does – a picture of healthy market growth. “Uneven regional economic growth has plagued Canada for much of the past decade, a challenge most evident in the nation’s housing markets,” he says. “For the first time since 2011, we are seeing real estate in all five of our largest cities appreciate at a manageable, healthy clip. Canadian housing is enjoying a Goldilocks moment – not too hot, and not too cold.”
Our vision for The Corners on Main; your vision for home.
Phase 1 Phase 2 Move in January 2018-2019 Visit our award-winning presentation centre: 223 Main St. | Mon-Thurs: 12-6pm | Sat-Sun: 12-5pm 613-806-6246 | cornersonmain.ca
CONDOS
There is a major transformation underway in Old Ottawa East. Is your life’s next adventure just around the corner?
SPOTLIGHT ON
It’s easier than ever to visualize the potential. Phase One of The Corners on Main is well under construction, and we couldn’t wait to show off the progress. Within each suite, the hopes and dreams of future homeowners are unfolding. We look forward to rewarding their trust in us with beautiful, boutique condos.
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613-224-0330 claridgestirlingpark.com
SAVE $20,000
SPOTLIGHT ON
CONDOS
See sales representative for more details.
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Located in the heart of Nepean, Stirling Park is surrounded by all the stores and services you’d ever need. As the hub of a major city centre, you can happily enjoy all the benefits this community brings. 1 & 2 bedroom units starting from $289,000
MOVE IN READY LOCATIONS
AROUND THE CITY $ 2OF
0KF*
0KF*
$ 4OF
WATERSTREET
TRIBECA EAST
Studio, 1 & 2 bedroom units starting from $255,000
1 & 2 bedroom units starting from $345,000
300 Lett Street 613-232-2049
112-316 Bruyère Street 613-680-6560
56 Nepean Street 613-234-1780
STIRLING PARK
CLARIDGE PLAZA
CLARIDGE ICON
1 & 2 bedroom units starting from $289,000
Studio, 1 & 2 bedroom units starting from $251,000
1 & 2 bedroom units starting from $301,000
107-330 Titan Private 613-224-0330
244 Rideau Street 613-241-3235
485 Preston Street 613-695-1441
0KF*
$ 2OF
N R TIO DEUC UNSTR N CO
FUSION 2 & 3 bedroom units starting from $484,000
* 20K and 40K deals valid for corresponding buildings only. Valid until the end of 2017. Conditions apply, contact a sales representative for more details.
URBAN OASIS ON THE EDGE OF DOWNTOWN
SAVE $40,000
WHEN YOU PURCHASE ANY TWO BEDROOM CONDOMINIUM OR BOUTIQUE TOWNHOME! Purchase and close before the end of 2017. Conditions apply, see sales representative for more details.
CONDOS
ClaridgeHomes.com Prices and specifications are subject to change without notice. E.&O.E.
SPOTLIGHT ON
FIND YOUR
C9
NEIGHBOURHOOD PROFILE
THE GLEBE
A FAMILY-FRIENDLY, TRENDY VIBE HOT SPOTS
THE WORKS True to its name, The Works is always a popular place, no matter the location. Drop in and take your palate on an adventure with one of their spectacularly weird burgers!
MEET THE NEIGHBOURS
SPOTLIGHT ON
CONDOS
LINDSAY FORAN
The Glebe is one of Ottawa’s oldest suburban neighbourhoods, and it is, by far, still regarded as the place to live in Ottawa. The Glebe is bordered by the Rideau Canal to the south and the east, it runs as far as Dow’s Lake, and finishes at the Hwy 417. VIBE
The Glebe is one of the only places in Ottawa where suburbia meets the trendy hipster lifestyle. From one corner to the next the atmosphere changes. There are large, expansive, million-dollar homes and student complexes where residents sit on the grass strumming their guitars. From the busy and scenic Rideau Canal, to the hustle and bustle of Bank St, the Glebe literally has everything you could possibly need.
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The Glebe boasts a motley crew, from student renters to artists, families and retirees. The area attracts wealthy buyers who want to live downtown, but who are still in need of a suburban feel. With an array of artwork, funky shops and hip restaurants, this area is familyfriendly with the trendy vibe that keeps you feeling young. PLANES, TRAINS & AUTOMOBILES
PATTERSON CREEK Patterson Creek is a beautifully romantic and tranquil oasis located right within the city. The creek runs for just about two blocks from the canal to just west of O’Connor Street.
The Queen Elizabeth Parkway is an easy way to get across the Glebe. This route leads you to Hwy. 417, downtown, or continue west. There are also many bus routes along Bank St. that will get you where you need to be. THE GOOD, THE BAD & THE REST
Constant energy pulses throughout the streets. Walk down Powel and into quiet suburbia. Head a few blocks west to Bank Street to a rush of pedestrians, commuters and cyclists. Bank offers a variety of high-end shops and businesses, with ’90s inspired nightclubs and five-star restaurants.
ROSIE’S Raw food is a rapidly rising trend across North America. Rosie’s on Bank Street offers a wide variety of food, from southern to sushi to raw choices, topped off by excellent service.
GROUND BREAKING THIS OCTOBER ST CHANCE AT PRE-CONSTRUCTION PRICING
The River Terraces at Greystone, nestled between the Rideau River and the Rideau Canal. A nine-storey condominium featuring designerappointed bachelor to two bedroom plus den residences with expansive terrace views. Savor gracious living at an address surrounded by all that Greystone Village has to offer, just minutes from downtown.
Illustrations are Artist’s Concept. Prices and specifications subject to change without notice. E. & O. E.
CONDOS
VISIT THE PRESENTATION CENTRE DESIGNER MODEL SUITE TODAY GREYSTONEVILLAGE.CA
SPOTLIGHT ON
CONDOMINIUMS BY THE RIVER FROM THE LOW $200’s
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INSPIRATION
GETTING DOWN TO
SPOTLIGHT ON
CONDOS
Decor isn’t just gorgeous furniture and a great shade of paint. To achieve a style, many elements are layered into decor – from the prominent pieces to the smallest details. The current trend is all about brass. It’s a warm and elegant feature. Look for brass in hardware and accessories. This muted metal makes a great finishing touch!
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by ELISA KROVBLIT KEAY
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1 | Umbra Cappa decorative curtain rod ball caps $18/set of 2 bedbathandbeyond.ca 2 | Alpha brass chair $299. cb2.ca 3 | Feiss Quorra indoor/ outdoor chandelier $1,198. lowes.ca 4 | Vintage style cupboard lion ring pull handles $15/set of 2. walmart.ca 5 | TILLAGD 20-piece flatware set $60. ikea.ca 6 | Launis toilet paper holder $48. anthropologie.com 7 | Victorian mirror $325. simons.ca
SPOTLIGHT ON
8 | Brushed brass bar cart $300. homesense.ca
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CONDOS OCT. 28-NOV 11, 2017 C13
ADVICE | HOME SMARTS
OPENING UP TO THE POSSIBILITIES:
CHOOSING THE HOME TYPE THAT’S RIGHT FOR YOU
SPOTLIGHT ON
CONDOS
MARNIE BENNETT
Buying a new home is an exciting process with a happy outcome – but to be perfectly honest, it can be a bit of a roller coaster ride. In reality, few of us are able to find our dream home, delve into our bottomless pockets and move in the following day. After 35 years in the real estate business, I’ve noticed certain patterns in homebuying behaviour. While most clients have a fixed idea of the type of home they want before they begin searching, it’s surprisingly common for buyers to change their minds mid-search. One client may realize that they’re not as eager to mow a large lawn as they’d thought; another may discover that the detached home they’d dreamed of is beyond their means. I encourage my clients to become familiar with the different property types on the market, and to keep an open mindset, as possibilities are everywhere. CONDOMINIUMS Condos are often purchased by single people and couples without children – with good reason. They offer a maintenance-free style of living that’s ideal for those with busy work and social lives. However, the owner pays a monthly maintenance fee for the privilege, known as condo fees. Condominiums tend to come with smaller or no outdoor spaces, but
C14 NextHome.ca
they usually have an abundance of lifestyle amenities such as fitness studios, home theatres, hot tubs, roof top terraces and party rooms – an important consideration for downsizers and active singles. While we often associate condos with downtown highrises, they are increasingly popular in suburban areas; they may be townhomes, semis or even detached homes, and are common in adult-oriented gated communities. Condominium is actually a legal definition referring to the method of ownership, not the type of building. When you purchase a condo, the interior space of your home belongs to you. “Common elements” such as elevators, recreational facilities and outside grounds are jointly owned by you and the other homeowners in your condominium community.
and marginally smaller lot sizes. If privacy is a concern for you, be sure to tour the builder’s homes to observe how sound travels from one home to the next. Most modern semis and townhomes provide good sound insulation. TOWNHOMES Like semi-detached homes, townhomes often offer more than you might expect. Many condominium townhomes are “executive-style,” boasting high-end finishes. Condominium terrace townhomes are “stacked,” with upper units providing a large balcony or rooftop patio instead of a yard. Non-condominium townhomes, known as “freehold,” offer more freedom to change the landscaping and exterior of your home. Happy hunting!
DETACHED HOMES A fully detached home provides the most privacy and, often, the most space of any home type. New detached homes are commonly built on lot sizes between 35 and 60 feet, although some new home builders – particularly custom home builders – may offer larger lot sizes. SEMI-DETACHED HOMES A semi-detached home is joined to another home on one side. If you’re having trouble finding a detached home in your budget, you’re likely to be pleasantly surprised with some of the semidetached homes on the market. They often offer similar layouts and features for a lower price, due to lower construction costs
To receive a free copy of a new special report titled “Homebuyers: How to Save Thousands of Dollars When You Buy” email sales@bennettpros.com Marnie Bennett is a broker and CEO of the Bennett Property Shop Realty, a full premium service real estate brokerage specializing in marketing and selling new and resale homes, condominiums and investment real estate. Marnie is the host of two weekly radio shows Marnie’s Real Estate Hour and The Real Estate Edge, a millionaire real estate investor and a wealth management coach. bennettpros.com
+MORE ADVICE ONLINE nexthome.ca/news/advice
Live and Play ON THE
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IL E
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613-498-7245 (SAIL) | TALLSHIPSLANDING.COM |
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CONDOS
To book a viewing contact TallShipsLanding@Fuller.ca
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SPOTLIGHT ON
CONDOS
* FF O 0 00
PLATEAU DU PARC
$1
5
9 KM FROM PARLIAMENT Corner of ch. Pink & boul. des Grives, Gatineau
O
C MO TO BE VE R IN 20 17
From the
360’s
$
*
HORIZON
8 KM FROM PARLIAMENT 354 #3 boul. des Grives, Gatineau
W C AT O E M R M FR U O N N IT T Y
Rent from $940*/mo.
DOMAINE DU VIEUX-PORT
9 KM FROM PARLIAMENT 1400 boul. St-Joseph, Gatineau
CONDOS Rent your suite with loft & rooftop terrace
CONDOS New hotel-inspired luxury condos ideal for professionals and young active retirees. Offers common area including a large rooftop terrace.
819.776.4663
819.772.4663
PRESTIGE HOMES High-end homes in one of the most sought-after community CONDOS A waterfront paradise with urban lounge on the top floor
819.777.4663
C O
N UN ST D RU E CR TI O
N
From the $260’s*
SINGLE FAMILY HOMES Luxury homes near Gatineau Park
PETRIE’S LANDING 21 KM FROM PARLIAMENT
8865 Jeanne d’Arc Blvd. N., Orléans
1L O O NL T Y LE FT
From the $199’s*
LOREKA COURT 29 KM FROM PARLIAMENT Loreka Court, Ottawa
From the $160’s*
CONDOS New luxury condos with rooftop terrace, leisure room, gym, indoor parking, elevators, pool & spa.
613.824.4059
LOTS You want to build your dream home? 40 x 147 feet lots located on a private street
RE SE RV E
N O W
613.257.4079
KANATA LAKES
26 KM FROM PARLIAMENT 126-4 Battersea Crescent , Ottawa
C N NE O O W N W P ST U H RU N AS C DE E TI R O N
Rent from $1 305*/mo.
CARLETON CROSSING 51 KM FROM PARLIAMENT
117 McGregor St., Carleton Place
From the $279’s*
CONDOS New luxury condos with common rooftop terrace & indoor parking. Also offers a fitness centre and amelitie room with kitchenette
613.317.2438
SINGLE FAMILY HOMES Luxury homes in a quiet neighbourhood CONDOS Rent your contemporaty suite now
613.257.4079
*See Sales Representative for details. Prices, specifications, features and offerings are subject to change without notice. E & O.E. Promotions may be changed and/or cancelled at any time without notice.
brigil.com
EVENTS
6 FUN FALL GETAWAYS BY MARISA BARATTA Whether you’re looking for a fun day trip or a weekend getaway, Ontario offers a multitude of spots for autumn leaf-gazing, historic adventures and guided ghost tours. Here are six fun getaways to plan this fall. OTTAWA, OUR NATION’S CAPITAL
In autumn, our greenspaces wear some of the most colourful clothes in their wardrobes, so come see some fantastic fall foliage at Ottawa’s many beautiful parks and gardens. The Ottawa River provides a picturesque starting point not far from Parliament Hill, where you can take a free tour of one of our country’s most iconic buildings. Stop at the Byward Market for lunch and continue along the Rideau Canal. The whole family will love the Canadian Museum of Nature and the unique experience located a one-hour drive away at the Diefenbunker, Canada’s Cold War Museum. SO MUCH TO SEE AND DO IN KINGSTON
History, restaurants, a lakefront – Kingston’s got it all. Start downtown with a walk by the lake, a self-guided tour of City Hall and lunch at one of the many nearby restaurants. You can drive over to Fort Henry for a guided tour or take the trolley over to Bellevue House to visit the home of our first prime minister, Sir John A. Macdonald. Hop in the car for a quick visit to Canada’s Penitentiary Museum and book a tour to the Kingston Penitentiary across the street. Your evenings will be adventurous, too, with plenty of options for 1000 Islands 16 NextHome.ca
cruises and guided ghost tours of downtown Kingston or Fort Henry. CRAVING CULTURE IN THE WATERLOO REGION
There’s something about fall that makes us think of pioneer villages. Travel back in time to early Canada when you explore 35 historical buildings in Rockton’s Westfield Heritage Village. Whether you head over to Cambridge, Kitchener or Waterloo, you’ll find there are many conservation areas and parks perfect for autumn nature walks. BELOVED NIAGARA-ON-THE-LAKE
Located along the beautiful Niagara Escarpment, Niagara-on-the-Lake is one of the best vacation spots in Ontario thanks to its wineries, shops and charming downtown. Stay at one of the many beautiful B&Bs and picnic by the lake at Queen’s Royal Park, home to the iconic gazebo built for the set of Stephen King’s The Dead Zone. It’s easy to get in the Halloween mood via guided ghost tours of NOTL or nearby Fort George. HISTORIC HAMILTON
Hamilton is a one-stop shop for
fall. And we mean waterfalls, too – the city is home to more than 90 waterfalls made even more spectacular against a backdrop of red, orange and yellow leaves. After exploring Hamilton’s many museums – don’t miss Dundurn Castle, a national historic site featuring an impressive 1830s home – take a ghost tour of downtown Hamilton, the Hermitage Ruins or the 120-yearold Scottish Rite. SERENE STRATFORD
Once in Stratford, centre your visit around the Avon River, bordered by trees displaying their changing colours. You can stroll along the path, rent a boat or bike, cruise along the river or picnic at Upper Queen’s Park. After a relaxing walk through the Shakespearean gardens or a visit to Justin Bieber’s favourite spots, check out the Stratford Perth Museum, located on seven sprawling acres off Huron Road. Should the fall air turn brisk, browse the many local shops, restaurants and cafes. From YP.ca. More tips and city guides: yp.ca/tips
1 SE PHAEADY ALR
6S0O% LD
THIS FALL DISCOVER FOR YOURSELF WHY SO MANY HAVE ALREADY BOUGHT AT FRESH TOWNS
FRESHTOWNS.CA Exclusive Listing Brokerage, Milborne Real Estate Inc. Brokers Protected. Prices and specifications are subject to change without notice. Renderings are artist concept only. E. & O. E. 2017
FROM THE LOW
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300 s
$ IRIS ST GREENBANK RD
MORRISON DR
QUEENSWAY 417
HWY 416
This fall discover for yourself why so many have already bought at Fresh Towns. Fresh Thinking, a perfect blend of contemporary and roof top town homes. Fresh ideas, with open concept living and private outdoor spaces. Fresh address, convenient to everything in Ottawa’s most desirable West End. Fresh Value, urban living at suburban prices. Close to parks, schools, shops, transit, Highway 416, 417 and downtown.
2795 BASELINE RD.
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Mon. To Thurs.: 11AM - 6PM Sat. & Sun.: 11AM - 5PM Fri.: closed
PROPERTY PROFILE
GREYSTONE VILLAGE GROUNDBREAKING CEREMONY IN OLD OTTAWA EAST
On Tuesday, Oct. 3, Regional Group and eQ Homes hosted a groundbreaking ceremony at Greystone Village. Construction on the River Terraces condo tower in Old Ottawa East is set to begin, marking a milestone moment for the community. In keeping with the community’s focus on Green living, the ninestorey, 107-unit condominium tower designed by Hobin Architecture is set to be the first LEED-certified building in the neighbourhood, meaning it will meet strict standards for sustainability. The innovative design will include deluxe amenities for residents who enjoy an active lifestyle, including bike and kayak storage, motorcycle parking, a pet spa station and more. Owners at The River Terraces 18 NextHome.ca
will have full access to the condominium’s many remarkable amenity spaces: Private dining room with chef’s kitchen, Terraces lounge with wet bar, large screen TVs and billiards table, gym and yoga room, outdoor terraces overlooking the Greystone community, spacious guest suite – and more. One of the most coveted features of The River Terraces’ residences will be the large terraces attached to each suite, offering expansive entertaining spaces for dinner parties and gatherings, coupled with spectacular views of the Rideau River and the surrounding Greystone Village community. “The River Terraces offer a great balance for people who want to live conveniently close to downtown, but who also
want to be close to nature,” says eQ Homes Vice-President Josh Kardish. “The people buying homes at Greystone really share our vision for the community and want to be a part of it. This is an exciting time for us, and also for them.” The developer, “The Regional Group,” has been active in the Ottawa area for more than 50 years, and has worked closely with community groups such as the Old Ottawa East Community Association in an effort to go “above and beyond” what the community expects from a developer, and has earned a great deal of support from the area’s residents. eQ Homes has built a reputation as an innovative company. Earlier this year, the company began offering smarthome features
standard in every new home they sell. It also released a Greystone Village app that lets you tour the community, take virtual tours and view available homes from a mobile device. Greystone’s overall plan calls for a vibrant mix of uses, more than 900 residences including townhomes, singles and bungalows, and 30,000 sq. ft. of retail shops fronting Main Street. The Regional Group is in the process of restoring the site’s historic Deschatelets monastery building for community use, creating a true community hub in the centre of the village. This master-planned community, located between the Rideau River and Rideau Canal, includes single-family homes, townhomes and condominium residences, along with proximity to arts and culture venues, shopping, dining and entertainment – all located just minutes from downtown Ottawa. For more information, contact sales@greystonevillage.ca or drop by the model suite at 175A Main St.., Old Ottawa East.
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LOCATION Old Ottawa East DEVELOPER The Regional Group DEVELOPMENT Greystone Village HOME TYPE Singles, condos, townhomes SALES CENTRE Open Monday to Friday 11 a.m. to 6 p.m., Saturday and Sunday noon to 5 p.m. CONTACT 613.569.3043 sales@greystonevillage.ca greystonevillage.ca
OCT. 28-NOV 11, 2017 19
THE LAST WORD
Q+A WITH PETER MILCZYN, ONTARIO MINISTER OF HOUSING by MARLENE EISNER
NEXTHOME CHATS WITH MINISTER OF HOUSING PETER MILCZYN ABOUT THE GOVERNMENT’S FAIR HOUSING PLAN, THE HOUSING DELIVERY GROUP AND AFFORDABLE HOUSING IN ONTARIO
site-specific considerations while working with local communities to explain their projects. It’s not so much about barriers as it is about streamlining. The Housing Delivery Group will work with all parties involved to streamline the development process and tackle the challenges that prevent housing projects from being built. That will help us get more people into affordable housing. NH: In what ways do you envision
In April, the Ontario government announced the Fair Housing Plan in an effort to make housing more affordable for homebuyers and renters. The plan includes 16 measures to meet its goals, including establishing the Housing Delivery Group. The mandate of the Housing Delivery Group is to work with individual developers, municipalities and other organizations to increase the supply of rental and affordable housing by reducing barriers to specific housing projects. Housing Minister Peter Milczyn is in charge of this portfolio. NEXTHOME: What are some of the
main barriers preventing housing projects from being built? PETER MILCZYN: Our priority
is to make sure people have an affordable place to call home, regardless of whether they are renting or buying. That is why we are taking action to make housing more affordable for 20 NextHome.ca
homebuyers and renters through the Fair Housing Plan. The Fair Housing Plan is 16 comprehensive measures to help more people find an affordable place to call home, while bringing stability to the real estate market and protecting the investment of homeowners. One of the 16 points of the Fair Housing Plan is the creation of the Housing Delivery Group, a group of dedicated provincial employees to identify barriers to specific housing development projects and work with developers and municipalities to find solutions to build more housing in priorities areas set up by the province: including affordable housing, rental housing, seniorsfriendly housing and housing with family-sized units. We want to find ways to champion projects that meet provincial goals, such as purposebuilt rentals, seniors housing and family-sized units. Residential developments often need to meet multiple municipal and provincial approvals, as well as address
the Housing Delivery Group will help streamline the process? PM: I was proud to announce that
Paula Dill, an experienced planner and project facilitator, will lead the group. She and her team will work to identify unnecessary slowdowns and find solutions to build housing in places where it is approved and makes the most sense. That means identifying projects that are provincial priorities (purposebuilt rentals, seniors-friendly housing and housing with familysized units) and working across ministries and governments to get them built. Paula will be a champion for these projects. NH: How does this tie in with, or
reflect, the city of Toronto’s Open Door Affordable Housing Program which provides developers financial incentives including capital funding and fees and property tax relief, fast-tracking planning approvals, and activating surplus public land?
PM: We have a strong relationship
with the city of Toronto, and I’ve been working with the mayor to find ways to get more housing built in the city. As a former Toronto city councilor and chair of the Planning & Growth Management Committee, I know the challenges he faces. The mandate of the Housing Delivery Group is to identify barriers to specific housing development projects and work with developers and municipalities to find solutions. As the group staffs up, the ministry will review the range of existing housing programs focused on supporting housing development projects, and build upon these as appropriate to develop strategies and action to help bring new developments to market.
Ontario provide her with a unique perspective on provincial planning and municipal affairs.
NH: Why was Provincial Land and
Development Facilitator Paula Dill chosen to lead the group and what are some of these issues? PM: Paula was chosen because
she is the best person to champion specific projects that meet provincial objectives. Her role as Ontario’s Provincial Land and Development Facilitator provides her with a good perspective on the issues the Housing Delivery Group will work on. Paula has a long history of public service, which will be useful for her new role, as she will be working across several ministries to identify the best opportunities to streamline housing developments. She has demonstrated both a comprehensive and unique understanding of Ontario’s political and public sector environment and has successfully resolved a range of complex, multi-jurisdictional issues for almost a decade. In addition, her experience within senior roles at the city of Toronto and the province of
NH: What is the timeline, target
dates or a process involved regarding accepting and then implementing recommendations made by the Housing Delivery Group? PM: Paula Dill will build the team over the fall. The Housing Delivery Group will consult with municipalities, the building and development sector, other ministries and other associated organizations to identify and evaluate potential residential projects. Municipalities, developers, various organizations and the public can also ask the team to consider specific projects. NH: Both the Canadian Real Estate Association (CREA) and the Bank of Montreal (BMO) have stated that since being introduced, the Fair Housing Plan has helped stabilize the housing market in the Greater Toronto Hamilton Area (GTHA). How will the Housing Delivery Group help stabilize the market
by increasing the number of affordable houses and rentals? PM: Over the coming months, the Housing Delivery Group will work with individual developers, municipalities and other organizations to reduce barriers to specific housing projects that meet the needs of local communities. The team will help all parties work together to overcome challenges that prevent new homes from being built. NH: When the Housing Delivery Group finishes its mandate, what are some of the key factors you are looking for that will make the initiative a success? PM: Simple – we want to see more housing projects getting built. We want to see more people have access to affordable housing. At the end of the Housing Delivery Group’s mandate, we expect to see an increase in the creation of housing projects that meet the provincial priorities areas, including affordable housing, rental housing, seniors-friendly housing and housing with family-sized units. OCT. 28-NOV 11, 2017 21
HOT PROPERTIES
FIND YOUR NEXT HOME This page features the latest properties to keep your eye on in the Eastern Ontario area.
GREYSTONE BY eQ HOMES
FELTON COURT
HARMONY
By: Minto City: Orléans Housing type: Singles, townhomes Contact: 613.834.6400 minto.com
By: Phoenix Homes City: Barrhaven Housing type: Townhomes Contact: phoenixhomes.ca
By: Minto City: Barrhaven Housing type: Singles, townhomes Contact: 613.789.7977 mintoharmony.com
AVIATION PRIVATE
By: Greatwise City: Ottawa Housing type: Townhomes Contact: freshtowns.ca
AVALON ENCORE
By: Valecraft Homes City: Ottawa Housing type: Terrace Home Contact: 613.680.4771 valecraft.com
CARLETON CROSSING By: Brigil City: Stittsville Housing type: Singles Contact: 613.257.4079 brigil.com
CREEKSIDE By: Cardel Homes City: Richmond Housing type: Singles Contact: 613.836.9521 cardelhomes.com 22 NextHome.ca
FRESH TOWNS
GALLERY TOWNHOMES By: Tamarack Homes City: Orléans Housing type: Townhomes Contact: 613.422.5925 tamarackhomes.com
GREYSTONE By: eQ Homes City: Old Ottawa East Housing type: Singles, Condo, Townhomes Contact: 613.569.3043 greystonevillage.ca
ICON By: Claridge Homes City: Ottawa Housing type: Condominium Contact: 613.695.1441 claridgeicon.com
KOL By: Cardel Homes City: Blackstone Housing type: Condominiums Contact: 613.592.0062 cardelhomes.com
MAHOGANY By: Minto City: Manotick Housing type: Singles Contact: 613.788.2776 mintomahogany.com
KOL BY CARDEL HOMES
ON HALF MOON BAY
SOHO CHAMPAGNE
THE BOWERY CONDOS & LOFTS
By: Mattamy City: Barrhaven Housing type: Singles, townhomes Contact: 613.825.7932 mattamyhomes.com
By: Mastercraft Starwood City: West Central Housing type: Luxury condominiums Contact: sohochampagne.com
By: Richcraft City: Centretown Housing type: Condominiums Contact: 613.695.7577 thebowerycondos.ca
PATHWAYS AT FINDLAY CREEK By: Phoenix Homes City: Findlay Creek Housing type: Singles, urban flats and townhomes Contact: Susan Linton 613.219.6862 phoenixhomes.ca
POTTER’S KEY By: Minto City: Stittsville Housing type: Singles Contact: 613.788.2761 minto.com
RATHWELL LANDING By: Valecraft Homes City: Stittsville Housing type: Bungalows, townhomes Contact: 613.435.8141 valecraft.com
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SUNDANCE By: Claridge Homes City: Ottawa Housing type: Singles Contact: 613.425.1332 claridgehomes.com
TALL SHIPS LANDING By: Thomas Fuller Construction Ltd. City: Brockville Housing type: Condominium Contact: 613.498.7245 tallshipslanding@fuller.ca tallshipslanding.com
THE CORNERS ON MAIN By: Domicile City: Ottawa Housing type: Condominium Contact: 613.806.6246 cornersonmain.ca
TRIBECA LOFTS By: Claridge Homes City: Ottawa Housing type: Condominium Contact: 613.234.1780 claridgetribecalofts.com
TERRACES AT GREYSTONE By: eQ Homes City: Greystone Housing type: Condominium Contact: greystonevillage.ca
BUILDERS: IF YOU WOULD LIKE TO INCLUDE YOUR PREVIEW REGISTRATION, NEW RELEASE OR SITE OPENING IN THIS FEATURE, JUST EMAIL THE DETAILS TO SARAH.KHAN@NEXTHOME.CA OCT. 28-NOV 11, 2017 23
et a
Builder Name
Site Name
Almonte
Phoenix Homes
White Tail Ridge
x
Carleton Place
Brigil
Carleton Crossing
x
Carp
Phoenix Homes
Diamondview Estates
x
Hunt Club
Claridge Homes
Hunt Club Flats
Kanata
Claridge Homes
Bridlewood Trails
Kanata
Phoenix Homes
Fernbank
Kanata
Phoenix Homes
Terra Flats
Stittsville
Mattamy
Traditions II
Stittsville
Minto
Barrhaven
D
Location
c Se he m d B i un g To alo w w n A h om du e/ lt Li Co fe n st do yl e
INDEX OF ADVERTISERS
Prices
Page
WEST x
From $390's
12, 13
From $279's
15
From $400's
12, 13
x
From $277,900
6, 7
x
From $394,900
6, 7
From $350's
12, 13
x
From $200's
12, 13
x
x
From $321,990
4, 5
Potter's Key
x
x
From $344,900
2, 3
Claridge Homes
West Pointe Village
x
x
From $602,900
6, 7
Barrhaven
Minto
Quinn's Pointe
x
x
From $254,500
2, 3
Barrhaven
Minto
Harmony
x
x
Inquire
2, 3
Barrhaven
Phoenix Homes
Felton Court
x
From $270's
12, 13
Barrhaven
Phoenix Homes
Strandherd Meadows
Inquire
12, 13
Findlay Creek
Phoenix Homes
Pathways
x
From $200's
12, 13
Ottawa South
Claridge Homes
Summerhill Village
x
x
From $369,900
6, 7
Ottawa South
Claridge Homes
Sundance
x
From $592,900
6, 7
Brigil
Plateau Du Parc
From $360's
15
Navan
Claridge
Spring Valley Trails
x
x
From $343,900
6, 7
Orléans
Minto
Avalon Encore
x
x
From $285,900
2, 3
Orléans
Phoenix Homes
Halo Flats
x
From $200's
12, 13
Ottawa
Cardel Homes
Blackstone
Inquire
11
Ottawa
Greatwise
Fresh Towns
From $300's
17
Rockcliffe
Claridge
Wateridge Village
From $748,900
6, 7
x
x x
x
x
SOUTH
x x
NORTH Gatineau
x
EAST
24 NextHome.ca
x x x
c Se he m d B i un g To alo w w n A h om du e/ lt Li Co fe n st do yl e
Site Name
et a
Builder Name
D
Location
Prices
Page
CENTRAL Ottawa
eQ Homes
Pathways
Ottawa
Valecraft
Aviation Private
Brockville
Fuller
Tall Ships Landing
Downtown
Claridge Homes
Downtown
x
x
From $300's
9
From $302,900
14
x
Inquire
C15
Icon
x
From $301,000
C8, C9
Claridge Homes
The Lofts
x
From $400's
C8, C9
Downtown
Claridge Homes
Tribeca
x
From $345,000
C8, C9
Downtown
Richcraft
The Bowery
x
From $194,000
C2
Gatineau
Brigil
Domaine Du Vieux-Port
x
From $260's
15
Gatineau
Brigil
Horizon
x
Inquire
15
Gatineau
Brigil
Jardins McConnell
x
Inquire
15
Kanata
Cardel
KOL at Blackstone
x
From $300's
C3
Orléans
Brigil
Petrie's Landing
x
From $199's
15
Ottawa Central
Brigil
Kanata Lakes
x
Inquire
15
Ottawa Central
Claridge Homes
Claridge Plaza 3 & 4
x
From $232,000
C8, C9
Ottawa Central
Claridge Homes
Fusion
x
From $282,000
C8, C9
Ottawa Central
Claridge Homes
Waterstreet
x
From $250,000
C8, C9
Ottawa Central
Mastercraft Starwood
Soho Champagne
x
From $302,900
C16
Ottawa East
Domicile Development Inc
Corner On Main
x
Inquire
C7
Ottawa West
Tamarack
Wellington
x
From $299,068
BC
West Nepean
Claridge Homes
Stirling Park
x
From $279,000
C8, C9
West Ottawa
eQ Homes
Terrace At Greystone
x
From $199,900
C11
x
CONDO
OCT. 28-NOV 11, 2017 25
WHAT’S ONLINE
TRENDING NOW
THE LATEST REAL ESTATE NEWS FROM ACROSS CANADA
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MORE IN DECOR FOR OUR FOURLEGGED FURRY FRIENDS nexthome.yp.ca/news-pet-decor
HOW TO PREPARE FOR MOVING DAY
TAXES ARE CANADIANS’ LARGEST HOUSEHOLD EXPENSE
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ADVICE | MORTGAGE INTEL
HOW TO CUT THE COSTS OF CARRYING A MORTGAGE
ALYSSA FURTADO
The Bank of Canada has already raised interest rates this year. And there’s speculation that as the economy heats up, we can expect further rate hikes, sooner rather than later, and lenders will pass the full cost of those hikes on to borrowers. BMO Bank of Montreal projects the key lending rate will rise to two per cent by the end of 2018. Here are some tips to help you beat the cost of higher mortgage payments: GO FIXED
A variable rate is lower, but the spread between rates on variable and fixed mortgages has already shrunk since the Bank of Canada rate hikes. Although the rate on a fixed mortgage is higher, it offers peace of mind if you’re concerned that interest rates are rising. If you’re renewing your mortgage, it might be wise to consider a switch to a five-year fixed rate. Borrowers with variablerate mortgages are already feeling the impact, with more of their payments going to cover interest. Anyone searching for a home should get a mortgage pre-approval, which guarantees the current fixed rates for up to 120 days. PAY OFF YOUR MORTGAGE AS QUICKLY AS YOU CAN
Go for the five-year fixed term and plan to pay off your mortgage sooner by making a concerted
effort to make extra payments whenever you can. Most mortgages come with annual prepayment options of between 10 and 20 per cent on the anniversary of the mortgage or throughout the year. If you’re diligent with your prepayments, you can shorten your 25-year amortization schedule by a number of years. The prepayment privileges come with a cost, but it’s often worth paying off your mortgage early. Any time you get some extra money, such as a tax refund or bonus, kick it into your mortgage. This prepayment goes directly towards paying down the principal of your mortgage. Even minimum prepayments as little as $100 can add up pretty quickly. Make bi-weekly payments instead of monthly. Instead of making 12 payments a year, paying your mortgage every two weeks comes to a total of 26 payments each year instead of 12. This means you make one extra monthly payment a year, allowing you to pay off your mortgage ahead of schedule.
GET OUTSIDE ADVICE
When in doubt, see an expert who knows more than you do. A mortgage agent can be of great assistance in evaluating the options that can lower your monthly payments. Financing rules and strategies can change at anytime. A mortgage broker can save you a lot of money by keeping you informed and helping you understand your options While many bankers should be looking out for your best interest, they work for the bank, not for you. Talk to a mortgage broker for an alternative opinion. It’s their job to help you.
Alyssa Furtado is founder and CEO of RateHub.ca, a website that compares mortgage rates, credit cards, highinterest savings accounts, chequing accounts, and insurance with the goal to empower Canadians to search smarter and save money.
+MORE ADVICE ONLINE nexthome.ca/news/advice
OCT. 28-NOV 11, 2017 27
NOW IN FINDLAY CREEK VILLAGE!
Townhomes So Beautiful... They’re Suitable For Framing! Starting at just $299,900, it’s your space, your way. Designed for an active lifestyle, these fully upgraded townhomes make luxury standard and are ready for your artistic touch! The best of Findlay Creek Village is right outside your door — shopping, restaurants, transit, and health care are just steps away. Plus for a limited time, you’ll receive 6 appliances, air conditioning and a $5,000 design centre bonus!
Sales Centre 112 Helen Rapp Way, Ottawa ON Monday - Thursday: 1-8pm Friday: Closed Saturday, Sunday & Holidays: 12-5pm
613-822-1101
From
299,900
$