House for sale

Purchasing a House or Condo in Ottawa

House and Condo in Ottawa

Here are some common steps you need to take when you are considering to purchasing a house or condo in Ottawa.

1. Determine your needs

What type and style of house you are looking for…Condo, bungalow, single, split, semi, townhouse, investment, recreational, etc? Think about your future needs also, large or smaller lot size, more bedrooms, near, in the city or suburbs. The neighborhood characteristics you desire to have… Are you planning to have kids, or more kids, pets, what types of schools you are interested in? What amenities, hospitals, activities near by you want, are you handy or you want as little work as possible in a house?

2. Get your pre-approval from a bank or mortgage broker

Once you know the type of house/condo with area you would like then you will need at least 5% for down payment for a property and CMHC insurance if/when applicable. Visit your local bank or mortgage broker to find out how much you can afford with your salary, and savings. There are online calculators but I would strongly advise to get a pre-approval from a creditable bank or mortgage broker to avoid any future disappointments. I can refer you to some of the mortgage agents with confidence.

3. Find a Realtor

Call/Contact me or look for a good realtor, request for a meeting and tell the realtor your wants and needs for your new house/condo purchase. Using a realtor does not cost you, a buyer does not pay the realtor for their service typically. Also note you can use a realtor for new built homes. There are a lot of details of purchasing a new house and a realtor will help you with this process as well.

4. Find a lawyer

Your purchase of agreement goes through a lawyer, so having a lawyer to look over your purchase agreement would be beneficial, also a lawyer can find out if there are any outstanding liens or taxes on the property.

5. Find an inspector

For new or old home purchases, having an inspector to inspect your property does great benefits. Most inspectors would be able to give you recommendations of what to fix and she/he finds as any structural issues with the property. From carpenter ants to basement issues, condition of the roof to attic, all areas should be covered by a good inspector. The cost of inspector varies but it is usually around – + $400 dollars.

6. Finalize the deal

Send your papers to your lawyer and mortgage broker/bank. Waive any conditions you may have for purchase, your realtor would be able to help you in the process.


Have at least 2% of the property cost aside to cover for the closing cost fees. Eliminate any surprises of not being able to close by not making big purchases until the possession day. This is one area some people will fail to comply with and face unpleasant situations.

Things to consider

1. Cost of closing, there is land transfer tax.
2. Cost of inspector
3. Cost of lawyer Legal fees and disbursements
4. Property tax adjustments

Author: Nilay Ertemur

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