This month, June 2025, Giving Away a $1000 Gas Card!

Road-trip season is upon us, so I am helping you out with a $1000 Pre-Paid Gas Card to the company of your choosing!

And that’s not all! I’m offering a $25 gift card to 2 lucky VIP member(s). 

Your VIP Gift Card lets you shop at all your favourite places—Amazon, Starbucks, Esso, Home Depot, and more.

The winner will be drawn on Wed. Jun. 25 and notified by email shortly after.

Enter this months Prize Draw

Each month, a new prize with a value of between $ 1,000 and $ 1,500 will be drawn from a pool of roughly 50 brokers.

When you sign up, you'll be notified and have access to the monthly draw.

note: is that the contest is only open for 1 week per month.

Last months winner, won 2 Apple Watches

Promotion from our Trusted Mortgage Broker:

Alan Gilman - Mortgage Broker
Phone: 613.552.1572
Email: [email protected] 

DLC Neighbourhood Lending Source # 11764 Independently Owned and Operated
424 Catherine Street, Suite 1, Ottawa Ontario

Turn Your Mortgage Renewal Into a Financial Advantage

Avoid Mistakes and Build Wealth

For many homeowners, mortgage renewal feels like a routine task — a few forms, a signature, and you’re done. But treating it as a checkbox is a costly mistake. Renewal time is more than a formality — it’s a strategic moment to reset your financial course and even build wealth.

Avoid Common Pitfalls

One of the biggest mistakes is simply signing your lender’s first offer. While convenient, it often comes with higher posted rates. Always compare rates or work with a mortgage broker to negotiate better terms. Even a slight reduction can save you thousands over the term.

Waiting until the last minute is another misstep. Ideally, you should start reviewing your options at least six months before renewal. This gives you time to assess offers, clean up your credit, and make more informed choices.

Don’t just renew the same terms blindly. Life changes — your mortgage should, too. Whether you’ve had kids, changed jobs, or started a business, your financial goals may have shifted. This is your chance to tailor your mortgage accordingly.

Make It a Wealth-Building Opportunity

Your home likely holds built-up equity. At renewal, you can refinance to access it — whether to invest, consolidate debt, renovate, or top up retirement savings. Used wisely, this can improve cash flow and accelerate wealth-building.

You can also rethink your amortization. Want to be mortgage-free faster? Shorten your term. Need room in your monthly budget? Extend it. Renewal is the rare chance to make this change without penalties.

Explore prepayment privileges, too. Even modest lump-sum payments or monthly increases can knock years off your mortgage.

Final Word

Handled smartly, mortgage renewal can be more than a deadline — it can be a launchpad. Avoid the common traps, re-evaluate your goals, and use this opportunity to align your mortgage with the life you’re building. A little effort now can yield long-term financial gains.

Article from:  Alan Gilman - Mortgage Broker
Phone: 613.552.1572
Email: [email protected] 

DLC Neighbourhood Lending Source # 11764 Independently Owned and Operated
424 Catherine Street, Suite 1, Ottawa Ontario

Market Update for West Ottawa

June 17th 2025

Update for all West Ottawa Neighbourhoods

There were 956 homes sold in Ottawa West’s 16 neighbourhoods.

The average price was $767,134 with 31 days on market.

7 of the neighbourhoods are up in average price and 9 are down.

Most sales were in Westboro with 170 homes selling

Highest average price was in McKellar Park, Highland Park, Laurentianview at $1,222,858.

Biggest increase in average price was in Courtland Park where homes went up by 29.8%.

Carleton Heights & Mooney's Bay Update

There were 21 homes sold in Carleton Heights and Mooney's Bay in the last 12 months.

The average price was $849,881, up by 5.5%.

It took 42 days for home to sell.

Average Prices by Property Type

The average price of a Single-Family home in Carleton Heights is $1,171,908

The average price of a Bungalow is $710,000

The average price of a Townhouse is $637,500

The average price of a Condo is $467,500

View Sold Listings and History of Prices in Carleton Heights

Carleton Square Update 

There were 43 homes sold in Carleton Square in the last 12 months.

The average price was $372,719, down by 1.2%.

It took 36 days for home to sell.

Average Prices by Property Type

The average price of a Townhouse in Carleton Square is $521,466

The average price of a Condo is $365,463

View Sold Listings and History of Prices in Carleton Square

Carlingwood Update

There were 19 homes sold in Carlingwood in the last 12 months.

The average price was $733,508, down by 22.4%

It took 26 days for home to sell.

Average Prices by Property Type

The average price of a Single-Family home in Carlingwood is $935,082

The average price of a Bungalow is $828,113

The average price of a Townhouse is $612,375

The average price of a Condo is $404,333

View Sold Listings and History of Prices in Carlingwood

Carlington Update

There were 74 homes sold in Carlington in the last 12 months.

The average price was $623,665, down by 4.3%

It took 36 days for homes to sell.

Average Prices by Property Type

The average price of a Single-Family home in Carlington is $659,237

The average price of a Bungalow is $595,438

The average price of a Townhouse is $527,620

View Sold Listings and History of Prices in Carlington

Central Park Update

There were 74 homes sold in Central Park in the last 12 months.

The average price was $563,229, up by 5%

It took 39 days for homes to sell.

Average Prices by Property Type

The average price of a Single-Family home in Central Park is $1,116,863

The average price of a Townhouse is $588,705

The average price of a Condo is $334,100

View Sold Listings and History of Prices in Central Park

Civic Hospital and Experimental Farm Update

There were 38 homes sold in Civic Hospital and Experimental Farm in the last 12 months.

The average price was $982,514, down by 4.7%

It took 32 days for homes to sell.

Average Prices by Property Type

The average price of a Single-Family home in Civic Hospital/Experimental Farm is $1,365,907

The average price of a Bungalow is $1,017,500

The average price of a Townhouse is $799,095

The average price of a Condo is $608,273

View Sold Listings and History of Prices in Civic Hospital

Copeland Park Update

There were 45 homes sold in Copeland Park in the last 12 months.

The average price was $481,285, down by 2.2%

It took 29 days for homes to sell.

Average Prices by Property Type

The average price of a Single-Family home in Copeland Park is $706,153

The average price of a Bungalow is $628,400

The average price of a Townhouse is $498,633

The average price of a Condo is $326,293

View Sold Listings and History of Prices in Copeland Park

Courtland Park, Hogs Back Update

There were 16 homes sold in Courtland Park in the last 12 months.

The average price was $1,066,494, up by 29.8% over the same period last year

It took 28 days for homes to sell.

Average Prices by Property Type

The average price of a Single-Family home in Courtland Park is $1,092,727

The average price of a Bungalow is $1,443,333

The average price of a Townhouse is $673,000

View Sold Listings and History of Prices in Courtland Park

Glabar Park and McKellar Heights Update

There were 36 homes sold in Glabar Park and McKellar Heights in the last 12 months.

The average price was $874,682, up by 11.3% over the same period last year

It took 25 days for homes to sell.

Average Prices by Property Type

The average price of a Single-Family home in Glabar Park is $980,722

The average price of a Bungalow is $808,867

The average price of a Townhouse is $663,250

The average price of a Condo is $521,000

View Sold Listings and History of Prices in Glabar Park area

McKellar Park, Highland Park, Laurentianview Update

There were 72 homes sold in McKellar Park in the last 12 months.

The average price was $1,222,858, down by 0.3%

It took 25 days for homes to sell.

Average Prices by Property Type

The average price of a Single-Family home in McKellar Park is $1,397,610

The average price of a Bungalow is $963,727

The average price of a Townhouse is $1,095,389

The average price of a Condo is $740,133

View Sold Listings and History of Prices in McKellar Park area

Parkway Park & Kenson Park Update

There were 21 homes sold in Parkway Park the last 12 months.

The average price was $671,799, up by 4.3%

It took 37 days for homes to sell.

Average Prices by Property Type

The average price of a Single-Family home in Parkway Park is $701,706

The average price of a Bungalow is $699,389

The average price of a Townhouse is $598,875

The average price of a Condo is $485,000

View Sold Listings and History of Prices in Parkway Park area

City View, Skyline Update

There were 45 homes sold in City View in the last 12 months.

The average price was $760,547, down by 7.2%

It took 35 days for homes to sell.

Average Prices by Property Type

The average price of a Single-Family home in City View is $784,621

The average price of a Bungalow is $666,030

The average price of a Townhouse is $629,857

View Sold Listings and History of Prices in Skyline & City View

Parkwood Hills Update

There were 110 homes sold in Parkwood Hills in the last 12 months.

The average price was $574,981, up by 7.4%

It took 27 days for homes to sell.

Average Prices by Property Type

The average price of a Single-Family home in Parkwood Hills is $808,749

The average price of a Bungalow is $677,744

The average price of a Townhouse is $581,754

The average price of a Condo is $362,404

View Sold Listings and History of Prices in Parkwood Hills

Meadowlands Update

There were 80 homes sold in Meadowlands in the last 12 months.

The average price was $804,862, down by 3.8%

It took 30 days for homes to sell.

Average Prices by Property Type

The average price of a Single-Family home in Meadowlands is $846,818

The average price of a Bungalow is $729,779

The average price of a Townhouse is $592,750

The average price of a Condo is $378,780

View Sold Listings and History of Prices in Meadowlands

Wellington Village / Tunney’s Pasture Update

There were 89 homes sold in Wellington and Tunney’s Pasture in the last 12 months.

The average price was $861,624, down by 4.7%

It took 27 days for homes to sell.

Average Prices by Property Type

The average price of a Single-Family home in Tunney’s Pasture is $1,059,643

The average price of a Bungalow is $918,071

The average price of a Townhouse is $982,000

The average price of a Condo is $473,056

View Sold Listings and History of Prices in Wellington Village

Westboro, Hampton Park Update

There were 179 homes sold in Westboro in the last 12 months.

The average price was $866,131, up by 5.2%

It took 30 days for homes to sell.

Average Prices by Property Type

The average price of a Single-Family home in Westboro is $1,082,688

The average price of a Bungalow is $869,365

The average price of a Townhouse is $1,138,103

The average price of a Condo is $591,120

View Sold Listings and History of Prices in Westboro

Keep an eye on all new listings as well as sales and sold prices on any Street or Neighbourhood

Ottawa Sreeet Match

Market Update for East Ottawa

Compare Home Sales and Prices in East End Neighbourhoods

June 12th 2025

All East End Neighbourhoods Update

There were 1,060 homes sold in Ottawa East’s 16 neighbourhoods.

The average price was $623,927, up 3.9%.

It took 34 days for homes to sell.

12 of the neighbourhoods are up in average price and 4 are down.

Most sales were in Vanier with 163 homes selling.

Highest average price was in Rockcliffe Park at $1,927,167.

Biggest increase in average price was in Rothwell Heights where homes went up by 23.3%.

Beacon Hill South Update

There were 112 homes sold in Beacon Hill South in the last 12 months.

The average price was $446,052, up by 2% over last year.

It took 38 days for homes to sell.

Average Prices by Property Type

The average price for a Detached Single-Family home in Beacon Hill South is $736,086.

The average price for a Townhouse is $609,815.

The average price for a Bungalow is $685,520.

The average price for a Condo is $314,137.

View Sold Listings and History of Prices in Beacon Hill South

Beacon Hill North Update

There were 57 homes sold in Beacon Hill North in the last 12 months.

The average price was $832,416, up by 6.6% over last year.

It took 23 days for homes to sell.

Average Prices by Property Type

The average price for a Detached Single-Family home in Beacon Hill North is $874,995.

The average price for a Townhouse is $607,500.

The average price for a Bungalow is $861,522.

View Sold Listings and History of Prices in Beacon Hill North

Blackburn Hamlet Update

There were 95 homes sold in Blackburn Hamlet in the last 12 months.

The average price was $611,000, up by 6.3% over last year.

It took 29 days for homes to sell.

Average Prices by Property Type

The average price for a Detached Single-Family home in Blackburn Hamlet is $758,607.

The average price for a Townhouse is $592,684.

The average price for a Bungalow is $707,429.

View Sold Listings and History of Prices in Blackburn Hamlet

Carson Grove Update

There were 49 homes sold in Carson Grove and Ogilvie in the last 12 months.

The average price was $622,696, up by 16.2% over last year.

It took 25 days for homes to sell.

Average Prices by Property Type

The average price for a Detached Single-Family home in Carson Grove and Ogilvie is $611,667.

The average price for a Townhouse is $778,918.

The average price for a Bungalow is $701,019.

The average price for a Condo is $402,318.

View Sold Listings and History of Prices in Carson Grove

Carson Meadows Update

There were 62 homes sold in Carson Meadows in the last 12 months.

The average price was $469,978, up by 0.75% over last year.

It took 43 days for homes to sell.

Average Prices by Property Type

The average price for a Detached Single-Family home in Carson Meadows is $694,650.

The average price for a Townhouse is $611,234.

The average price for a Bungalow is $638,461.

The average price for a Condo is $349,735.

View Sold Listings and History of Prices in Carson Meadows

CFB and Area Update

There were 81 homes sold in CFB & Area in the last 12 months.

The average price was $679,003, up by 17% over last year.

It took 32 days for homes to sell.

Average Prices by Property Type

The average price for a Detached Single-Family home in CFB & Area is $1,133,381.

The average price for a Townhouse is $828,325.

The average price for a Bungalow is $860,000.

The average price for a Condo is $424,560.

View Sold Listings and History of Prices in CFB and area

Overbrook Update

There were 72 homes sold in Overbrook in the last 12 months.

The average price was $679,448, up by 16.1% over last year.

It took 36 days for homes to sell.

Average Prices by Property Type

The average price for a Detached Single-Family home in Overbrook is $738,787.

The average price for a Townhouse is $801,102.

The average price for a Bungalow is $678,000.

The average price for a Condo is $490,829.

View Sold Listings and History of Prices in Overbrook

Castle Heights Update

There were 38 homes sold in Castle Heights in the last 12 months.

The average price was $598,508, up by 10.6% over last year.

It took 31 days for homes to sell.

Average Prices by Property Type

The average price for a Detached Single-Family home in Castle Heights is $668,938.

The average price for a Townhouse in is $547,286.

The average price for a Bungalow is $624,233.

View Sold Listings and History of Prices in Castle Heights

Cyrville and Pineview Update

There were 107 homes sold in Cyrville & Pineview in the last 12 months.

The average price was $449,341, down by 3.3% over last year.

It took 33 days for homes to sell.

Average Prices by Property Type

The average price for a Detached Single-Family home in Cyrville & Pineview is $660,279.

The average price for a Townhouse is $555,400.

The average price for a Bungalow is $618,667.

The average price for a Condo is $400,915.

View Sold Listings and History of Prices in Cyrville and Pineview

Manor Park Update

There were 41 homes sold in Manor Park in the last 12 months.

The average price was $756,773, up by 1.8% over last year.

It took 32 days for homes to sell.

Average Prices by Property Type

The average price for a Detached Single-Family home in Manor Park is $1,195,671.

The average price for a Townhouse is $708,500.

The average price for a Bungalow is $650,000.

The average price for a Condo is $393,365.

View Sold Listings and History of Prices in Manor Park

New Edinburgh Update

There were 72 homes sold in New Edinburgh & Lindenlea in the last 12 months.

The average price was $911,603, down by 3.1% over last year.

It took 33 days for homes to sell.

Average Prices by Property Type

The average price for a Detached Single-Family home in New Edinburgh & Lindenlea is $1,270,450.

The average price for a Townhouse is $926,519.

The average price for a Condo is $699,731.

View Sold Listings and History of Prices in New Edinburh and Lindenlea

Vanier Update

There were 163 homes sold in Vanier in the last 12 months.

The average price was $470,522, down by 0.5% over last year.

It took 39 days for homes to sell.

Average Prices by Property Type

The average price for a Detached Single-Family home in Vanier is $587,011.

The average price for a Townhouse is $697,875.

The average price for a Bungalow is $592,960.

The average price for a Condo is $385,442.

View Sold Listings and History of Prices in Vanier

Rockcliffe Park Update

There were 18 homes sold in Rockcliffe Park in the last 12 months.

The average price was $1,927,167, down by 10.8% over last year.

It took 42 days for homes to sell.

Average Prices by Property Type

The average price for a Detached Single-Family home in Rockcliffe Park is $1,989,000.

The average price for a Bungalow is $660,000.

The average price for a Condo is $1,432,500.

View Sold Listings and History of Prices in Rockcliffe Park

Rothwell Heights Update

There were 19 homes sold in Rothwell Heights in the last 12 months.

The average price was $1,657,368, up by 23.3% over last year.

It took 59 days for homes to sell.

Average Prices by Property Type

The average price for a Detached Single-Family home in Rothwell Heights is $1,616,000.

The average price for a Bungalow is $1,381,786.

View Sold Listings and History of Prices in Rothwell Heights

Eastway Gardens Update

There were 9 homes sold in Eastway Gardens in the last 12 months.

The average price was $646,370, up by 17.7% over last year.

It took 26 days for homes to sell.

Average Prices by Property Type

The average price for a Detached Single-Family home in Eastway Gardens is $666,555.

The average price for a Townhouse is $606,000.

The average price for a Bungalow is $643,866.

View Sold Listings and History of Prices in Eastway Gardens

Viscount Alexander Park Update

There were 69 homes sold in Viscount Alexander Park & Cardinal Glen in the last 12 months.

The average price was $426,122, up by 11.3% over last year.

It took 31 days for homes to sell.

Average Prices by Property Type

The average price for a Detached Single-Family home in Viscount Alexander Park & Cardinal Glen is $1,100,000.

The average price for a Townhouse is $713,092.

The average price for a Condo is $352,595.

Keep an eye on all new listings as well as sales and sold prices on any Street or Neighbourhood

Ottawa Sreeet Match

• New or Smaller Real Estate Investors
• Mid-Sized Investors
• Experienced Real Estate Investors whose relationships with traditional banks no longer works due to the tightening of lending policy.
• New and or Experienced Investors Seeking Commercial Financing Under 2M

The Investment Property Financing Challenge

Securing financing for investment properties is more difficult than financing a home you intend to live in. There is a "risk stigma" associated with investment properties from the lender's perspective, making it increasingly challenging for many people to obtain the financing they are looking for.

All lenders are risk-averse, but some more so than others. Each lender creates internal lending policies designed to facilitate the type of business they are looking for and that steer them clear of the business they prefer not to do. The takeaway here is that some lenders do better with rental properties than others. What is deemed to be a concern for Lender A may not be for Lender B.

For self-employed individuals or those with complex financial profiles, a mortgage underwriting process can become very complicated. Without an experienced investment property specialist putting together your application and approaching the right lender, it can be challenging to get an application approved. A typical "walk into the branch process" that many rely on often becomes a frustrating experience that frequently leads nowhere.

Search all Investment Properties in Ottawa

Why Banks Often Fall Short with Investment Properties

The reality is that most banks are not particularly interested in this type of business at this time. While investment properties come with rental income to offset expenses, lenders will always consider whether the applicant can cover the expenses independent of that income. The lender always focuses on worst-case scenarios, considering whether it is likely to be paid if, for some reason, a unit remains vacant or the tenant fails to pay their rent.

When there are multiple rental properties in the mix, the mortgage application can become even less appealing to the bank. An applicant who is relying on thousands of dollars in rental income each month to cover the expenses of multiple properties is not something that makes the bank comfortable.

A wide variance always exists between the applicant's level of comfort with a financing request and the bank's. What may seem like a good business decision for an applicant does not necessarily translate the same way at the bank.

Given that the bank doesn't want "that many" investment properties on its books

• Branch staff are typically not trained to handle investment property applications effectively, and credit policies intentionally tie their hands.
• The staff that can process these applications are few and far between and are often at full capacity, unable to take on new files.

Without getting into the weeds, both lending policy and regulatory guidelines are intentionally structured in a way that investment properties do not perform well on paper, even though they may do so in reality. This creates a buffer to protect the lender from taking on too much risk.

What this often translates to is that the more properties a real estate investor owns, the more challenging it becomes for them to fit into the bank's box.

Equally important to note is that staff motivation levels to obtain approval for this type of financing at the branch are not always high. The typical compensation model for a bank employee is designed to reward them for selling products and services that are the most profitable to their employer, which makes sense when you think about it. These typically include investments, bank accounts, and insurance.

The Best Path to Investment Property Mortgage Approval

Success starts with the right mortgage professional who understands the business, has experience, and has access to a multitude of lenders, allowing them to select the one that is best suited for the application they are working on. They are willing to invest the necessary time in collecting, reviewing, questioning, and ultimately assembling all the required information and documents so that they can be presented to the lender in accordance with their respective submission guidelines.

Always avoid rushing and jumping the gun by making offers on properties or proceeding with projects without investing the time to go through a thorough application process upfront. If you do, you may get into a position where you commit to purchase a property that either cannot be financed or the terms of financing you can get are vastly different from what you were expecting.

Regardless of what many believe, a mortgage committment letter (which always includes financing conditions) that cannot be satisfied is not worth the paper it's printed on. All committment letters include financing conditions that must be satisfied to the lender's satisfaction before the lender agrees to fund. It's therefore essential that the application process is done correctly by the person you are working with and that they have your best interests ahead of their own.

Final Thoughts

If you fall within this underserved segment of the market, then you will likely find us to be a good fit to work with.

We are motivated to work with all types of clients and loan sizes and enjoy strong relationships with prime, subprime, and private lending options. We also facilitate CMHC multi-unit residential financing.

There is never any pressure to do anything, as we are solely focused on helping you and building a relationship, as opposed to completing a transaction. Conversations with us are relaxed, friendly, and respectful. You won't be inundated with follow-ups from us if you're not ready to move forward, but we'll be here when you are.

Article from:  Alan Gilman - Mortgage Broker

Phone: 613.552.1572
Email: [email protected]

DLC Neighbourhood Lending Source # 11764 Independently Owned and Operated
424 Catherine Street, Suite 1, Ottawa Ontario

Market Update for Central Ottawa

Compare Home Sales and Prices in Central Ottawa Neighbourhoods

June 11th 2025

All Central Neighbourhoods Update

There were 1,096 homes sold in Central Ottawa’s 11 neighbourhoods.

The average price was $664,305, down 3.6%.

It took 38 days for homes to sell.

3 of the neighbourhoods are up in average price and 8 are down.

Most sales were in Centretown with 337 homes selling.

Highest average price was in The Glebe at $1,166,154.

Biggest increase in average price was in Hintonburg where homes went up by 9.6%.

Centretown Update

There were 337 homes sold in Centretown in the last 12 months.

The average price was $493,146, down by 2.5% over last year.

It took 42 days for homes to sell.

Average Prices by Property Type

The average price for a Detached Single-Family home in Centretown is $779,811.

The average price for a Townhouse is $715,741.

The average price for a Condo is $456,024.

View Sold Listings and History of Prices in Centretown

Golden Triangle Update

There were 45 homes sold in Golden Triangle in the last 12 months.

The average price was $676,226, down by 12.1% over last year.

It took 27 days for homes to sell.

Average Prices by Property Type

The average price for a Detached Single-Family home in Golden Triangle is $1,223,000.

The average price for a Townhouse is $813,800.

The average price for a Condo is $613,301.

View Sold Listings and History of Prices in Golden Triangle

The Glebe Update

There were 113 homes sold in The Glebe in the last 12 months.

The average price was $1,166,154, down by 8.8% over last year.

It took 27 days for homes to sell.

Average Prices by Property Type

The average price for a Detached Single-Family home in The Glebe is $1,536,909.

The average price for a Townhouse is $1,041,872.

The average price for a Condo is $893,408.

View Sold Listings and History of Prices in the Glebe

West Centre, Little Italy, Chinatown Update

There were 73 homes sold in West Centretown, China Town, Little Italy, Lebreton Flats in the last 12 months.

The average price was $651,017, up by 4.3% over last year.

It took 37 days for homes to sell.

Average Prices by Property Type

The average price for a Detached Single-Family home in West Centretown is $736,498.

The average price for a Townhouse is $736,200.

The average price for a Condo is $505,759.

View Sold Listings and History of Prices in West Centre area

Hintonburg Update

There were 40 homes sold in Hintonburg in the last 12 months.

The average price was $799,331, up by 9.6% over last year.

It took 28 days for homes to sell.

Average Prices by Property Type

The average price for a Detached Single-Family home in Hintonburg is $952,711.

The average price for a Townhouse is $946,773.

The average price for a Condo is $548,053.

View Sold Listings and History of Prices in Hintonburg

Lowertown & Byward Market Update

There were 102 homes sold in Lowertown & ByWard Market in the last 12 months.

The average price was $504,216, down by 2.3% over last year.

It took 45 days for homes to sell.

Average Prices by Property Type

The average price for a Detached Single-Family home in Lowertown & ByWard Market is $582,333.

The average price for a Townhouse is $681,840.

The average price for a Condo is $443,760.

View Sold Listings and History of Prices in Lowertown & Market

Mechanicsville Update

There were 32 homes sold in Mechanicsville in the last 12 months.

The average price was $483,495, up by 8.2% over last year.

It took 33 days for homes to sell.

Average Prices by Property Type

The average price for a Detached Single-Family home in Mechanicsville is $782,679.

The average price for a Townhouse is $734,080.

The average price for a Bungalow is $734,080.

The average price for a Condo is $444,226.

View Sold Listings and History of Prices in Mechanicsville

Old Ottawa South Update

There were 64 homes sold in Old Ottawa South, Rideau Gardens in the last 12 months.

The average price was $1,032,020, down by 3% over last year.

It took 27 days for homes to sell.

Average Prices by Property Type

The average price for a Detached Single-Family home in Old Ottawa South, Rideau Gardens is $1,121,879.

The average price for a Townhouse is $1,046,375.

The average price for a Bungalow is $1,002,500.

The average price for a Condo is $415,061.

View Sold Listings and History of Prices in Old Ottawa South

Sandy Hill Update

There were 107 homes sold in Sandy Hill in the last 12 months.

The average price was $544,166, down by 4.4% over last year.

It took 46 days for homes to sell.

Average Prices by Property Type

The average price for a Detached Single-Family home in Sandy Hill is $963,938.

The average price for a Townhouse is $863,701.

The average price for a Condo is $447,127.

View Sold Listings and History of Prices in Sandy Hill

Old Ottawa East Update

There were 88 homes sold in Old Ottawa East, Canal, Greystone Village in the last 12 months.

The average price was $908,877, down by 3.8% over last year.

It took 26 days for homes to sell.

Average Prices by Property Type

The average price for a Detached Single-Family home in Old Ottawa East is $1,145,071.

The average price for a Townhouse is $912,060.

The average price for a Bungalow is $1,432,513.

The average price for a Condo is $761,883.

View Sold Listings and History of Prices in Old Ottawa East

Glebe Annex Update

There were 97 homes sold in the Glebe Annex in the last 12 months.

The average price was $517,199, down by 12.7% over last year.

It took 47 days for homes to sell.

Average Prices by Property Type

The average price for a Detached Single-Family home in Glebe Annex is $788,042.

The average price for a Townhouse is $726,167.

View Sold Listings and History of Prices in Glebe Annex

Keep an eye on all new listings as well as sales and sold prices on any Street or Neighbourhood

Ottawa Sreeet Match

House Prices across Ottawa

Quickly Find the Average Price in any Neighbourhood.

Includes the percentage increase over June 2024.

Ottawa Communities

Central Neighbourhoods

Centretown - $502,403, up by 2.2%

Golden Triangle - $696,411,  down by 8.6%

Glebe - $1,124,492, down by 12.3%

Glebe Annex - $548,890, down by 4.6%

Hintonburg - $783,337, up by 7.8%

Lowertown - Market - $493,296, down by 3%

Mechanicsville - $507,957, up by 11.1%

Old Ottawa East - $943,090, up by 1.5%

Old Ottawa South - $1,094,111, up by 0.1 %

Sandy Hill - $558,092, up by 5.2%

West Centretown, Little Italy - $639,273, up by 0.8%

See all recently sold listings and historical home prices for any neighbourhood in the Central Ottawa area.

Central Ottawa Market Reports

East End Neighbourhoods

Beacon Hill North - $847,086, up by 14.1%

Beacon Hill South - $445,887, up by 5.6%

Blackburn Hamlet - $602,862, up by 6.5%

Carson Grove - $599,308, up by 12.5%

Carson Meadows - $465,104, up by 2.8%

CFB and Area - $778,345, up by 15.2%

Castle Heights - $605,358, down by 9.6%

Cyrville - Pineview - $463,942, down by 2.9%

Eastway Gardens - $628,370, up by 16.8%

Manor Park - $555,744, down by 6.3%

New Edinburgh - Lindenlea - $986,623, up by 15.5%

Overbrook - $629,946, up by 3.5%

Rockcliffe Park - $1,895,342, down by 11.4%

Rothwell Heights - $1,629,344, up by 0.1%

Vanier - $464,656, down by 2.7%

Viscount Alexander Park - $393,066, up by 8.7%

See all recently sold listings and historical home prices for any neighbourhood in the East End of Ottawa.

East End Ottawa Market Reports

West End Neighbourhoods

Carleton Heights - $794,875, down by 6.6%

Carleton Square - $369,440, up by 0.5%

Carlington - $609,076, down by 5%

Carlingwood - $718,518, down by 22.4%

Central Park - $553,056, up by 5.3%

Civic Hospital - $936,329, down by 9.6%

Copeland Park - $489,293, up by 1.9%

Courtland Park - $933,619, up by 34.1%

Glabar Park - $892,099, up by 16.7%

McKellar Park - Highland Park - $1,243,140, up by 3.9%

Meadowlands Crestview - $779,907, down by 12.1%

Parkway Park - $656,571, up by 1%

Parkwood Hills - $607,945, up by 5%

Skyline Cityview - $719,779, down by 4.8%

Wellington Village - $866,588, down by 3.3%

Westboro Hampton Park - $841,401, down by 0.6%

See all recently sold listings and historical home prices for any neighbourhood in the West End of Ottawa.

West End Ottawa Market Reports

Far West and Nepean Neighbourhoods

Bayshore - $475,079, down by 4.1%

Bells Corners - $489,177, down by 7.7%

Briargreen - $724,636, up by 5.2%

Britannia & Lincoln Heights - $464,737, down by 7%

Centrepointe - $650,129, down by 3.4%

Craig Henry - $718,957, up by 10.3%

Crystal Bay & Crystal Beach - $879,402, up by 8.5%

Leslie Park - $516,098, up by 7.6%

Qualicum - $992,496, up by 1.0%

Queensway Terrace North - $586,258, up by 7.7%

Queensway Terrace South - $474,094, down by 15.4%

Redwood Park - $440,213, down by 19.3%

Sheahan Estates - $637,113, up by 7.7%

Tanglewood & Manordale - $582,956, up by 8.2%

Whitehaven - $997,950, up by 10.6%

Woodroffe Area - $663,470, up by 1.3%

See all recently sold listings and historical home prices for any neighbourhood in the Far West Ottawa area.

Far West Ottawa & Nepean Market Reports

South End Neighbourhoods

Alta Vista - $750,777, up by 2.1%

Billings Bridge - $564,822, up by 6.9%

Ellwood Ridgemont - $555,789, up by 0.3%

Elmvale Acres - $664,407, up by 7%

Emerald Woods Sawmill Creek - $482,784, up by 5.4%

Findlay Creek & Blossom Park - $679,461, up by 0.04%

Greenboro South Keys - $554,629, up by 1.8%

Grenfell Glen Merivale - $778,300, up by 6.1%

Hawthorne Meadows - $512,867, up by 6.3%

Hunt Club Woods - $626,991, up by 5.7%

Mooneys Bay - $655,059, up by 13.9%

Pineglen Country Place - $1,036,473, up by 10.6%

Quinterra - $892,962, up by 9.6%

Riverside South - $727,602, down by 5.5%

Upper Hunt Club - $845,688, down by 4.3%

Windsor Park Village - $606,106, up by 20%

See all recently sold listings and historical home prices for any neighbourhood in the South End of Ottawa.

South End Ottawa Market Reports

Kanata

Beaverbrook - $621,442, up by 9.1%

Bridlewood - $748,906, down by 0.8%

Emerald Meadows Trailwest - $684,778, down by 1.3%

Glen Cairn Hazeldean - $588,759, down by 0.7%

Kanata Lakes - $871,465, down by 2.5%

Katimavik - $554,427, down by 1%

Morgans Grant - $713,320, down by 1%

Rural Kanata - $1,417,919, up by 14%

Stittsville - $797,144, up by 1%

See all recently sold listings and historical home prices for any neighbourhood within Kanata.

Kanata Market Reports

Barrhaven

Barrhaven on the Green - $608,537, up by 3.3%

Cedargrove & Fraserdale - $689,781, down by 2.3%

Chapman Mills & Davidson Heights - $695,008, up by 4.4%

Half Moon Bay - $708,282, up by 3.3%

Hearts Desire - $813,663, down by 31%

Knollsbrook - $573,555, up by 2.5%

Longfields - $625,097, up by 0.6%

Orchard Estates & Cedarhill - $1,503,333, down by 36.8%

Pheasant Run - $561,012, down by 1.1%

Stonebridge - $778,520, down by 6.6%

Strandherd - $591,182, down by 2.4%

See all recently sold listings and historical home prices for any neighbourhood within Barrhaven.

Barrhaven Market Reports

Orleans

Avalon & Nottingate - $648,062, down by 1.8%

Bradley Estates & Mer Blueu - $670,080, up by 0.4%

Cardinal Creek & Camelot - $762,296, up by 2.2%

Chapel Hill North & South - $741,616, up by 0.9%

Chateauneuf - $638,225, up by 2.9%

Chatelaine Village - $554,204, up by 2.4%

Convent Glen & Orleans Wood - $533,978, down by 4.5%

Fallingbrook & Gardenway - $650,214, up by 3.5%

Orleans Village & Sunridge - $740,661, up by 8.4%

Queenswood Heights & Bilberry Creek - $607,312, up by 7.9%

Springridge & East Village - $695,829, up by 4.8%

See all recently sold listings and historical home prices for any neighbourhood within Orleans.

Orleans Market Reports

Outskirts and Surrounding areas

Rural East

Cumberland Area – $1,049,067, up by 14.8%

Limoges - $575,127, up by 6.2%

Navan – $913,800, up by 10.7%

Rockland & Clarence - $605,024, up by 5.3%

Russell / Embrun – $652,259, up by 6.3%

Rural West

Almonte homes for sale – $614,693, down by 0.9%

Arnprior - $521,318, down by 1%

Carp and Huntley Ward – $947,134, down by 0.8%

Dunrobin, West Carleton & Woodlawn – $747,506, down by 3.6%

Rural South

Greely Metcalfe - $1,064,398, up by 4.8%

Kemptville & North Grenville – $631,967, down by 6.7%

Merrickville – $558,743, down by 8.2%

Manotick & Area – $1,122,329, up by 4.9%

Rural South-West

Carleton Place – $577,139, up by 3%

Drummond North Elmsley – $757,632, up by 15.7%

Richmond – $737,064, down by 7%

Perth - $509,759, up by 2.2%

Smiths Falls – $410,421, up by 7%

See all recently sold listings and historical home prices for any neighbourhood in the surrounding outskirts.

Ottawa Outskirts Market Reports

Keep an eye on all new listings as well as sales and sold prices on any Street or Neighbourhood

Ottawa Sreeet Match

Where are the Most Affordable places to live in Ottawa?

Neighbourhood Comparison stats June, 2025.

Neighbourhoods with the most affordable house prices

We have split the City of Ottawa into eight larger communities, each with 10 or more neighbourhoods within them and four rural communities, each with 4 or more neighbourhoods. You can quickly see which neighbourhood in each community had the most affordable homes most recently.

Market updates for all neighbourhoods can be seen at our Neighbourhood Market Reports page.

See the most affordable homes at the moment, by area

Most affordable Neighbourhoods in each larger community.

Most Affordable - Communities in Ottawa

CENTRAL OTTAWA - Centretown has the lowest home prices at $502,403

See House Prices in all Central Neighbourhoods

EAST END OTTAWA - Viscount Alexander has the lowest prices at $393,066

See House Prices in all East End Neighbourhoods

WEST END OTTAWA - Carleton Square has the lowest prices at $369,440

See House Prices in all West End Neighbourhoods

FAR WEST END OTTAWA & NEPEAN - Redwood Park has the lowest prices at $440,213

See House Prices in all Far West/Nepean Neighbourhoods

SOUTH END OTTAWA - Emerald Woods and Sawmill Creek have the lowest prices at $482,784

See House Prices in all South End Neighbourhoods

ORLEANS - Convent Glen & Orleans Wood have the lowest prices at $533,978

See House Prices in all Orleans Neighbourhoods

KANATA - Katimavik has the lowest prices at $554,427

See House Prices in all Kanata Neighbourhoods

BARRHAVEN - Pheasant Run has the lowest prices at $561,012

See House Prices in all Barrhaven Neighbourhoods

Most affordable - Communities in the Outskirts

RURAL SOUTH-WEST - Smiths Falls has the lowest prices at $410,421

RURAL WEST - Arnprior has the lowest prices at $521,318

RURAL SOUTH - Merrickville & Wolford has the lowest prices at $558,743

RURAL EAST - Limoges has the lowest prices at $575,127

See House Prices in all Rural Neighbourhoods

Most Affordable listings from all across Ottawa

If you want to see all of the most affordable freehold houses or just condos from all across Ottawa, use the links below to see them all, in order from the lowest price.

• Houses for Sale under $500,000
• Condos for Sale under $300,000

Analyzing the Financials 

From Recently Sold Rental Buildings.

Patrick Walchuk takes a recent sale of a Multi Unit Residential Building in the Ottawa area and then breaks down the numbers to see if was a good investment. If you want to see even more, we have an archive at our YouYube Channel for Investors

Central Ottawa 10-Unit that SOLD in May-2025

This 10-Unit is located in Central Ottawa, with four Bachelor Apartments, four 1-Bedroom Units, one 2-Bedroom Unit, and one 3-Bedroom Unit. The property was listed for $2,595,000, and sold for $2,500,000.

• Scheduled Rental Income was $170,983
• Effective Rental Income was $165,854
• Operating expenses of $44,975
• Total Operating Expenses, with 10% for maintenance/management $61,560
• Net operating income of $104,293
• Cap Rate was 4.17%
• Operating Expense Ratio was 37.1%
• Sold for 15 times the Gross Income
• Sold for 24 times the Net Income

With a 42% down payment of $1,050,000, this leaves a mortgage of $1,450,000. At a 5.25% rate, amortized over 25 years, the monthly mortgage payment would be $8,641, for an Annual Debt Service of $103,692 (this is the annual mortgage payment).

The final cash flow on this building was $601 and the ROI (return on investment) was 0.06%.

South Ottawa Tripex that SOLD in April, 2025

This property is located in South Ottawa, with three 2-bedroom units. The property was listed for $799,900 and sold for $755,000.

• Scheduled Rental Income was $57,600
• Effective Rental Income was $55,872
• Operating expenses of $18,613
• Total Operating Expenses, with 10% for maintenance/management $24,200
• Net operating income of $31,672
• Cap Rate was 4.19%
• Operating Expense Ratio was 43.3%
• Sold for 14 times the Gross Income 
• Sold for 24 times the Net Income

With a 40% down payment of $302,000, this leaves a mortgage of $453,000. At an interest rate of 5%, amortized over 25 years, the monthly mortgage payment would be $2,635, for an Annual Debt Service of $31,620 (this is the annual mortgage payment).

The final cash flow on this building was $52 and the ROI (return on investment) was 0.02%.

Central Tripex that SOLD in March, 2025

This property is located in Central Ottawa, with two 2-bedroom units and one 1-bedroom unit. The property was listed for $860,000 and sold for $805,000.

• Scheduled Rental Income was $62,007
• Effective Rental Income was $60,147
• Operating expenses of $16,725
• Total Operating Expenses, with 10% for maintenance/management $22,740
• Net operating income of $37,407
• Cap Rate was 4.65%
• Operating Expense Ratio was 37.8%
• Sold for 13 times the Gross Income 
• Sold for 22 times the Net Income

With a 34% down payment of $273,700, this leaves a mortgage of $531,300. At an interest rate of 5%, amortized over 25 years, the monthly mortgage payment would be $3,090, for an Annual Debt Service of $37,080 (this is the annual mortgage payment).

The final cash flow on this building was $327 and the ROI (return on investment) was 0.12%.

Central 5 Unit Building Sold in Oct. 2024

This 5-Unit is located in Central Ottawa, with one Bachelor Apartment, one 1-Bedroom Unit, one 2-Bedroom Unit, and two 3-Bedroom Units. The property was listed for $1,200,000, and sold for $1,145,000.

• Scheduled Rental Income was $106,030
• Effective Rental Income was $102,849
• Operating expenses of $20,005
• Total Operating Expenses, with 10% for maintenance/management $30,290
• Net operating income of $72,559
• Cap Rate was 6.34%
• Operating Expense Ratio was 29.5%
• Sold for 11 times the Gross Income
• Sold for 16 times the Net Income

With a 20% down payment of $229,000, this leaves a mortgage of $916,000. At a 4.7% rate, amortized over 25 years, the monthly mortgage payment would be $5,172, for an Annual Debt Service of $62,064 (this is the annual mortgage payment).

The final cash flow on this building was $10,495 and the ROI (return on investment) was 4.58%.

East Ottawa 4 Unit Building Sold in Oct. 2024

This property is located in East Ottawa, with four 2-bedroom units. The property was listed for $1,449,900 and sold for $1,370,000.

• Scheduled Rental Income was $88,800
• Effective Rental Income was $86,136
• Operating expenses of $16,166
• Total Operating Expenses, with 10% for maintenance/management $24,780
• Net operating income of $61,356
• Cap Rate was 4.48%
• Operating Expense Ratio was 28.8%
• Sold for 16 times the Gross Income 
• Sold for 22 times the Net Income

With a 34% down payment of $465,800, this leaves a mortgage of $904,200. At an interest rate of 4.7%, amortized over 25 years, the monthly mortgage payment would be $5,106, for an Annual Debt Service of $61,266 (this is the annual mortgage payment).

The final cash flow on this building was $90 and the ROI (return on investment) was 0.02%.

Central Triplex Sold in Sept. 2024

This property is located in Central Ottawa, with one 1-bedroom unit, and two 2-bedroom units. The property was listed for $875,000 and sold for $830,000.

• Scheduled Rental Income was $65,200
• Effective Rental Income was $63,244
• Operating expenses of $19,775
• Total Operating Expenses, with 10% for maintenance/management $26,099
• Net operating income of $37,145
• Cap Rate was 4.48%
• Operating Expense Ratio was 41.3%
• Sold for 13 times the Gross Income
• Sold for 22 times the Net Income

With a 34% down payment of $282,200, this leaves a mortgage of $547,800. At an interest rate of 4.7%, amortized over 25 years, the monthly mortgage payment would be $3,093, for an Annual Debt Service of $37,116 (this is the annual mortgage payment).

The final cash flow on this building was $29 and the ROI (return on investment) was 0.01%.

Central 6 Unit Building Sold in Aug. 2024

This Six to Eight Unit is located in Central Ottawa, with four 1-Bedroom Units, and four 2-Bedroom Units. The property was listed for $1,397,000, and sold for $1,366,200.

• Scheduled Rental Income was $122,392
• Effective Rental Income was $118,720
• Operating expenses of $42,515
• Total Operating Expenses, with 10% for maintenance/management $54,387
• Net operating income of $64,333
• Cap Rate was 4.71%
• Operating Expense Ratio was 45.8%
• Sold for 12 times the Gross Income
• Sold for 21 times the Net Income

With an 31% down payment of $423,522, this leaves a mortgage of $942,678. At a 4.7% rate, amortized over 25 years, the monthly mortgage payment would be $5,323, for an Annual Debt Service of $63,876 (this is the annual mortgage payment).

The final cash flow on this building was $457 and the ROI (return on investment) was 0.11%.

Property is now SOLD.

3 Bedroom Backsplit with Main Floor Family Room

2206 Fife Crescent is nestled on a quiet, child-friendly street in Elmvale Acres. This 3 bedroom back split was originally designed as a four bed home. 

BUYING a HOME

Lawyer Fees - $1425 plus HST

Lawyers Role when Buying a Home

The lawyer's role in the purchase of a property is to certify to the Buyer that:

1) there is good and marketable title to the property, free from all liens and encumbrances;

2) the location of the structures on the lot (i.e. buildings such as a house, garage, addition, deck) comply with applicable zoning by-laws; and

3) there are no property tax or water arrears.

When a person purchases a home, there are various expenses involved to complete the transaction. In order to avoid any financial surprises, here is a breakdown of typical costs associated with the sale or purchase of a single-family residence.

1. Land Transfer Tax

This tax is collected by the Government of Ontario and must be paid by everyone who purchases property in Ontario. The tax amount is dependent on the purchase price and is paid on the closing date. The following rates apply for a single-family residence:

Here is a sample calculation with a purchase price of $500,000: 

($500,000 x 2.0%) - $1,525 = $6,475, is the Land Transfer Tax payable.

First-time Homebuyer

A first-time homebuyer may qualify for a refund of Land Transfer Tax, up to $4,000.00. In order to qualify, the Buyer cannot have owned a property or have held an interest in property anywhere in the world, must occupy the property within 9 months of closing and be a Canadian citizen or permanent resident. 

If a spouse is a first-time homeowner and the other is not, the first-time homebuyer spouse will only qualify for the refund if the other spouse sold their property prior to the parties becoming spouses of one another (either through marriage or at common-law). If that is the case, and the property was sold before the couple became spouses of one another, then the first-time homebuyer would qualify for the full $4,000.00 refund. 

If a first-time homebuyer does qualify, the refund is immediately applied at closing. As a result, for purchases under $368,000, there is no Land Transfer Tax payable for a qualifying first-time homebuyer.

2. Disbursements

Disbursements are out of pocket expenses that are charged to complete the transaction. In order for the lawyer to certify good and marketable title to the property, numerous enquiries and searches are required. 

The cost of such enquiries varies depending upon the purchase price of the property and the municipality in which the property is located. Examples of these disbursements are:

In addition, there are also registration costs such as:

Disbursements of a property located in the City (connected to City sewer and water) are approximately $1,000. If a property is out-of-town/rural, then the disbursements are usually a further $250.

3. Title insurance

All of our residential real estate transactions are title insured. In addition to disbursements, there is also the cost of a title insurance policy. Title insurance protects and provides coverage to the Buyer against issues relating to title and for losses due to title defects. 

The policy is a one-time fee and is in force for the entire time you own the property. The policy is arranged by the Buyer’s lawyer and is paid at the time of closing. 

For the purchase of a home, with a purchase price of under $500,000, the price of the policy is usually $455, for a condo it is $255. For homes and condominiums over $500,000, the price of the policy increases by $1 for every $1,000 over $500,000 (for example, with a purchase price of $550,000, the policy would be an additional $50 for a total of $495).

As a result of obtaining title insurance, there are numerous off title searches that are no longer required for a total savings of more than $600. 

For example, a property tax certificate would not be ordered saving the Buyer $85. The Buyer relies on the Sellers representation that the property taxes are up to date. If arrears did exist, the title insurance company pays the bill. 

Title insurance also provides coverage in cases where no up-to-date building location survey exists. This saves a buyer as much as $5,000 (see paragraph 7).

4. Adjustments

The Agreement of Purchase and Sale provides that property taxes, fuel, rent and other costs will be apportioned, and the purchase price will be adjusted, to the date the buyer takes possession. A common example of an adjustment is for property taxes. For example, if property taxes for the year were $3,600, and the transaction closed on October 1st, here would be the adjustment for property taxes:

In this example, the Seller overpaid their share of the property taxes. There would be an adjustment, being a credit, to the Seller for the overpayment. As a result, the Buyer would owethe property tax adjustment ($907.40, in the example above), in addition to the purchase price.

5. Legal Fee

Legal fees will vary from lawyer to lawyer. Our legal fees for a residential real estate transaction start at $1,425 + HST. Our legal fees for the purchase of a multi-residential property (duplex, triplex, etc.), or commercial will be greater.

6. PST (8%) on CMHC Insurance Premium (if applicable) 

If the down payment is less than 20% (a “high-ratio mortgage”), the mortgage must be CMHC insured. Provincial sales tax of 8% is charged on the CMHC insurance premium. The actual cost of the insurance premium will be added to the principal amount of the mortgage; however, the PST is payable on closing. CMHC insurance premiums are as follows:

7. Survey

A Building Location Survey depicts the location of the building on the lot. It is necessary in order to determine that the building’s location complies with the set back requirements of the Zoning By-Law.

 Both the Buyer and the Buyers lender require confirmation of compliance with the Zoning By-Laws. If the Seller has an existing survey, they will make it available to the Buyer. If there is no survey or the survey is out of date, it is the responsibility of the Buyer (unless the Agreement provides otherwise) to obtain a new survey prior to closing. 

The approximate cost of a survey is $5,000. Fortunately, Title Insurance replaces the necessity of obtaining a new survey saving a Buyer $5,000. (see paragraph 3 above).

8. Newly built homes

The standard Agreement of Purchase and Sale used by most builders may contain additional costs to be borne by the Buyer. Examples are:

1. the preparation of the Transfer (Deed), which usually ranges from $225 to $275.

2. Tarion Enrollment Fee - By law, new homes must be enrolled in the Tarion Warranty Program. The cost of the enrollment fee will depend on the purchase price. For the purchase of new home costing between $750,000 and $800,000, the enrollment fee would be $1,905

SELLING a HOME

Lawyers Fees - $1,150 + HST.
Discharge of one mortgage registered on title is $275 + HST.

Lawyers Role when Selling a Home

When acting for a Seller, the lawyer’s role is to:

1) prepare the documentation;

2) respond to any valid problems regarding title and zoning; and

3) pay and discharge the Seller’s mortgage.

1. Disbursements

Fortunately for a Seller, the disbursements on a sale are less than on a purchase. One can expect some of the following disbursements:

2. Adjustments

Similar to a purchase, there will be items that will require adjusting for. Example of such items include property taxes, condominium fees and rent. If the house is heated by propane, the Seller will fill the tank and is reimbursed by the Buyer for a full tank.

3. Legal Fees

Our legal fee for representing a client selling a single family home or condo is $1,150 + HST. Our legal fee to arrange for the discharge of one mortgage registered on title is $275 + HST.

COMMONLY ASKED QUESTIONS 
(Responses are according to my practice)

FOR A PURCHASE:

Q. When and where will the Buyer pick-up the keys?

A: The Buyer picks up keys either from a lock box at the property or at our office on the day of closing. The Buyer should expect keys between 4:30 p.m. and 5:00 p.m. If keys are ready earlier, our office will call the Buyer. Please note that there are no guarantees that keys will be provided prior to 5:00 p.m. on the day of closing.

Q. When should the Buyer reserve their movers?

A: Movers are usually paid on an hourly basis. Consequently, we recommend that a Buyer reserves the movers in the early afternoon (around 1:00 or 2:00 p.m.). Assuming that 2 or 3 movers will take 2 to 3 hours to load, keys would be required between 4:00 and 5:00 p.m. Again, no guarantees that keys will be ready prior to 5:00 p.m.

Q. When will the Buyer know how much money will be required to close the transaction?

A. Our office will usually know the amount required to close, 3 or 4 days prior to closing. We will have met with a Buyer at the very beginning of the process and provided him/her with a close estimate of the sum that will be required.

Q. How does the Buyer pay for all closing costs?

A. The closing costs are made payable to the law firm, in trust, and is in form of a certified cheque or bank draft that can be deposited directly to our trust account; or, alternatively can be wired to our office by your bank.

Q. Who needs to be present to sign the documentation?

A. Every person who is going on title to the property must be present to sign all documentation. This meeting is usually held a few days prior to closing and lastsaround 45 minutes. These meetings can be in-person or via video conference as our clients prefer.

Q. What if someone who is required to sign is out-of-town?

A. The documents can be sent to the out-of-town Buyer or Seller by email and signed during a virtual call. We try to make the signing process as convenient as possible for our clients.

Q. Can a sale and purchase close on the sale day?

A. This is certainly achievable, however it is not an ideal situation. The timing is contingent on the delivery of mortgage funds to a buyer’s lawyer, who is then in turn responsible for transferring those funds to the selling lawyer. Sometimes, wire transfers and direct deposits are delayed. In this case, it would be more beneficial if either the purchase or the sale closed one day apart.

Q. Can a Buyer request a key from the Seller prior to closing (i.e. to move some of their itemsto the property)?

A. Nothing legally prevents a Buyer from making such a request; however, If the Seller consults his/her lawyer, the answer will most likely be “NO”.

Q. Does a Buyer have the right to inspect the property prior to closing?

A. There is no right to inspect the property prior to closing, unless it is provided for in the Agreement of Purchase and Sale.

FOR A SALE:

Q. When will the Seller receive the money from the sale?

A. Money can be made available on the actual day of closing; however, given the difficulty in predicting when the transaction will close, we tell clients to expect the delivery of funds by 12pm the day after closing.

Q. When does the Seller have to vacate the property?

A. The Seller’s obligation is to provide vacant possession upon completion of the transaction. The Seller should vacate no later than 5:00 p.m. on the day of closing.

Q. What is the Seller’s obligation regarding the condition they leave the property?

A. The Seller should leave the premises in a clean and tidy state. All garbage should either be removed or bagged and left in front of the property for collection.

Q. Should a Seller let the Buyer have a key prior to closing, in order to help facilitate the Buyer’s move?

A. We do not recommend that a Seller provide a key to the Buyer prior to closing. A Seller is taking a risk that the Buyer, upon viewing the property prior to closing, will find an issue and refuse to close. This risk is remote and ultimately it is the decision of the Seller. The Seller may know the Buyer personally and have no reservations in assisting the Buyer.

FINAL NOTE

When selecting a lawyer, a Buyer or Seller ought not to base their selection simply on the lowest legal fee. Real estate is an area of law where the service is important. The manner in which your lawyer completes your sale or purchase will have a direct impact on your state of mind. 

Purchasing or selling a property can be stressful. It is important to choose a lawyer who will ensure you are fully informed and will help you avoid unnecessary surprises. 

Once a transaction is firm (unconditional), one of our lawyers will meet with you virtually as part of the service we provide, at no additional cost to you. This meeting is approximately 30 minutes during which we will calculate all of the financial costs of your particular transaction as well as provide you with a detailed list of all that you must know - and do - to prepare for closing. 

Before selecting a lawyer, a Buyer or Seller would be well advised to satisfy themselves as to the following:

1) Did the lawyer return your initial call, promptly, to discuss the transaction? Was the lawyer informative or vague? Was the lawyer personable? Would you enjoy dealing with this person?

2) Does the lawyer intend to meet with you at the outset of the transaction to finalize the cost and explain the process?

3) Will the lawyer be meeting with you themself, personally/virtually, at the time of closing to explain the documentation?

4) How long has the lawyer been in practice? Is real estate the lawyer’s area of expertise?

CONCLUSION

You may have additional questions regarding the materials you have just read. If so, we encourage you to contact us directly. We welcome any enquiries that you may have and are happy to respond to your questions free of charge.

Ken Hoyt completed his law degree at Queen's University in 1984, and moved to Ottawa to complete his articles and establish my law practice. Our practice mainly consists of residential real estate, wills and estates. Our office is conveniently located at 157 Gilmour Street, Ottawa (just east of Elgin Street). Today, Robert Hall and Kodi Edmunds proudly continue Ken’s legacy of providing top-tier customer service – with a touch of humour.

If you have any questions after reading this article, we welcome you to contact us directly:

Telephone or Email:

(613) 231-2995

Robert Hall - [email protected] 

Kodi Edmunds - [email protected] 

Property is now SOLD

2292 Urbandale Drive, in the Elmvale Acres neighbourhood.  Arguably one of THE BEST locations in Elmvale Acres, backing onto greenspace parkland. 

This rare 4-BEDROOM, back-split, home is walking distance through parkland to CHEO and the General Hospital.