Best place to live in Ottawa? Preconstruction project in ottawa
- Thread starter Norijal
- Start date
You are 100% right but I think in Ottawa we can invest lesser than 100 k and could have good life style in 2 years till closing ..( 100k + required money for down payment and mortgage)
You previously indicated that you are driving Uber which means you are self-employed. It becomes more difficult to qualify for a mortgage as self-employed you need a longer employment history. You should be meeting with a mortgage broker to see if you’d qualify for a mortgage and for how much before even considering looking at purchasing houses.
New home builds are starting around $800k. Here is one builder. Also budget in your property taxes that must be paid each year. Plus budget all your utilities and upkeep.
https://www.tamarackhomes.com
Thanks for your replies. Mortgage is not an issue for me and I can manage it .
Suppose book a house for 800k less 200 k down payment (till2023/2024 I would hv more cash in hand for down)
600kmortgage would be easily manage plus my wife’s income will support me.. so for the moment I m preferring to book a house with late closing.
please also tell me some more projects and what’s ur recommendation for living in Ottawa?
Like in Ontario east of Toronto until bowmanville is ok.
West of Toronto until caledon is ok.
North of Toronto until Barrie is ok (Donot count North york for living )
South is water ..
Suppose book a house for 800k less 200 k down payment (till2023/2024 I would hv more cash in hand for down)
600kmortgage would be easily manage plus my wife’s income will support me.. so for the moment I m preferring to book a house with late closing.
please also tell me some more projects and what’s ur recommendation for living in Ottawa?
Like in Ontario east of Toronto until bowmanville is ok.
West of Toronto until caledon is ok.
North of Toronto until Barrie is ok (Donot count North york for living )
South is water ..
What is your annual income if mortgage is not an issue? Assume you make $100k per year so with your scenario with a 25 year mortgage is about $3K per month. This doesn’t include property taxes, utilities, insurance, general maintenance etc. Interest rates are going up within the next few months too.
All the areas you mention are expensive as they are in the GTA.
If you just want to list a few landmarks, I would look at:
University of Ottawa, Parliament Hill, Carleton University.- There might be some nearby residential neighborhoods of interest.
Whether you currently can service a mortgage isn’t the issue. To qualify for a mortgage you may need to show 3-5 years of consistent income to qualify as self-employed. Have you been pre-approved for a mortgage? Do you currently live in Ottawa? If you don’t currently live in Ottawa will you be able to work your same jobs virtually from Ottawa and will you have similar incomes? For example, in Ottawa most have their own cars compared to Toronto so the demand for Uber will be different. I would suggest spending more time in Ottawa before buying there since buying a home is a longterm commitment. Commute times will be a large factor if you are considering distant suburbs.
best thing to do is to visit the neighberhoods, because to be honest, for many of them paying that much for a house isn't worth it unless it's an investment?
we came here in september and did visits and we are so shocked how prices doubles since then... it's crazy but at the same time it's not realistic... We don't think we want to put ourselves in such a pressure just to own... we are ven considering rural
following this thread to see advices from people who are also looking
we came here in september and did visits and we are so shocked how prices doubles since then... it's crazy but at the same time it's not realistic... We don't think we want to put ourselves in such a pressure just to own... we are ven considering rural
following this thread to see advices from people who are also looking