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Client FAQ

Happy couple buying a house in Ottawa.

Buying a House in Ottawa: 8 Essential Tips

Why Home Inspections Matter When Buying a Home in Ottawa

Buying a house in Ottawa is an exciting milestone, but it can also feel overwhelming. Home inspections are crucial for uncovering potential issues that could lead to costly surprises. A knowledgeable realtor can recommend trusted inspectors and guide you through the inspection process, ensuring you understand any areas that need attention.

Their expertise not only helps you navigate inspections but also empowers you to make informed decisions throughout your home-buying journey, giving you confidence in your investment. Here are critical issues to evaluate when assessing a property, along with important neighborhood factors.

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30-year amortization

Ottawa’s 30-Year Mortgage Expansion: Key Impacts for Homebuyers

The recent announcement of expanded 30-year amortization and an increased insured mortgage cap in Ottawa has stirred considerable discussion in the real estate market. Set to take effect on December 15, 2024, these changes promise to reshape the landscape for potential homebuyers. Let’s examine the potential impacts of these new mortgage rules.

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First-Time Buyer Federal Housing Programs

First-time home buyers:

  • First-Time Home Buyer Incentive (FTHBI): Provides a shared equity mortgage with the Government of Canada to help first-time home buyers lower their monthly mortgage payments without increasing their down payment.
  • First-Time Home Buyers’ Tax Credit (HBTC): Budget 2022 proposed increasing the amount used to calculate the First-Time Home Buyers’ Tax Credit to $10,000 (from $5,000), which would provide a tax credit of up to $1,500 to eligible home buyers. This amendment applies to the 2022 and subsequent taxation years.
  • Home Buyers’ Plan (HBP): Allows eligible home buyers to withdraw up to $35,000 from their Registered Retirement Savings Plan (RRSP) to put towards the down payment of their first home.
  • Tax-Free First Home Savings Account (FHSA): Designed to give first-time home buyers the ability to save $40,000 on a tax-free basis with an annual contribution limit of $8,000. The government is working with financial institutions to have the infrastructure in place for individuals to be able to open an FHSA and start contributing at some point in 2023.
in Buying / Client FAQ

Dan & Ottawa Urban Realty in the News

Two recent Ottawa Citizen stories included comments from Dan Moloughney, Broker of Record and owner of Ottawa Urban Realty:

How to decide if the city, the suburbs or the rural life is right for you
Downtown? Kanata? Osgoode? This guide will help steer your search if you’re settling down in Ottawa

5 tips to help you buy your first home in the nation’s capital
Whether you’re a born-and-raised Ottawan, or are moving to Ottawa from another province, these tips from Ottawa realtors can help start the process

in Buying / Client FAQ / General / News

Help for the First-Time Buyer a Seller’s Market

First time home buyers have had a particularly hard time buying homes in the last two years due to the strong seller’s market. It can be more difficult for sure, but don’t give up!

Considering different housing options and locations, being prepared (bank/mortgage) and being decisive will help you be successful. I believe that even though we continue to be in a seller’s market, there are now more opportunities for buyers.

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in Buying / Client FAQ / Q and A