No fluff. The real answers to what Ottawa home buyers ask most — from down payments to closing costs to offer strategy.
In Canada, the minimum down payment depends on the purchase price:
On a $700,000 Ottawa home: that's $45,000 minimum down payment. Add closing costs (1.5–3%) and you should have roughly $55,000–$65,000 available before you start seriously searching.
First-time buyers may qualify for the FHSA (First Home Savings Account) and the RRSP Home Buyers' Plan — both offer tax advantages worth exploring with your mortgage broker.
Budget 1.5–3% of the purchase price on top of your down payment. On a $700,000 home that's $10,500–$21,000. Here's what that includes:
See our free buyer report for a full breakdown with current estimates.
Pre-approval, always. A pre-qualification is a rough estimate based on self-reported information. A pre-approval involves verified income documentation, asset confirmation, and a credit check — and produces a formal commitment letter from the lender.
In Ottawa's competitive market, sellers and their agents take pre-approved buyers much more seriously. A pre-approval also locks your rate for 90–120 days, protecting you if rates rise while you search.
We recommend working with a mortgage broker rather than going directly to a single bank. Brokers shop multiple lenders and often find better rates and terms.
A closed mortgage locks you in for the term (typically 5 years) with prepayment limits. It offers lower interest rates in exchange for less flexibility. Breaking a closed mortgage early involves penalties — typically 3 months' interest or the IRD (interest rate differential), whichever is greater.
An open mortgage can be paid off or broken at any time without penalty, but carries a higher interest rate. This makes sense if you anticipate selling or needing to refinance within the term.
For most Ottawa buyers planning to stay in their home for the full term, a closed 5-year fixed-rate mortgage provides the best rate stability. Your mortgage broker can model both options with current rates.
No — in Ontario, buyer agent commissions are paid by the seller (built into the listing agreement). You get full professional representation, negotiation, market analysis, and transaction coordination at no direct cost to you.
There's no financial reason to go without a buyer's agent. The only scenario where it might seem to "save money" is working with the listing agent directly — but that puts you in conflict of interest territory, where the same agent represents both sides. That rarely ends in your favour.
Ontario's TRESA (Trust in Real Estate Services Act) changed how agency works. Under designated representation, different salespeople at the same brokerage can represent buyer and seller in the same transaction — with full fiduciary duties to each client. This replaced the old "multiple representation" (double-ending) model where one agent represented both sides.
Practically: your buyer's agent owes you loyalty, confidentiality, and full advocacy — even if another agent at the same brokerage represents the seller on the same property.
Look for: verified transaction volume in Ottawa (not just years licensed), knowledge of your target neighbourhoods, honest answers to hard questions (not just telling you what you want to hear), and clear communication style.
Red flags: agents who show you homes outside your stated budget, rush you into decisions, or can't provide recent comparable sales data when you ask for it. Your agent should make you feel more informed after every conversation — not more confused or pressured.
Book a free consult with Jeff — no obligation, just a conversation about your situation and goals.
Only with great care. If the seller allows pre-offer inspections, get one done before submitting your offer — that's the safest path in a competitive market. If that's not possible and you're considering waiving, factor in the property's age, visible condition, and your risk tolerance.
Ottawa's older housing stock (Centretown, Westboro, Glebe, Hintonburg) can hide expensive issues: knob-and-tube wiring, aging foundation, cast-iron plumbing, inadequate insulation. A $500 inspection can surface a $30,000 problem. Newer construction in Barrhaven, Kanata, or Orleans carries less structural risk — but isn't risk-free either.
We never recommend waiving a home inspection without having at least walked through with a professional's eyes first. Talk to Jeff before making this call on any specific property.
From accepted offer to closing: typically 30–90 days, depending on the closing date negotiated in the offer. 60 days is most common. A faster close (15–30 days) is possible but requires all parties — lawyers, lenders, sellers — to move quickly.
From the start of your search to accepted offer: this varies widely. Well-prepared buyers with clear criteria in an active segment can find a home in 2–6 weeks. Buyers with very specific requirements or in slow markets may take 3–6 months.
Ontario charges a provincial Land Transfer Tax (LTT) on all home purchases, calculated as a percentage of the purchase price on a sliding scale. On a $700,000 Ottawa home, the LTT is approximately $9,475.
First-time buyer rebate: Ontario provides a rebate of up to $4,000 for eligible first-time buyers — reducing the effective tax on a $700K purchase to approximately $5,475. To qualify, you must be a Canadian citizen or permanent resident, at least 18 years old, never have owned a principal residence anywhere in the world, and you and any spouse must both be first-time buyers.
Yes. In Ontario, all real estate transactions must be closed by a licensed lawyer. Your lawyer handles: reviewing the Agreement of Purchase and Sale, conducting title searches, reviewing the status certificate (condos), arranging title insurance, coordinating the transfer of funds and title on closing day, and registering the title in your name.
Budget $1,500–$2,500 for legal fees including disbursements. Jeff can refer you to trusted Ottawa real estate lawyers who close transactions efficiently and communicate clearly.
Every buyer's situation is different. A 30-minute conversation with Jeff will answer your specific questions and give you a clear picture of what to expect in Ottawa's market.
