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Real Estate Snapshot Graphic AUGUST 2018 DRAFT

August 2018 Notable Numbers in Ottawa Real Estate

Ottawa Real Estate: Market Snapshot August 2018 We continue to see a healthy real estate market in Ottawa, with inventory levels are improving but still lower than we've seen in previous years.  Have questions? Looking for specific neighbourhood stats? Message us, we’d love to help! Info@teamrealty.ca  Summer Ends, Active Real Estate Market Continues September 6, 2018 Ottawa Real Estate Board member sold 1,586 residential properties in August 2018, compared with 1,535 in August 2017, an increase of 3.3 per cent. The five-year average for August sales is 1,417. August’s sales included 1,188 in the residential property class, relatively unchanged from a year ago, and 398 in the condominium property class, an increase of 10.9 percent from August 2017. “Our real estate market has had a busier than usual summer season, and we are shaping up for a busy fall period as well,” affirms Ottawa Real Estate Board President Ralph Shaw. “An active market is likely ...

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We appear to have a problem:The need to disclose known defects when selling your home

Every home has its’ own unique quirks and character, however, when it comes to purchasing said home, it is important that buyers are aware of any “quirks” that may actually be deficiencies. A deficiency in a home known to the seller is required to be disclosed to the buyer by law, ensuring that any future damage/repair costs cannot be something that the seller becomes liable for. When it comes to disclosing deficiencies in a home, there are two types of defects to consider – patent defects, and latent defects. A patent defect is an easily observed (obvious) defect. An example of a patent defect is a broken window, or door – this defect is visible immediately to potential buyers and patent defects are governed by the legal doctrine of caveat emptor or “buyer beware”. This means, that the buyer will have to accept these defects upon closing, unless they include a ...

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Reverse Mortgages: What to consider when considering a reverse mortgage

What to consider when considering a reverse mortgage... Reverse mortgages allow homeowners to use the equity in their home as a loan, it's a  financial strategy that is getting more common. This may be in part because a large segment of Canadian Baby Boomers (born between 1946-1964) "is on strong financial footing and on a clear path to being mortgage-free, if not already."  But what exactly is a reverse mortgage, and how does it work?  Let’s examine the concept of a reverse mortgage, and some of the benefits and downfalls. What is a reverse mortgage? A reverse mortgage is a loan that allows you to receive money from your home equity without having to sell your home. Typically, you are able to borrow up to 55% of the current value of your home, tax-free. There are however, qualifications that must be met in order to have a reverse mortgage. All individuals who own the home ...

Real Estate Snapshot Graphic JULY 2018 DRAFT

July 2018 in Ottawa Real Estate: Market Snapshot

July 2018 in Ottawa Real Estate: Market Snapshot Ottawa Real Estate Market Snapshot: July 2018:  We continue to see a healthy real estate market in Ottawa, with inventory levels are improving.  Have questions? Looking for specific neighbourhood stats? Message us, we’d love to help!!     A Sizzling Summer for Ottawa Real Estate  August 3, 2018 Members of the Ottawa Real Estate Board sold 1,614 residential properties  in July through the Board’s Multiple Listing Service® System, compared with 1,524 in July 2017, an increase of 5.9 per cent. The five-year average for July sales is 1,501. July’s sales included 1,238 in the residential property class, an increase of 3.6 per cent from July 2017 and 376 in the condominium property class, an increase of 14.3 percent from a year ago. “Ottawa’s condo market continues to positively impact overall residential sales trends with year-to-date condo unit sales up 16.5 percent from this time last year,” states Ralph Shaw, Ottawa ...

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The Search Is On – Listings: How the majority of buyers & sellers find listings in 2018

As the age of technology and the Internet continues to thrive, many industries have developed over the years to incorporate the constantly changing world of advertising and reaching potential clientele. Long gone are the days of people driving around on the weekends in search of potential listings, and fewer are checking the paper in search of their potential dream home. Despite these changes, the housing market is still booming and buyers and sellers alike are finding their future properties. The real question is, how has the search for real estate listings changed? The majority of that question can be answered with just one word: Internet. With millennials making up almost 66% of the first-time homebuyers group, the Internet is a natural search engine for them. The Internet has become a major source of information when it comes to searching for just about anything, and that includes real estate listings. So ...

Neighbourhood snapshot

Neighbourhood Snapshot: Exploring Almonte

Under 30 minutes to Ottawa, Almonte is an Area Home Buyers Should Consider Most of us have heard the Mark Twain quote  "Buy land, they've stopped making it",  there's no doubt that investing in real estate is a great way to build equity.   As prices in the urban centres creep up, more Ottawa buyers are purchasing condos as a way to get into real estate investment.  We saw a condo boom in 2017 and the trend is continuing into 2018.  While this is a great option, if the condo lifestyle doesn't appeal to you, you might consider bucking the trend of urbanisation, and choose to put down rural roots.  Not convinced?  If you love the thought of being able to enjoy amazing restaurants, culture and grab a great latte, buying a home in Almonte is something you might want to consider. Found along the banks of Canada’s Mississippi River, in the Ottawa ...

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Listed, Viewed, Sold! Steps in the home selling process 

Listed, Viewed, Sold! Steps in the home selling process   Selling your home is a big task, and an important one to pay critical attention to – as your house is typically your biggest asset. Ensuring that you’re ready to start this journey is key, and being as prepared as possible can ensure your house is sold for its’ top value. There are many important steps along the way when it comes to selling your house, and to take off some of the pressures, we’ve laid them out for you in this article. Find a realtor Your realtor is going to be your best friend when it comes to selling your home. They play a critical role in this process, and you want to be sure you choose an agent who is experienced, reliable, and that you are comfortable with. Take the time to research and meet with different agents, as you don’t have ...

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Choosing a Realtor That’s Right for You

Choosing a Realtor That’s Right for You When it comes time for you to buy or sell your home, you’ll want to be sure that you have the guidance and support necessary for you to make a decision you’re most comfortable with. With that said, finding the right Realtor is just as (if not more) important as finding the right home. We know that by choosing Royal LePage Team Realty you are trusting us to ensure your real estate transaction goes smoothly and that your interests and investments are protected, our REALTORS® take this responsibility very seriously. Selling your home? Albeit a little overwhelming at first glance, the selling process can actually run quite smoothly with the help of a Royal LePage Team Realty Sales Representative. Our team will provide you with a multitude of Sales Representatives to choose from, so we encourage you to do your due diligence before making a selection. After ...

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Airbnb: New regulations may change your investment

Airbnb Ottawa To Airbnb or not to Airbnb? New regulations in Ottawa  In the past few years, the trend of Airbnb has been sweeping the nation.  Airbnb gives property owners a platform to rent income properties and even their own homes as short term rentals.  With the homeowner in control of timing and rates, this can be a great way to off-set the costs of owning a property.   However, with the implementation of new taxes for short term rentals and with some condominium corporations changing their rules to disallow individuals from utilizing their units for such purposes, it may not be as profitable as it once was.   Knowing the facts will help you make an informed decision if you're considering offering your property on Airbnb. How does Airbnb in Ottawa work? Airbnb is an online marketplace that allows individuals to rent out their properties or spare rooms to guests. This marketplace has become overwhelmingly ...

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Ottawa Real Estate Market Snapshot: June 2018 

June 2018 in Ottawa Real Estate: Market Snapshot Ottawa Real Estate Market Snapshot: June 2018:  The Ottawa Condo market is leading the way in units sold, up over 16% in the first half of 2018 compared to the same time period last year, experts say Buyers looking for affordable homes may be turning to the Condo market, due to the increase in price in single family homes.  Compared with 2017 Ottawa home sales in the $250-275K price point have decreased by 37%, and we've seen a 41%  decrease in the $275-300K price range. Have questions? Looking for specific neighbourhood stats? Message us, we'd love to help!!   News Release from the Ottawa Real Estate Board: Condo Sales Keep Market from Over Heating July 5, 2018 Members of the Ottawa Real Estate Board sold 2,070 residential properties in June through the Board’s Multiple Listing Service® System, compared with 2,163 in June 2017, a decrease of 4.3 per cent. The ...

summer is a good time to move

Why summer is a good time to move…  

Why summer is a good time to move   School’s officially out for summer!  If you’re like us, you’re probably thinking beaches, holidays, cottages any activity that will get us out to enjoy the warm weather...but it can also be a perfect time to move!  While there might not be as much real estate activity in July as there is in May, it may surprise you to find out that June, July and August are busy months in Ottawa real estate, especially in recent years.  The weather is fine and there are still a lot of great opportunities to buy and sell.  Stats show that houses (and people) are making moves during the warmer months and many buyers and sellers are motivated to get deals done before the cooler weather returns. So what are some other reasons why summer is a good time to move?   Home maintenance / House hunting If you ...

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Buying a Home: Step by Step

Buying a Home: Step by Step  Buying a home can seem like a daunting task in the beginning. There are so many options to consider, let alone finding that dream home. You may be wondering what the main things to consider when you're going to buy a house, and how the process works? With so much information surrounding the housing market, we've created a short step-by-step process to help you with all your home buying needs! Finances The daunting and confusing aspect of buying a home always lands in the finance department. Mostly because finances on a large scale become a stressful process for people. However, when it comes to organizing your finances to buy a home, it doesn’t need to be complicated or scary. Just keep these tips in mind: Determine what you can afford; remember that typically you require 20% down on your purchase. It is recommended that people look ...

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Turn your Vacation into a Staycation: Activities for families in Ottawa

Turn your Vacation into a Staycation: Activities for families in Ottawa  Summer is a wonderful time to spend a little quality time with friends and family; things are more relaxed, the kids are out of school and you won’t have to worry about a last minute snow storm interfering with travel plans (well here’s hoping!) . But organizing a family vacation, especially when you have young children, can be stressful (just think of the Griswalds). The packing, planning, stopping, driving, – the list could go on and on. Have you ever arrived at your destination tired, wishing you’d just stayed home?  If the answer is yes, you can take the stress out of your vacation this year, and turn it into a “Staycation”! At this moment, you’re certainly considering this option, but wondering what there possibly could be to do in Ottawa for a family that already lives here? Have no fear; we have ...

carlington

Neighbourhood Snapshot : Carlington is an Ottawa Community to Watch

When you buy a home, it's more than just the house itself, you're really buying into a lifestyle, and becoming part of a community.  The Ottawa and surrounding area has a lot to offer and there may be "hidden gems" that you hadn't considered.  We're excited to introduce a new series of blog posts dedicated to giving readers the inside scoop on some great Ottawa neighbourhoods, starting with Carlington!  Welcome to Carlington! Nestled in the heart of the city, Carlington is a community to watch. This neighbourhood has lots of amenities along with easy access to the Queensway making travel within the city a breeze. Situated just a stone’s throw away from the pricy Island Park, Civic Hospital, and Westboro neighbourhoods, Carlington has similar charm but is far more affordable. About Carlington Carlington is located in the River Ward in the west-end of Ottawa and it is bordered by Clyde Avenue to the West, ...

May 2018 Infographic Stats

Ottawa Real Estate Market Snapshot: May 2018 

Ottawa Real Estate Market Snapshot: May 2018:  While inventory is still lower than normal, the number of listings coming onto the market this month is typical spring activity! Have questions? Looking for specific neighbourhood stats? Message us!! The following are hightlights from the Ottawa Real Estate Board's latest News Release read the full story Members of the Ottawa Real Estate Board sold 2,279 residential properties in May through the Board’s Multiple Listing Service® System, compared with 2,294 in May 2017, a decrease of 0.7 per cent. The five-year average for May sales is 2,041. May’s sales included 485 in the condominium property class and 1,794 in the residential property class. “Although our overall inventory stock is down in both the residential and condo market, the number of listings coming onto the market this month is typical spring activity,” states Ralph Shaw, President of the Ottawa Real Estate Board. “The sheer number of home ...

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