OTTAWA REAL ESTATE BLOG

Wanted: Ottawa Homes For Sale When the calendar rolled over into 2018 many real estate experts across Canada were speculating the housing market to "cool off" with  tighter mortgage rules and higher interest rates impacting home buyers.  While that may be the case in other real estate markets,  in the Ottawa Real Estate market the biggest factor in February's 2.8% drop in the number of sales (year over year), is that listing inventory is scarce. "There is no doubt our sales number would have been much higher if we had more properties available for sale.  Buyer demand is there, but our inventory in both residential class and condos continues to decline.  This is creating a supply side issue in the Ottawa real estate market"   -Ralph Shaw, OREB President The Ottawa Real Estate board’s recently released statistics show that home buyers are still actively searching for properties in spite of the low inventory, which is ...

New Mortgage Rules – Renewing and Refinancing   January 1st, 2018 Canada’s new mortgage rules came into effect and it was big news. These new rules appear to have the greatest impact on those looking to qualify for a new mortgage but if you are looking to renew or refinance your mortgage, you may be impacted as well. At the centre of the new rules is a stress test requiring applicants to qualify at a rate at least 2% higher than the rate they will be paying, regardless of the down payment they are making on the home. The new rules may limit your options but rest assured, you will not lose your mortgage over these changes. Mortgage Renewals If your mortgage is up for renewal, lenders do not need to apply the stress test to renew an existing mortgage. This means that as long as you stay with the same lender and don’t ...

MILLENNIALS: CHANGING MARKET EXPECTATIONS & TREND REALITIES   When it comes to the future in real estate, all eyes fall to the millennials, who are just beginning to be seen on today's markets. With the millennial generation however, we are seeing a shift in the previous real estate trends from purchasing a primary residence, to investing in vacation property. What is it about the millennial generation today that has us seeing such a change in the markets? The millennial generation is the first generation to be in our technology-based society as adults, and to have grown up with both eras. Alongside the changes seen in technology though, were drastic changes in the real estate market across Canada. In city-centres like Montreal and Toronto, we have seen an increase both in population, and in real estate prices. The price of a home in Toronto has risen 40% from 2010-2016, creating a new dynamic shift ...

College students, and living options   If you’re the parent of a college/university age student, and you haven’t considered it yet, perhaps now is the time you will. As spring is just around the corner, it’s time to think about what investments you can make, and an investment that shouldn’t be overlooked is buying a home. More specifically, buying a home for your college-aged student to live in during school. Should you purchase a home in your students’ university/college town for them to live in during their schooling? What are the benefits, and drawbacks of investing in a second home? Would this investment bring you a profit? These questions, and many others are part of considering getting a home for your student to live in.   Why buy a home for your student? College and university are expensive endeavours no matter what you do, but with a little planning, you can find ways to cut ...

The Ottawa Real Estate board's recently released statistics show that home buyers are still actively searching for properties.   Sales were up over 7% (year over year) in spite of the low inventory, which is a trend that is continuing from 2017.  January 2018 listings 994 (RES) and 406 (CONDO) compared with the 5 year 1,396 for residential and 500 for condominiums.   If the decrease in supply in both the residential and condo markets continues into the Spring,  it may put an upward pressure on prices.  If you are thinking of selling this is a great time to get your home on the market. Below we’ve included the latest news release from the Ottawa Real Estate Board.   Please note: average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total ...

The Winter months in the Capital are arguably some of the most enjoyable for its residents and their families. Christmas has passed, yuletide memories have been made, and we’ve welcomed the New Year with wide opened arms. And with the anticipation of new beginnings in 2018, we take in a deep breath of fresh, brisk air and bundle up to embrace what this year has to offer; including the great outdoors. In fact, with the many winter-filled activities that our City and surrounding areas have to offer this Winterlude season, it’s nearly impossible to sit idle as the cold passes us by. Here are a few activities that you and your family can partake in this winter to celebrate Winterlude’s 40th birthday year:   Lansdowne’s Winter Garden: beginning February 2nd and ongoing to the 19th, Lansdowne Park at Aberdeen Square will be transformed into a “glowing winter garden of sculpted snow ...

SELLERS Now’s the time to spring into action if you’re a prospective home seller. Getting your home prepared for the spring market now, will help you move quickly and efficiently  when the time comes to list. Spring is the optimum time to sell a home, as the largest numbers of buyers are actively searching for a new home during the months of April, May, and June. If you’re looking for tips, tricks, and ideas to get your home market ready, then you’ve come to the right place! Purge & Pack: What better way to clear out the winter blues, than to clear out the clutter in your home. Take this as a reason to stay warm inside, as you begin to go through attics, closets, basement, and/or garages to determine what to keep, what to donate, and what could be packed away early. Decluttering and depersonalizing are both important steps in preparing your ...

BUYERS Spring hasn’t begun to crack through the winter thaw, but that doesn’t mean there’s time to wait if you’re planning on purchasing a home this spring. Be prepared for the Spring Market, and ensure your home buying experience is a great one by organizing your paper work, mortgages, ideal houses, and pricing ahead of time. Spring into this home-buying season ready to buy, so that house you’ve been dreaming of, doesn’t land in the hands of another buyer. Credit Check A credit score is a numerical representation of your credit report, and having good credit is like gold when obtaining a mortgage. Spend some time understanding where your credit falls, as credit scores range from 300-850, and the higher the score you have, the better. If there are any issues with your credit score, now is the time to work at repairing them (paying bills on time, getting a raise in your ...

There’s no doubt about it, Ottawa has topped the list of real estate markets to watch in 2018. With it’s ever growing communities, and variety of opportunities for all ages, Ottawa ranks among the world’s most desirable cities to call home. With is diverse neighbourhoods, excellent education system, distinct seasons, and constant opportunities for entertainment, Ottawa gives individuals lots of reasons why they should move here. The real question is: Why not move to Ottawa? The National Capital city is very clean and green, offering unparalleled health services, economic securities and affordable housing options. In a study released by Statistics Canada, Ottawa ranked in the top 10 happiest out of 33 metropolitan areas across the country. If you’re looking for a fresh start, or a place to settle down in, Ottawa has a big city presence with a small town feel, and should be at the top of your lists. Neighbourhoods As a ...

An Era of Change: 2018  Canadian real estate is in an era of change.  2017 closed with a bang, as we saw some of the largest increases in real estate prices in nearly a decade. The curiosity now turns to 2018, and what can we expect to see in Ottawa, and across Canada. Ottawa is climbing the list as a hot spot for home buyers this year, joining popular cities like Toronto, Montreal and Vancouver.  Ottawa may hold an even higher interest for buyers, where real estate prices are significantly lower than areas such as Toronto and Vancouver. The pool of potential home buyers shows a steady increase  by individuals able to work remotely  who are not limited by commute time when choosing where to buy a home.  This growth trend is expected to continue throughout 2018. With a variety in communities, opportunities, and availability, the Ottawa area has a lot to offer to potential buyers. Whether they’re ...

2017 was quite a year in the Ottawa Real Estate market; record breaking numbers in units sold (condominium sales up over 22%) and double digit (percentage) increases in average sale price in several neighbourhoods, Canada 150 (or should we say Ottawa 150?!) was anything but average! Below we’ve included the latest news release from the Ottawa Real Estate Board.   Please note: average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.  We have access to current statistics and trends in our neighbourhoods and communities, it’s our job to stay on top of the market trends!  We have up to date Real Estate Market Reports readily available for you and we love to chat real estate – contact us anytime! From the Ottawa Real Estate ...

2017 was an amazing year for Real Estate in Ottawa! Records were broken and property values continue to increase. As the year comes to a close, let’s take a look back at some of the highlights with our Top 20 Blog Posts of 2017! #20 – Understanding Multiple Offers This year the Ottawa market became more competitive than ever before and multiple offers have become far more common. Here are some helpful hints to help you navigate multiple offers! #19 – Pets and Real Estate New research emerged this year showing that more and more homeowners are making housing decisions with their furry friends in mind while others are avoiding homes where pets have lived. Let’s look at the impact of pets and how they can affect real estate. #18 – Your Home and Winter Travels It’s at this time of year that many of us choose to get away; whether it’s visiting family for the ...

Buying a house is a big investment, so it is natural to look for ways to save money wherever possible. Some buyers and sellers may assume that they can stretch their budget further if they handle the entire purchase themselves. Doing this may seem like a good way save you money, but can also lead to problems and higher costs in the long run.  As a buyer, hiring a Realtor typically does not cost you a cent; your Real estate agent will be paid from the commission on the sale of the home. Hiring a professional who is on your side to ensure that all your bases are covered only makes sense. Can you believe that there was a time when real estate brokerages represented only the seller?  It’s true! Buyers had to make one of the most important financial decisions of their lives without a representative truly on their side. Thankfully, ...

As winter begins to cover the ground with snow, we Canadians are aware, there’s much more coming our way than just a light dusting. Shoveling snow, spreading salt, and digging out your frozen car, are just some of the “joys” winter may bring to you this season. As the costs of heat and electricity continue to rise, Jack Frost will be nipping at your pocketbook, wanting to extend his winter chills to the interior of your home. If you’re hoping to keep the cold outside, and your heating costs down, the best thing for you to do is to get your home “Winter Ready”. Here are some simply ways to winterize your home: Clean out your gutters Ensure the rain and snow have somewhere to drain to by cleaning your gutters. This will minimize the chance of leaks, and remove excess weight/strain from the gutters. Making sure that the water ...

December has arrived! And with it, for many, comes the anticipation of holiday activities, traditions and celebrating with family and friends. We’ve been lucky to have had some truly incredible events in the Ottawa area this year, but it’s not over yet!   As Canada 150 comes to a close, there are a multitude of Christmas events that are taking place all over our City, allowing us to commemorate the end of one year, and the start of something new with our family and our friends. Here’s a taste of what’s happening in Ottawa this holiday season: Alight at Night at Upper Canada Village: travel back in time to the days where wagons were drawn by horses, and buildings were built by hand to view the magic that is the over half a million lights lit up throughout the village’s streets, trees, shops and homes. From December 1st to January 6th between ...