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OTTAWA REAL ESTATE BLOG


Royal LePage in the News! Royal LePage named 2015 Outstanding Corporate Citizen

Canadian Franchise Association bestows honour on Royal LePage—A first for the real estate industry! April 14, 2015 A first for the real estate industry TORONTO, APRIL 14 – Royal LePage Real Estate Services has been named the 2015 Outstanding Corporate Citizen by the Canadian Franchise Association (CFA).  Royal LePage, Canada’s largest and oldest real estate firm, received this award for demonstrating sustained support for the local communities through its network of over 600 brokerage offices from coast to coast, and for philanthropic innovation on a national scale. The company’s 16,000 Realtor® network has raised over $20 million through the Royal LePage Shelter Foundation, the largest public foundation in Canada committed to ending violence in the home, and providing support to the women and children who fall victim to it. In establishing the Royal LePage Shelter Foundation in 1998, Royal LePage – the only national real estate company with its own branded charity – set out ...

Ottawa Real Estate Market Update: Spring is finally here!

Is now the right time for YOU to buy or sell?  For a full report of what's going on in your Ottawa area neighbourhood talk to your Royal LePage Sales Representative  or if you’re looking for a great Realtor®, e-mail Kent Browne kent@royallepage.ca or 613-725-1171. Helping YOU is what we do. _______________________________________________________________________ Busy spring season arrives amidst March snow banks! - Ottawa Real Estate board Members of the Ottawa Real Estate Board sold 1,208 residential properties in March through the Board's Multiple Listing Service® system, compared with 1,184 in March 2014, an increase of two per cent. The five-year average for March sales is 1,236. "Sales increased month over month, with 356 more properties sold in March over February, a 41.8 per cent increase," says David Oikle, President of the Ottawa Real Estate Board. "Indications of a fast approaching spring market were noted in February, and these numbers are proof that Ottawa is indeed experiencing ...

Resale buyers brave the February freeze

  Members of the Ottawa Real Estate Board sold 853 residential properties in February through the Board's Multiple Listing Service® system, compared with 868 in February 2014, a decrease of 1.7 per cent. The five-year average for February sales is 914.   "Even though we had one of the coldest months on record, resales for the month of February are only slightly down from last year," says President of the Ottawa Real Estate Board, David Oikle. "Looking at residential properties alone, 13 more properties were sold this February over last February - a 1.9 per cent increase; while the condo market on the other hand, has been a little slower to gain momentum. That being said, both residential and condo sales are up a total of 226 combined units since January and there are a total of 6,519 residential listings going into March - both telling signs that the spring market is fast ...

Royal LePage House Price Survey: Ottawa trending towards a Buyer’s Market

OTTAWA RECORDS FLAT HOUSING MARKET IN THE THIRD QUARTER High inventory leads to an uneventful third quarter OTTAWA, October 15, 2014 - The Royal LePage House Price Survey released today saw prices for homes in Ottawa remain relatively flat. Detached bungalows and standard two-storey homes increased 1.2 per cent year-over-year to $403,091 and $406,264, respectively. Standard condominiums saw a slight decline in price, dropping 0.3 per cent to $258,132. "Buyers had a surplus of inventory to choose from this quarter, with much of the inventory left over from slower than usual winter and spring selling seasons," said John Rogan, broker manager, Royal LePage Performance Realty. "However, there are still interested buyers and we have seen multiple offers on great properties that are priced well." Rogan sees Ottawa trending towards a buyer’s market at the moment due to the excess inventory. The condominium segment, in particular, has seen an influx of inventory as developers are moving quickly to list their new builds. Rogan ...

Square Footage of Homes… Why Such a Mystery?

  When it comes to measuring square footage for a home or condominium it’s not so easy! Buyers always ask their sales representative for information on the square footage of the home they are considering buying and realtors always want to know approximately how many square feet exists in the home or condominium they are selling. Unfortunately organized real estate no longer promotes the use of square footage in the details of housing  due to the potential liability on the homeowner and real estate agent as a result of the inconsistency of how a home can be measured. Unfortunately there are no universally applied standards for measurement in existence today. For example, you can hire different appraiser to measure the same home and they will come up with  different measurements because of the multiple ways to measure and the mechanisms used. If you are selling a home or condominium avoid providing square footage as you ...

Campaign Launched By Provincial Realtors to Stop the Spread of Another Costly Home Owner’s Tax

Help us in an effort to “Say no to another home owner tax” – It is our mission to help prevent the spread of a new municipal land transfer tax (MLTT). This tax is in addition to the Land Transfer Tax a consumer already pays to the province when purchasing real estate and this provincial tax is already a large amount. Now your local municipalities want to Tax the home buying consumer again by introducing a new local Municipal Land Transfer Tax. Currently only implemented in Toronto, this tax has a great possibility of spreading to other regions of Ontario. Research reveals that this tax has had a negative impact on Toronto’s economy and has hurt consumers and the housing market. Specifically, research on the effects of the tax reveals that Toronto has lost 15,000 jobs as a direct result of the MLTT. The slogan, “Say no to another home owner tax – ...

Royal LePage Team Agent’s Love Their Neighbourhoods!

  Your Royal LePage Team Agents from across Ottawa and surrounding areas want to recognize those individuals that make our communities such a great place to live. Collectively they have created a Contest to allow for you to tell them about your “Great Neighbour”. Tell a  Royal LePage Team Agent  About Your Great Neighbour and Your Neighbour Will be Entered to Win  Great Prizes Monthly of an Ottawa “Staycation” and a Chance to at the Grand Prize of a Caribbean Cruise! You only have to nominate your neighbour once – each entry is eligible to be selected as a winner in the consecutive months after the entry has been received. Visit our main web site page   for contest rules and entry forms.   ...

Spring is an Exciting Time to Buy a Home!

Finally it feels like Spring has arrived and with it comes an increased desire by consumers to start looking at the potential of buying a new home. If the home buying bug has taken a nip at you this spring, consider enlisting the services of a Trained Real Estate Professional who can ultimately save you time, money and from costly mistakes. Now, the Buying Consumer has the same privileges that has always been afforded to Sellers and can hire a Real Estate Professional to protect their interests when purchasing a home and it doesn’t cost the Buyer any money for the Agent’s Services. When considering hiring a real estate agent, it is important to have a clear understanding of the services the  Real Estate Agent will be providing, and secondly to ensure that the services being provided are in writing. Prior to any house hunting adventure ask your Real Estate Agent for an In-Depth ...

Royal LePage’s New Mobile App Breaks Industry Barriers With Draw-and-Search Feature

Royal LePage, in partnership with award-winning mobile agency Plastic Mobile, recently announced the launch of the Royal LePage mobile app for Canadian house hunters. Available for iPhone, the new app is simplifying the property search process down to the swipe of a finger. The app’s innovative Draw-and-Search feature allows users to easily zero in on a specific geographic area of interest on a map, by simply drawing the area of choice with their finger. Upon doing so, property listings within the selected region will pop up on the screen. On-the-go house hunters no longer need to log in or fill in forms to see search results.  And with one tap, users can save their search to get updates on new homes, open houses, and current listings within the geographic area they selected. “At Royal LePage, we are constantly looking at how we can better serve homebuyers in their search for the perfect home through ...

Ottawa Residential Housing Price Increases between 1956 and 2013

As the Nation’s Capital, Ottawa has always been a great city in which to buy real estate, whether for home ownership or investment purposes.  Over the years, when the rest of the country was experiencing dramatic downturns in their real estate markets, Ottawa seemed to be insulated and the housing market remained steady. This historical trend continues today, and presently Ottawa enjoys a diverse employment base that helps it to weather the economic storms.  In contrast, the housing markets in other communities across Canada continue to be directly affected by local economic conditions and downturns in local industries. The chart below has been compiled from past Ottawa Real Estate Board MLS Sales Data and is a great indicator of the stability of the Ottawa Real Estate Market. For more information about housing price increases, contact one of our highly trained professional Royal LePage Team Realty Sales Representatives. ...

Now Sellers Can Choose Their Commission Rate

Today more than ever, consumers have choices when it comes to what commission rate they will pay when listing their home for sale.  From flat fees to full service fees, and many options in between, it seems that consumers are spoiled for choice.  But if you’re considering listing your home for sale, you simply must make sure that you clearly understand exactly what each level of service provides. What are you getting for the fee you’re paying? What level of service can you expect to receive? How much of the process will you be expected to perform? Will your agent take care of all the details for you? Tips to consider when interviewing agents It’s imperative that you get in writing the services the agent will be providing for the fee they are charging. This will help eliminate disappointment and clarify expectations. Ask them if their first priority is to ensure the protection of your equity – ...

Condominium Living

An Ideal Lifestyle for Some People Wanting Freedom and Forced Savings for Repairs and Replacement So you want to purchase a home but don’t want to spend your weekends mowing the lawn or shoveling snow.  Then condominium living may be just what you’re looking for! With a condominium, you own your individual unit in a multi-unit property, plus you share ownership of the land and other common elements with the other condominium unit owners.  Common elements typically include the hallways, elevators, parking lot, landscaped areas, swimming pool, games room, and the like. Condominium Fee Just remember that unlike freehold properties, condominium ownership involves a monthly condo fee.  Typically this fee covers the costs of building maintenance and insurance, replacement of the roof and windows, and the upkeep of the common areas mentioned above.  In some cases it may also cover the costs of heat and hydro for your unit.  Condo fees can vary significantly, ...

Mortgages today offer a new form of hidden savings!

  In years past, when Canadians faced an array of higher interest rates, the majority of the home owner’s monthly mortgage payment at the beginning of the mortgage went to paying down the interest, leaving the principal relatively untouched. The following chart shows just how much the interest rate can impact monthly mortgage payments, the interest costs incurred over the term of a mortgage, as well as the outstanding balance at the end of the 5-year term. Example: Based on a $200,000 5-year open variable rate mortgage, amortized over 25 years   Interest Rate Monthly Payment Interest Costs for the Term Outstanding Balance after 5 years Today’s Best Rate 3.39% $ 987 $31,421 $172,203 2001 6% $1289 $57,180 $179,654 1991 12% $2106 $117,693 $191,306 Using the 3.39% example noted above, an average $463.00 of the above $987.00 monthly mortgage payment goes towards paying down the principal on the mortgage. It’s like saving $463.00 every month. Comparing Rental Payments vs. Mortgage Payments Everyone needs shelter whether renting or buying.  Using the figure from the example above, ...

Buying Real Estate for Your Child

For parents faced with the prospect of their children attending a post secondary school in another community, city or province, and finding suitable living accommodations for their loved one can be somewhat daunting and trying to find that perfect home away from home can sometimes be an impossibility. An alternative, when taking into consideration the cost of living in residence or renting a room that offers no return on your investment, is buying a home or condominium that your child can share with other room mates. The cost to carry the mortgage, taxes, maintenance, heat and hydro can mostly be covered in the revenues received from other student renters. Depending on the length of stay, any where from 3 years and up, your child may be able to realize a realistic increase in equity and a return on their investment. And if the property is registered in your child’s name, as ...

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