It’s been called the biggest investment you’ll ever make. No wonder so many people stress over buying a home!
How will you know when you’ve found the right Ottawa real estate for you and your family? Keep an eye out for these signs-they will help you know whether you have found “your home”:
RE/MAX VIP Tickets offer you:
Front of the line access to the 2 homes built on site.
Reserved front row seating for stage presentations
Entry into the RE/MAX Sens® Sweepstakes
Contact us to order your RE/MAX VIP tickets!
If your landscaping, decorating or renovating projects are taking the spring out of your step, plan to come to Ottawa’s largest Home Show opening its doors March 24-27, 2011 at Lansdowne Park. Running for four days only, the Ottawa Home & Garden Show presented by RE/MAX, is your all-access pass to more than 300 home and garden specialists offering all the expert advice, solutions and inspiration for whatever home project you have planned this year.
Work with RE/MAX & win fabulous prizes provided by the Ottawa Senators®!
For your chance to win fabulous prizes including Sens tickets & merchandise, simply complete a ballot*, available at either our Barrhaven or Kanata offices. Click here for the office addresses.
For contest rules and a complete list of prizes click here. Deadline to enter: April 4th at 5 p.m. Grand prize draw date: April 20th.
Grand Prize: 200-level Sens® seasons tickets for 2011-2012**
* Ballots are also available on the front of the ballot box.
* * Half-season ticket package.
Realtor.ca does not sell properties – realtors do
There are about 32,000 realtors who are registered with the Toronto Real Estate Board. That’s a lot of realtors out there trying to define themselves in their trade. Lots of competition. There are many different brokerage models all trying to find their uniqueness to attract these many realtors. Some brokerages offer a model which serve clients by offering Limited Service to the public. Usually Limited Skilled realtors are attracted to this model. There have always been a segment of the public who will be drawn to limited service brokerages. The public has a wide and big appetite.
Recently CREA and the Competition Tribunal entered into an agreement to alter the scope of our industry nationwide. Moving forward, brokerage models will be able to allow realtors to attract sellers by not providing what I call full agency. Sellers can choose to make their own appointments and negotiate their own deals directly with co-op brokers and without representation. And that might be a good thing if you are a seller who doesn’t want to pay for a full service broker and who thinks they can handle the entire process and still get good value for their property. There are some car garages around which allow car owners to fix their own cars aren’t there? Having the right tools to do so is a drag though.
What does the change mean for full service brokerage realtors?
Opportunity to my way of thinking.
I don’t think the public really gunderstands what we do as full service realtors. We haven’t done a good job of defining it.
What we do as full service realtors is needed for consumers. The process is complicated, delicate and important. More than others, we have to get better at our trade in establishing value for our service. The strong market of the past many years has led many to believe what we do is centred around MLS access. Realtor.ca does not sell properties – full service realtors do. The nationwide real estate site is simply an advertising tool. The real work of selling properties begins when realtors connect with buyers and sellers. If a realtor is good at what he or she does, they are able to help many – if they aren’t good at what they do – they perhaps will by default join the ranks of the Limited Service and Limited Skilled brokerages out there. It’s all about choice isn’t it?
RE/MAX Affiliates Realty is proudly a full service brokerage!
Reprinted, with thanks, from my friend and collegue Ken McLachlan’s blog at RE/MAX Hallmark in Toronto
Well, it’s official! MoneySense website has confirmed what we Ottawans already knew; Canada’s capital is ranked as the number one place to live in Canada. This is the third time Ottawa has earned this distinction. In 2007 & 2008 we were at the top of list but in 2009 Victoria edged us out. It’s good to regain the title for 2010!
Although Ottawa is reknowned for it’s beauty & amenities such as the Rideau Canal, the Bytown Market, nearby Gatineau Park and of course, the Parliament Buildings, the MoneySense poll did not just base their list of the top cities in Canada solely upon aesthetics and amenities. Other factors such as weather, air quality, population growth, unemployment, affordable housing, income & crime rates influenced the rankings. Ottawa scores well in all these categories.
So whether you’re a long time Ottawan or just considering a move to Canada’s capital city, revel in the knowledge that this city is tops!
Read the full article here: http://www.moneysense.ca/2010/04/30/best-places-to-live-2010/
Yard Sale for the Cure & Silent AuctionC’mon out & shop for a good cause!
We are hosting our 4th Annual Yard Sale for the Cure & Silent Auction in support of breast cancer research on Saturday, May 29th from 9:00 a.m. – 3:00 p.m. in our parking lot at 129 Riocan Ave. (beside the movie theatres in Barrhaven).
There’ll be tons of items for sale as well as a BBQ, face-painting & clowns for the kids, and a Silent Auction with quality items up for grabs to the highest bidders including a Sens Jersey and a private champagne flight for two in the Re/Max hot air balloon.
Hope to see you there!
Mississauga, ON (February 24, 2010) – Lack of inventory will be the greatest challenge facing housing markets across the country this Spring, according to a report released today by RE/MAX.
The RE/MAX Market Trends Report 2010, which examined real estate trends and developments in 16 markets across the country, found that unusually strong activity during one of the traditionally quietest months of the year has led to a sharp decline in active listings in 81 per cent of markets surveyed. The threat of higher interest rates, tighter lending criteria, and in British Columbia and Ontario, the introduction of the new Harmonized Sales Tax (HST) have clearly served to kick-start real estate activity from coast-to-coast, prompting an unprecedented influx of purchasers. As a result, 87.5 per cent of markets posted an increase in sales in January. Average price appreciated in 81 per cent of markets surveyed.
“There have never been so many motivating factors in play at once,” says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. “We’re in for a heated Spring market that will, in all probability, spill over into the summer months, as the window of opportunity draws to a close. The supply of homes listed for sale has been drastically reduced, housing values are once again on the upswing, and banks and governments are moving in unison toward stricter lending policies.”
Markets experiencing the tightest inventory levels include Toronto (- 41 per cent); Kitchener-Waterloo (-33 per cent); Ottawa (- 30 per cent); Victoria (- 30 per cent); Greater Vancouver (- 27 per cent); Halifax-Dartmouth (- 19 per cent); London-St. Thomas (- 18 per cent); Regina (- 16 per cent); and Winnipeg (- 13 per cent). Conditions were still balanced, but starting to tighten in Calgary, Edmonton and Saskatoon, particularly in the single-family detached category.
The highest year-over-year sales gains were reported in Greater Vancouver (152 per cent), Kelowna (121 per cent), Greater Toronto (87 per cent), Victoria (69 per cent), Hamilton-Burlington (58 per cent), London-St. Thomas (55 per cent) and Calgary (47 per cent). Western Canadian cities dominated the list of centres with the highest increases in price appreciation. These included Victoria at 25.5 per cent, Kelowna at 22 per cent, Greater Vancouver at 19.5 per cent, and Winnipeg at 17 per cent. St. John’s (23 per cent) and Toronto (19 per cent) were also among the frontrunners for price growth.
“Affordability is the catalyst for the vast majority of purchasers in today’s housing market,” says Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada. “While homeownership is still within reach in many major centres, levels are slipping. There is a growing sense, on both sides of the fence, that the time to act is now.”
While buyers are taking advantage of favourable conditions, sellers too are reaping the rewards. Competing bids are a factor in the marketplace once again, with well-priced listings—especially at the entry-level price point—experiencing multiple offers. Properties priced at fair-market value will likely sell quickly for top dollar. The overall pressure on sales and price is significant across the board – and it’s not likely to subside unless more inventory comes on-stream.
“The level of frustration is growing, as pent-up demand builds,” says Polzler. “For every successful offer, there are those that will walk away empty-handed. They’re thrust back into the buyer pool and the process starts all over again. Some buyers are upping the ante, while others are considering alternate housing options. Still, purchasers remain cautious in their bids, with most careful not to max out debt service ratios.”
Recent revisions to lending criteria will add fuel to the fire in the short term. Buyers considering a variable rate mortgage will step up their plans for homeownership in the next month or so just to get in under the wire. In the longer term, buyers will adjust, but move forward. Compromise has long been a reality—particularly in the larger centres. This simply means they may go smaller or further in their pursuits.
“It’s been a 180 degree turnaround from this time last year,” says Ash. “It’s clear that real estate from coast to coast has roared back to life and markets are once again firing on all cylinders. The vast majority of markets are now recovered and fully-evolved, with all segments working in tandem. At the luxury price point, activity was brisk in seventy-three per cent of centres surveyed, with momentum ramping up in the remainder. Opportunity exists in some areas, but the question is for how much longer? ”
On Tuesday, the Department of Finance announced three changes to the standards governing government-backed mortgages, that come into force April 19. Here are a summary of the changes.
QUALIFYING FOR A FIVE-YEAR RATE
The adjustments to the mortgage framework will require mortgage insurers to ensure that new borrowers qualify for a five-year fixed rate mortgage when calculating the gross debt service and total debt service ratios. The measure is intended to protect Canadians by providing them with additional flexibility to support mortgage payments at higher interest rates in the future.
LIMIT THE MAXIMUM REFINANCING
Borrowers seeking financial flexibility can currently refinance their mortgage and
increase the amount they are borrowing on the security of their home up to a limit of 95% of the value of the property. The adjustment will lower the maximum amount of the mortgage loan in a refinancing of a government-backed high-ratio mortgage loan to 90% of the value of the property, consistent with the principle that home ownership is a tool for savings.
DISCOURAGING SPECULATION
This measure will require a minimum down payment of 20% for government-backed mortgage insurance on non-owner-occupied properties purchased for speculation. At present, borrowers may purchase a residential property with a 5% down payment. The change will require a 20% down payment for small non-owner-occupied residential rental properties. Borrowers purchasing owner-occupied residential properties which also include some rental units (such as a duplex) will still be able to access government-backed mortgage insurance with a 5% down payment.
Fourth month of double-digit gains for Ottawa resale market in January
Ottawa’s resale housing market got off to a strong start in January 2010, with total sales rising 34.8 per cent to 713 units, according to numbers released Wednesday by the Ottawa Real Estate Board.
“These numbers are more in line with what we might expect for a typical January, whereas 2009 started off abnormally slow due to uncertain financial and market conditions worldwide,” said board president Pierre de Varennes in a statement.
Sales of freehold units fuelled much of the overall increase, with unit numbers jumping 38.9 per cent to 557 units.
Still, condominium sales played a significant role as well, with the category recording a 21.9-per-cent gain to 156 units.
While the sales increase was a little less dramatic than in the previous couple of months, it continues a recent streak of double-digit gains, as the local housing market recovers from the effects of the market downturn in the fall of 2008.
Mr. de Varennes added: “Although listing inventory remains low, we expect that will change as we head into the spring market and interest rates remain low.”
The average price of a resale home across all categories rose 11.4 per cent to $320,966 in January, mostly because of a big spike in the selling prices of condominiums.
That category posted a 22.5-per-cent increase year-over-year, with condominium units selling for an average of $259,273.
The typically more expensive freehold market saw an 8.2-per-cent increase in average selling prices, to $338,244, the report noted.
Ottawa Business Journal – Real Estate – Residential
Published on Febuary 3rd, 2010
Published on Febuary 3rd, 2010
Krystle Chow
Ottawa Business Journal
We are hoping to use this blog as a further way to help keep agents and our client customer base current on real estate trends in the Ottawa market.In addition to facts and figures we wish to provide insight into the market that come from our in-site and experience.
We look forward to your comments and your correspondence .
