Monday, December 21, 2015

Christmas lights the traditional Canadian way ...

Bundle up for an evening stroll through this picture-perfect postcard setting!

Close to one million lights adorn the heritage buildings, trees and fences of Upper Canada Village creating a one-of-a-kind magical backdrop for its annual Alight at Night Festival…a true winter wonderland!

Each year Upper Canada Village is transformed into this one-of-a-kind holiday setting with new seasonal activities and awe inspiring lighting.  Just an hour South of Ottawa on the St. Lawrence River, this is one of the neatest events in during the holiday season.  Bundle up, as the brisk breeze off the river can be cold, but the beauty of this event will surely warm your hearts!

For more information on the Alight at Night Christmas light diplay at Upper Canada Village, please click here

Christmas spirit alive and well in Orleans

Nestled in Orleans is the famous Taffy Lane, known across Ottawa as the Christmas light street.  People who live on this street go all out with their Christmas decorating and create amazing light spectacles.  With school done for the Christmas break, might be time to check out a local tradition.

Click here to check out a great video featuring Orleans homes on Taffy Lane all decked out with Christmas cheer!

Thursday, December 17, 2015

Great local school - Katimavik Elementary School

Do it the Leonard DiCaprio way ... rent by the night

You can live like Leonard DiCaprio, at least for a few nights, in his Palm Springs Mansion for a cool $4500 per night.  Renting his home for $4500 per night can translate into huge profits, compared to the paltry $20,000 or so he could generate monthly.  Smart business move!  Once he reaches night number 5 in a month, Mr DiCaprio is generating further cash flow. 

I do not see it on www.flipkey.com or www.airbnb.com, to check out his stunning mansion, please check out the dedicated web site - https://www.432hermosa.com/ (check out the photos!!!)

Friday, December 11, 2015

`The Big Short' Tries to Make 2008 Financial Crisis Fun to Watch

Hollywood is trying a new way to get film fans interested in the 2008 financial crisis, turning the worst market collapse since the Great Depression into a tragicomedy.

The film version of Michael Lewis’s book “The Big Short” brings together Christian Bale, Ryan Gosling and Brad Pitt, some of Hollywood’s hottest actors, as outsiders who saw the crisis coming and made hundreds of millions of dollars from complex investments. The Paramount Pictures film, opening Friday in limited release, is already vying for industry awards and could produce $75 million in ticket sales during its run in North American theaters, according to researcher Exhibitor Relations Co. That would make the picture one of the biggest ever about financial markets.
Bale in ’The Big Short’
Bale in ’The Big Short’
Photographer: Jaap Buitendijk/Paramount/Courtesy Everett Collection
Nearly a decade after the bursting housing bubble led to the collapse of Bear Stearns and Lehman Brothers, there have been a few attempts to bring the crisis to the big screen. “The Big Short” uses comedy to explain financial-market events that cost millions of jobs and tanked the world’s biggest economy. Celebrity chef Anthony Bourdain appears in one cutaway interview likening securitization to unsold fish filets that end up in stew.

“There really haven’t been that many attempts, especially in the comedy vein, it is refreshing to see,” said Jeff Bock, senior box office analyst at Exhibitor Relations. “I think audiences will respond. It could be a good size hit for Paramount.”

The studio, a division of Viacom Inc., declined to comment.

“The Big Short” tells the story of investors who believe the U.S. housing market is about to crash and try to profit from it. For the filmmakers, the challenge was to explain how opaque markets and complex financial instruments hid excessive speculation in real estate and mortgages. The picture is directed by Adam McKay, whose credits include the “Anchorman” films and “Talladega Nights.” Prior works by Lewis, a Bloomberg View columnist, include “The Blind Side” and “Moneyball,” which also became films.

“It was about the qualities in these people that led them to make the smart bets, that was what interested me,” Lewis said in a Bloomberg interview in October.

To read the complete article, please click here

Mortgage rules changes over $500k

The federal government is expected to tighten mortgage rules in an effort to cool the red-hot housing markets in Toronto and Vancouver, CTV News has learned.
The new regulations will increase the minimum down payment required to buy a home for more than $500,000, with portions beyond that amount requiring a 10 per cent down payment. The down payment on the first $500,000 will remain at five per cent.
For example, a home costing $700,000 would require a $45,000 down payment – a five per cent down payment on the first $500,000, added to a 10 per cent down payment on the remaining $200,000.
The regulations are expected to take effect in February 2016.
The regulations are expected to take effect in early 2016.
Buyers shopping for homes below the $500,000 mark will be unaffected by the new rules.


To read the complete article on mortgage rules changes and Ottawa real estate please click here 

Wednesday, December 9, 2015

Looking for a great Ottawa school...?

The school newsletter came from St Leonard Catholic School this week.  It highlights the achievement of the standardized testing for grade 3 and 6 students in Spring 2015.  These results are compared to all other ONTARIO schools.

Grade 3
Reading - 93rd percentile
Writing - 98th percentile
Math - 91st percentile

Grade 6
Reading - 92nd percentile
Writing - 93rd percentile
Math - 78th percentile

These are amazing results!  St Leonard, in Grade 3 reading, their students are achieving at a higher rate than 93% of other schools in Ontario.

Over the five year average, St Leonards ranks at a 7.4 out of 10, meaning it is a very good school and ranks as the 369th best school in Ontario. For the complete stats, please click here

Manotick Homes 
It is a 
suburb of the city, located on the Rideau River, immediately south of the suburbs Barrhaven and Riverside South, about 25 km (16 mi) from downtown Ottawa.[1] It was founded by Moss Kent Dickinson in 1864. He named the village 'Manotick', after the Algonquin word for 'island'. It has been part of the City of Ottawa since amalgamation in 2001. Prior to that, it was located in Rideau Township. According to the Canada 2011 Census, Manotick had a population of 4,520

http://manotickvillage.com/

Manotick tends to have larger homes, on estate type lots.  Most homes are well and septic.  There is a subdivision of newer homes being built on city water and sewer.  There are very good schools and Manotick has a village feel, with a cute downtown, full of shops, services and boutiques.


If you are looking for a new Ottawa home in a great school district, contact us!


Thursday, December 3, 2015

Mild weather and post-election enthusiasm spurs on homebuyers

Members of the Ottawa Real Estate Board sold 990 residential properties in November through the Board's Multiple Listing Service® System, compared with 891 in November 2014, an increase of 11.1 per cent. The five-year average for November sales is 944.

"Mild temperatures in November, combined with increased activity post-election, were key factors in the Ottawa resale market performing exceptionally well in November," says David Oikle, President of the Ottawa Real Estate Board. "The positive increase in condo sales may be explained by buyers moving to Ottawa to accept positions with the new government. There may have also been some pent up demand of people who chose to sit on the sidelines until after the election was over."

November's sales included 199 in the condominium property class, and 791 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as an Ottawa condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.

"The condo market has picked back up over the past few months - a very positive change from the first half of the year, and now year-to-date condo sales have surpassed the numbers of units sold in 2014," says Oikle. "Inventory levels are balancing out, cumulative days on market increased to 104 days, and average residential sale prices remain steady. This is very typical of a market that's heading into the winter season."

The average sale price of a residential-class property sold in November in the Ottawa area was $380,761, a decrease of 0.4 per cent over November 2014. The average sale price for a condominium-class property was $275,332, an increase of 9.9 per cent over November 2014. The Board cautions that 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.

"The highest concentration of properties sold remains in the $300,000 to $400,000 price range, followed very closely - behind by only 26 properties - the $200,000 to $300,000 range," says Oikle. "In addition to residential and condominium sales, OREB members assisted clients with renting 247 properties in November, and over 2,800 since the beginning of the year."

Development site near Canadian Tire Center

This is a site in Kanata on Huntmar, a few blocks from the Canadian Tire Center.

The site is approved for 60 stacked towns, 42 town homes, 104 apartment units and approximately 65,000 sqft of commercial space as well

There is a fourth component, a heritage farm house with commercial zoning perfect for housing a professional business or daycare.

Asking $8.4m
Total 14.6 acres

Site plan approved.
services to the site in coming few months
owners can offer terms

Each component can be developed separately.

There are 6000 units built in the area and a total of 30,000 units in the planning stages of development for the area.

The Canadian Tire Center is slated to host 200 events a year at 16,000 people per event, so a total of 3.2m people visit the area annually.

Price reduced - 5924 Hazeldean - development site

This site is between Kanata and Stittsville, on a corner lot, on the South side of Hazeldean.  It is close to all the new commercial, just West of this.

This property has a range of uses, but the current site plan is for 44 apartment style units and 9 commercial spaces (from 1993).  This would make a fantastic portfolio piece (for the buy, build and hold).  Down the street, Tartan built Java style products very successfully (one level flats with walk ups).

Large corner lot, land parcel is 1.23 acres, with 168.07 feet of frontage on Hazeldean

Asking - $1,250,000


Price reduced - 12 acres in Carp

New land opportunity

  
It is 12 acres (price is now $175,000 per acre).  There are another 23 acres in the back (total 35 acres), which are deemed environmentally sensitive.  The Seller feels that the boundary could be moved with further negotiation with the city.  Property backs onto larger homes in Carp on Hidden Lake Crescent and Snelgrove Drive.

Asking price is $175,000 per usable acre ($2.1m).

Single family homes in the area sell between low $500s and low $600s, according to this years sales data.  Semi-detached produce should sell mid $300s.

Seller has a design drawn up for 125 town houses.  Seller informs me there is an easement off Hidden Lake Crescent for utilities and possible street connection.

Update on Municipal land transfer tax ...

It gives me great pleasure today to inform you that this morning, Ted McMeekin, the Minister of Municipal Affairs and Housing, informed the legislature that the government will NOT give municipalities the ability to charge a municipal land transfer tax (MLTT).

Below is a copy of the Minister's statement:

Our government has a strong record of supporting Ontario's 444 municipalities. We believe it is important to have a good working relationship with our municipal partners to ensure that they are able to provide the services their communities need. This year alone, as a result of the combination of provincial uploads and other supports, Ontario's municipalities are receiving a combined benefit of more than $3.7 billion.

My job as Minister is to be a voice for our municipal partners. And that means listening carefully to our partners and stakeholders. That's why, following every municipal election, the province undertakes a regular review of the Municipal Act. We consulted with a wide range of stakeholders during the Municipal Act review period that ended on October 31.

While we are currently reviewing the feedback from our partners, it is clear is that there has been no call for a Municipal Land Transfer Tax. I was pleased to communicate our government's position today, that other than in Toronto, where the power already exists, our government will not be extending Municipal Land Transfer Tax powers to other Ontario municipalities.

Wednesday, November 18, 2015

Brand new duplexes















VERY RARE - brand new Ottawa duplex units being built near the airport.

Located just 1.6 km from the South Keys OTrain station, which in will connect with the new LRT and deliver your tenants to the Rideau Center in approximately 15 minutes.  

Tuesday, November 17, 2015

Mortgage rates increasing again ...

There have been quite a few increases in mortgage rates over the last month and they are set to rise again.  

With 5 year fixed rates as low as 2.49% this summer, we see some lenders now edging into the 2.84% range as per TD Canada Trust’s latest rate update, as an example.

For a 5 year variable, as low as 1.80% could be achieved this summer and now some lenders are offering a 2.40% as per Scotiabank’s latest rate update, as an example.  

With this, now is the time to buy!  A rate increase of just 0.2% on a 5 year term, $250,000 mortgage will mean an extra $2,258.52 in interest paid.  

Friday, November 13, 2015

Interesting graphic on size of Baby boomers


Court decision expands risks of disclosure with seller property information statement

The Ontario Superior Court has once again underscored how completing a seller property information statement (SPIS) can be a risky move for vendors.
When it comes to the purchase and sale of real estate the starting point for any analysis is “buyer beware”. For those looking to impress at cocktail parties, the specific expression is “caveat emptor, quit ignorare non debuit quod jus alienum emit,” which translates into “let the purchaser, who is not to be ignorant of the amount and nature of the interest, exercise proper caution.”
This general rule of buyer beware applies to defects that a purchaser could have discovered by means of a routine inspection (known as a “patent defect”) and also “latent defects” (those not discoverable by routine inspection, which are unknown to the vendor).
Notwithstanding the purchaser’s obligation to do their own due diligence, the rule of buyer beware goes out the window once the vendor has made a misrepresentation.
A SPIS is a standard form document that was drafted by the Ontario Real Estate Association. It will contain information relating to defects, renovations and other pertinent property information based on the seller’s knowledge and experience.
A vendor is not obligated to complete a SPIS and if the vendor elects to do so they open themselves up to significant legal risks.
The law in Ontario is that once a vendor completes a SPIS it creates the relationship necessary in law to hold a vendor legally responsible if the information contained in the SPIS is wrong or misleading. Although the buyer has a duty to investigate, the buyer is not required to challenge the honesty of the vendor and is entitled to rely on the representations made by the vendor as though they were true.

Saturday, November 7, 2015

WHY TEST FOR RADON?


This colorless, odorless radioactive gas is the second leading cause of lung cancer after smoking, putting your clients' health at risk.
Nearly 1 in 15 homes in the US and Canada has an elevated radon level.
Any home may have a radon problem - old, new, well-sealed and homes with or without basements.

Friday, November 6, 2015

CMHC Housing Outlook Notes

This week was the annual housing outlook conference put on by CMHC (Canada Mortgage and Housing Corporation).  It focuses on Ontario and Ottawa Real Estate.  

-          Starts remain low
-          Resale and renovation activity is higher
-          Renovations are driven by aging population and by landlords
-          Approx. 58,000 to 68,000 new homes in Ontario
-          Single family starts to drop
-          Construction levels are projected to be slightly higher than 2013 and 2014
-          Job market effects new homes more than resale
-          2016 resale for Ontario projected between 175,000 ad 220,000 units
-          Ottawa #3 in Ontario’s affordability index
-          Mortgage rates to increase by late 2016
-          Ontario economy should be back at full steam by mid 2017
-          Mortgage rates need to increase 10 to 12 months prior to economy rising, to avoid inflation
-          Ontario shall be #2 (behind BC) in job growth
-          US economy is increasing, good for Ontario, 75% of exports to USA
-          US dollar high means increased tourism
-          Ontario economy is being held back, as currently we are only providing 15% of US imports, traditionally this is 18% (high dollar likely cause)
-          Price growth across Ontario should reduce to 4 percent in 2016 and 2 percent in 2017
-          Some evidence of overvaluation in Ottawa Housing Market
-          Two fastest growing buyer groups in Ottawa
-          A - young boomers – 55 to 64 – 35% of buyer market
-          B – Echo – 24 to 35 – 25% of buyer market
-          Age group of 55 to 64 age group are adding a lot of jobs and are renovating for adult children and home offices
-          25 to 44 major renovations are basementapartments
-          Higher vacancy in older rental units – pre 1960s built have vacancy of over 3%; post 1960 built under 2%
-          86% of Ottawa rental stock was built pre 1979
-          TO implemented municipal land transfer tax in 2007, led to surge in sales
-          Majority of Ottawa immigrants are 25 to 44

Downside risks
-          Asian or Euro economies collapse
-          US growth in trade is hampered by Global competitions (US buys from China/Mexico not Canada)
-          Softening of market in GTA spills into other markets (Hamilton, Barrie, Oshawa)
-          Rising percentage of net worth in real estate (financial issues means having to sell at a fire sale)

Upside risks
-          US economy outperforms
-          Sluggish global growth keeps interest rates low

2006 to 2014
Highest value growth inside the greenbelt – over 90% which is 7.5% annually
Outside the greenbelt was approx. 35% (3.5% annually)
All real estate outperformed inflation
-          When the Fraser institute rating of a school increases by 10%, the value of homes in the district increase 5%

Total residential, non condo sales = 8,969
Single detached, 2 Storey = 5817 (64.9 percent)
Semi = 797
Town homes = 2,355

Single detached, 2 storey = 38% of sales
2 storey towns = 22% of sales
Bungalows = 17%

Four top sales areas for Ottawa homes – (57% of Ottawa’s sales)
West Orleans = 859
Kanata/Stittsville = 1481
Barrhaven = 1007
East Orleans = 1468
-          Over the last 9 years, townhouses are top growth housing style
-          Bungalows in suburbs out grew singles by approx. 10%
-          96% of available land in 2006 was in suburbs
-          97% of available land in 2015 was in suburbs
-          Available land in City decreasing by 2% annually

Prices relative to schools
-          Buyers pay more for homes further away from poor schools
-          Buyers pay more for homes in good school districts (regardless of distance from school)
-          Elementary schools show correlation to higher prices, no evidence of secondary schools
-          189 schools in Ottawa
-          56% of houses are sold in good school districts
-          Average Ottawa home is 600m from a school
-          Average Ottawa school is rated 6.5; Ontario average is 6.2
-          For every 10% increase in school rankings, house prices increase 5%
-          RISK for buyers, school districts can change, house could move from good to poor school district

Ottawa 2016 Outlook
-          Vacancy rates to go lower
-          Resale higher, due to increase single sales
-          Builder to creep higher due to town homes

Resale sales
2014 – 14,094
2015 – 14,700 (estimate)
2016 – 15,200 (projected)
2017 – 15,000 (projected – lower due to increasing mortgage rates)
                Singles – 57%
                Condos – 18%
                Town houses – 17%
                Semi-detached – 7%

-          Average resale single family home is $86,089 cheaper than new home
-          Ottawa is a balanced market
-          For every 2 houses listed, one sells
-          Home values are not increasing at historical rates due to low job income growth

Condos
-          Slight decline in condo prices since 2014 (0.8%), mostly due to condo town homes (declining since 2009)
-          8 months of condo supply, 5 months of freehold supply on market
-          Condos on the edge of a buyers market
-          3 years of condo price declines – 2%, 0% and 0.8%

Demographics
-          Population of approx. 1,000,000
-          2% growth annually
-          390,000 households in Ottawa
-          68% of people own/32% rent
-          700 households arrive annually from interprovincial migration
-          Public admin (government) down 10,000 jobs
-          Public admin is 20% of Ottawa’s jobs
-          Construction up 14,000 (due to LRT)
-          Service down 5,000 (includes IT jobs)
-          Service is 50% of Ottawa jobs
-          Employment is weak in Ottawa

-          Completed and unsold inventory – 549 condos and 180 rows
-          Average single home – 2,415 sqft; $208/sqft; mortgage $2,337
-          Average semi – 1983 sqft; $271/sqft; mortgage $2,496
-          Average town home – 1,812 sqft; $186/sqft; mortgage $1,568

Rental Trends
-          Vacancy rates will drop
-          Rental rates will increase
-          More purpose built rentals on market
Rental condos
-          2013 – 6,680 units
-          2014 – 7,100 units
-          2015 – 7,300 units
-          1,800 new immigrate households annually
-          Average 3.2 people per immigrant household
-          Average 2.2 for Canadians
-          70% of immigrants rent
-          54% of immigrant renters rent apartments
-          Average of 5,200 international students per year in Ottawa
-          900 temporary residents in Ottawa
Potential Negatives
-          Starts could scale back if unsold inventory increases
Potential Positives
-          Job growth and income increases and spur Ottawa housing activity 



Thursday, November 5, 2015

October Home Buyers weren't spooked by election results.

Members of the Ottawa Real Estate Board sold 1,161 residential properties in October through the Board's Multiple Listing Service® System, compared with 1,119 in October 2014, an increase of 4 per cent. The five-year average for October sales is 1100.

"Our October numbers show we outpaced last year and the five year average," says David Oikle, President of the Ottawa Real Estate Board. "Buyer activity was expected to taper off leading up to the Federal Election but it didn't seem to affect our overall performance by very much."

October's sales included 202 in the condominium property class, and 959 in the residential property class. Our year to date sales trend is also solid compared to last year with residential property class sales up almost 6% from 2014 and condominium property sales on par with last year.

"Ottawa's resale market continues to be a stable environment. Inventory has continued to decline since the busy spring market last May, bringing us back into balanced territory," says Oikle. "Cumulative days on market also came down slightly to 86 days from 93 days in September. In addition, the average sale price remains quite steady."

The average sale price of a residential-class property sold in October was $380,075 which is an increase of 2.8 per cent over October 2014. The average sale price for a condominium-class property in October has dropped by 13% from $290,739 to $251,177; however, the year to date average price of $258,995 is more in line with the current average. This in fact illustrates why the Board cautions that the 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.

"While the highest concentration of properties sold continues to be in the $300,000 to $400,000 price range, followed closely, again, by the $200,000 to $300,000 range, there were also a good number of sales in the $500,000 to $750,000 price range in October." says Oikle. "In addition to residential and condominium sales, OREB members assisted clients with renting 223 properties in October, and over 2500 since the beginning of the year."

Saturday, October 31, 2015

Is student housing right for you?

Ottawa is home to four post-secondary schools including the University of Ottawa, Carleton University, Algonquin College, and La Cite. Looking at the student population numbers, there are approximately 133,740 full-time and part-time students enrolled or registered at these schools. As a result, there is a strong demand for student housing in the city. Many of these students, who are from outside of Ottawa or even Canada, need safe and affordable places to live.
Owning student rentals can be straightforward and even fun or it can keep you awake at night. It really depends on the amount of planning and time you put into it. I’ve rented to students in the past and I would do it again. In fact, I found that students can be easier to manage than adult tenants. Before you start begin investing in student rentals, read the following advantages and disadvantages to find out if this investing strategy is for you.
Advantages
  •  The parents sign the lease or act as guarantors and helps reduce the risk of late or no rent payments.
  •  Less likely to have professional tenants who work the system to their advantage.
  •  Consider renting by the room or offering fully furnished units which can result in getting higher rents.
  • Third and fourth year students as well as post-graduate students are generally more mature, require less effort, and are there to study. 
  • In general, students are easy to get along with and are respectful and cooperative.
Disadvantages
  • The expenses can be higher because in some cases the landlord pays for the utilities and condominium fees.
  • Students like to socialize and have parties which can lead to property damage, complaints from other tenants or neighbors, and visits by the police.
  • There can be higher turnover which means more time and money spent on advertising, showings, and maintenance.
  •  Expect the rental unit to be messy and have more wear and tear.
  • More time can be spent with younger students who are not familiar with the neighbourhood, bus routes, or using appliances.
Owning and managing student rentals isn’t for everyone. Ask yourself if this is the right investment strategy for you and make sure you have the right skillset and sufficient knowledge before moving forward. It’s also important to choose the right property in the right location and ask for help if needed.

Tuesday, October 27, 2015

Most HAUNTED zip codes


2nd Ontario Land Transfer Tax?

On October 26th, OREA launched their latest campaign against the spread of the Municipal Land Transfer Tax - www.DontTaxMyDream.ca.

We can't emphasize the urgency of this issue enough - the Ministry of Municipal Affairs and Housing has confirmed to OREA that they plan on giving municipalities the ability to charge a second municipal land transfer tax. Unless we can change their minds, legislation granting these new powers could come into force as early as Spring 2016. Meaning the tax could show up in your market as early as Fall/Winter 2016! 

Help STOP this unfair tax grab - go to www.DontTaxMyDream.ca and tell your MPP!

Friday, October 23, 2015

Do photos matter when selling your home?

Check out the following link for an article that highlights the difference between good and bad photography.  When selling your Ottawa home, great photography is an essential tool to take advantage of.  

Please click here to see some examples of good and bad photography.

Monday, October 12, 2015

Senators owner Eugene Melnyk has big plans for Lebreton Flats

Speaking in a exclusive one-on-one interview Sunday, Senators owner Eugene Melnyk noted club officials are working hard on what they think will be a spectacular bid to build a new rink downtown at Lebreton Flats.
For the full story of the Ottawa Senators potential new real estate arena location, please click here

Tuesday, October 6, 2015

How do changes to mortgage rules effect a purchase?

In June 2012, the B-20 Residential Mortgage Underwriting Practices and Procedures, which are guidelines set up by the Office of the Superintendent of Financial Institutions, were introduced.  

These guidelines require banks and lenders to follow more stringent underwriting guidelines.  One of the larger guideline changes was that for clients who choose a mortgage term other than a five year fixed rate, the application will that be underwritten using a benchmark qualifying rate.   

As an example, if a client is applying for a home with a five year fixed rate, we could use a 2.49% in the application when determining if the client qualifies.  However if a client is looking at a variable interest rates for example, then we would need to use a benchmark interest rate, currently at 4.64%, to qualify them even though their actual rate will be much lower.  

This can make quite a change to the amount of client qualify for.  If the client qualifies for a $250,000 purchase price with a five year fixed rate, they may only qualify for a $200,000 purchase price with a variable interest rate, as an illustration.

I am not a mortgage specialist, if you require further clarification, please let me know and I will connect you with a qualified professional.

Monday, October 5, 2015

Fixed mortgage rates INCREASING!!!

Just a quick note to let you know that TD is increasing their 5 years fixed rate effective tomorrow.  We have been anticipating an increase for a few weeks now, and with TD being the first to make a move, the other major banks, will naturally follow suit over the next few days.

Best September on record for number of Ottawa resales


Members of the Ottawa Real Estate Board sold 1,244 residential properties in September through the Board's Multiple Listing Service® System, compared with 1,131 in September 2014, an increase of 10 per cent. The five-year average for September sales is 1,137.

"Ottawa Real Estate Board members continued their active summer into a busy fall," says David Oikle, President of the Ottawa Real Estate Board. "In fact this September marks the best September on record for the number of units sold in the Ottawa resale market. There was a possibility that the federal election campaign might affect the local real estate market, but this does not appear to have been the case thus far."

September's sales included 221 in the condominium property class, and 1,023 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.

"Inventory levels continued to decline; by over 4 per cent since last month, bringing the Ottawa resale market into balanced territory," says Oikle. "Cumulative days on market increased slightly to 93 days, up from 89 days in August. In addition, the average sale price remains steady."

The average sale price of a residential-class property sold in September in the Ottawa area was $385,142, an increase of 0.5 per cent over September 2014. The average sale price for a condominium-class property was $257,303, an increase of 1.3 per cent over September 2014. The Board cautions that 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.

"The highest concentration of properties sold continues to be in the $300,000 to $400,000 price range, followed closely, again, by the $200,000 to $300,000 range," says Oikle. "In addition to residential and condominium sales, OREB members assisted clients with renting 250 properties in September, and over 2,300 since the beginning of the year."

Wednesday, September 30, 2015

Creative with problem solving

Thanks for taking care of selling our two properties. We have been very happy with your professional approach, availability and how quickly you respond to any questions or issues.

 You have been creative with problem solving never making any issue a road block. We will highly recommend you with any friends that may need a service of a real estate broker in the future.

All the best

Regards

Peter and Doris

Tuesday, September 29, 2015

Daily commuter train from Smiths Falls

By 2017 there should be a daily commuter train from Smiths Falls to Ottawa.

Mobility Ottawa-Outaouais Mobility Systems and Enterprises Inc. (Moose) are on track for their 2017 schedule, Smiths Falls council heard Monday, Sept. 28, at a Committee of the Whole (COW) meeting.  The COW meeting delegation marked Moose President, Joseph Potvin’s, third visit before council, each visit representing a step closer to their goal of providing a private sector commuter system for on existing rail beds.


An interesting real estate note on this development:

The impact to the Smiths Falls community will come from a number of directions, a big one being increases in property values, which Potvin said often come before the train is even running.  Properties within a .8 kilometre walking distance of the station will see an increase, and a real estate intelligence agency called Altus Group, will provide Moose with empirical data of the expected increases.

Please click here for the full article

Saturday, September 26, 2015

Invest in Miami condotel

Ever dreamed of owning your own Miami, Florida residence?  Better than a time share, you own the condo and it is managed by a brand name hotel when you are not there and you split the revenue with the managing hotel.  Just imagine, live 3 months a year in Florida and have your property rented and managed by a major hotel brand

Click here to view The Bentley Hotel and Residences, Miami Florida 

Friday, September 18, 2015

Glebe apartment building with upside potential

Currently, there is a building for sale in the Glebe for $999,000 and it has a net operating income of $55,429 according to the Seller's information.  This a a very strong NOI for the asking price, placing the cap rate above 5%.

if you have any questions on this property or any other Ottawa Real Estate, please click here

UPDATE - Former Canadian Forces Base Rockcliffe Community Design Plan

The Former Canadian Forces Base (CFB) Rockcliffe is a 131-hectare site within an area generally bounded by the Aviation Parkway to the west, the Sir George-√Čtienne Cartier Parkway to the north, the National Research Council (NRC) campus to the east and Montreal Road to the south. As the site is designated a Developing Community in 3 the Official Plan (OP), a Community Design Plan (CDP) is required prior to development.

For the full story on Ottawa Real Estate development - please click here 

Is Miami the New New York?

A couple of months ago, we heard that Los Angeles was the new Brooklyn, as New Yorkers fled the wealth, glitz, and blizzards for wealth, glitz, and permanent summer. Apparently, though, Los Angeles isn’t their main migration destination: Between 2009 and 2013, some 22,000 New Yorkers headed to Miami.

Read the complete article on Miami Real Estate, please click here