Ottawa Market Update for 2012

Happy New Year Everyone! We are fortunate to live and work in a city with a stable real estate market. While the number of residential units sold in December 2012 (618) through the Board’s Multiple Listing Service® system was lower than units sold in December 2011 (695), we are still on track to the five-year […]

Title Insurance

There’s a lot of confusion about title insurance. Some people call title insurance the “surprise” insurance because they assume it covers any surprises with the property they’re buying. It’s only when there’s a problem that homeowners actually check what their policy covers. By then, it’s too late. When buying an Ottawa home, it’s important to know […]

Ottawa Market Update for November 2012

Last year was the best November on record for resale home sales in Ottawa.  This November, sales have come back down to their normal levels.  Members of the Ottawa Real Estate Board sold 931 residential properties in November through the Board’s Multiple Listing Service® system, compared with 1,023 in November 2011, a decrease of nine […]

MPAC – Your Recent Assessment and What It Means

You will likely have recently received your property tax assessment in the mail from MPAC (Municipal Property Assessment Corporation) and you might have some concerns in terms of the assessment accuracy – and what it might do to your property taxes themselves. Firstly – if your home’s value has been accurately assessed – and it […]

Ottawa Market Update for October 2012

As the leaves and the snowflakes fall in Ottawa, the real estate market is headed in the other direction – up! Compared to the five year average, Ottawa is right on track, indicating we are not experiencing a real estate downturn here. Instead we continue to see a slow, steady increase in both units sold […]

Ottawa Market Update for September 2012

According to the Ottawa Real Estate Board, September sales are historically on track in Ottawa.  The market here has not experienced volatility in prices or number of units sold.  Since 1956, the average price in the Ottawa area has decreased only five times (year over year) and has increased by 15% or more only five […]

Ottawa Market Update for August 2012

August was a bit slow compared to July, but still in line with the five-year average.  Even with fewer properties sold, the average price continues to increase.  Members of the Ottawa Real Estate Board sold 1,141 residential properties in August through the Board’s Multiple Listing Service® system, compared with 1,328 in August 2011, a decrease […]

Ottawa Market Update for July 2012

The Ottawa Real Estate Market generally remains stable with a slight increase in July sales and a slight decrease in average price – perhaps because lower priced properties continue to sell more quickly compared to unique or higher priced properties. Members of the Ottawa Real Estate Board sold 1,366 residential properties in July through the […]

Ottawa Market Update for June 2012

The Ottawa real estate market is certainly consistent!  There was a slight decrease in the number of residential properties sold in June 2012 compared to June 2011.  Looking back over the past 10 years, a marginal decrease from May to June seems to be “the norm” and this year is no different.  The general feeling […]

New Mortgage Rules

For the fourth time in as many years, the finance minister moved to tighten the mortgage and lending landscape. The most significant change is the reduction to the amortization period, bringing it to a maximum of 25 years,  the level it had stood historically before rising to as high as 40 years during the heady pre […]