Posts Tagged ‘Market’

OTTAWA MARKET UPDATE: July 2024

Posted on: July 10th, 2024 by Chris Scott

Join Colin for a quick update on the latest happenings in Ottawa and beyond. With national unemployment rates and recent changes in the Bank of Canada’s lending rate, the real estate market is experiencing some interesting shifts. Buyers are finding more options, while sellers need to focus on making their properties stand out. For more detailed insights and advice, check out our latest update.

 

 

 

 

 

 

 

SUBURBAN STATISTICS UPDATE JUNE 2024

Posted on: July 2nd, 2024 by Chris Scott

Here’s the newest Suburban Statistics Series update. We’re highlighting stats for the five biggest urban neighbourhoods in Ottawa. Since Ottawa is pretty spread out, it’s interesting to see how things vary in each area. These stats are all based on MLS OREB sales from January 1, 2023, to June 30, 2023, compared to the same period from January 1, 2024, to June 30, 2024.

 

 

OTTAWA MARKET UPDATE

Posted on: June 26th, 2024 by Chris Scott

Join Colin for our latest market update as he reviews the first half of the year and looks ahead to what’s coming. Thanks for your continued support, and enjoy your summer!

 

 

 

 

 

 

 

OTTAWA MARKET UPDATE: JUNE 2024

Posted on: June 14th, 2024 by Chris Scott

This month, Chris shares insights on the Ottawa real estate market, noting stable sales numbers compared to last year, an increase in new listings, and varied pricing strategies among sellers. Some homes are selling quickly in competitive situations, while others face price reductions. Check out our latest market update for more!

 

 

 

 

 

 

 

Adding a Secondary Dwelling: A Comprehensive Guide for Ottawa Homeowners

Posted on: June 10th, 2024 by Chris Scott

Thinking about adding a secondary unit to your existing home? Secondary dwellings, also known as in-law suites or accessory apartments, can offer various benefits such as additional income and increased property value. Here’s a concise guide on what you need to know before embarking on this home improvement journey in Ottawa.

Understanding the Basics

What is a Secondary Dwelling? A secondary dwelling is a self-contained unit with its own kitchen, bathroom, and sleeping area. It can be part of your existing house or a separate structure on your property.

Key Considerations:

  • Zoning Requirements: Check if your area allows secondary units using the geoOttawa tool.
  • Building Permits: Essential for ensuring safety and compliance with regulations.
  • Building Code Compliance: Ensure your construction meets the minimum standards.
  • Inspections: The City of Ottawa will inspect your unit during construction.

Ottawa-Specific Rules

Size and Access:

  • A secondary unit can occupy up to 40% of your principal dwelling’s floor area. There’s no size limit for basement units.
  • The unit must have a separate ground floor entrance and should not add a new doorway on the front wall of your home.

Parking and Location:

  • The secondary unit cannot eliminate the required parking for the main dwelling.
  • Additional parking is not mandatory, but if added, it cannot be in the front yard.

Dwelling Types Permitted:

  • Detached dwellings, linked-detached dwellings, semi-detached dwellings, townhouses, and duplexes (existing as of July 17, 2013).

Financial Benefits and Costs

Adding a secondary dwelling can affect your property taxes and insurance. Here are some costs you might incur:

  • Remodeling Costs: Ranges from $30,000 to $100,000, covering elements like firewalls, egress, heating systems, bathrooms, kitchens, and electrical upgrades.
  • Permit Fees: Minimum of $100.

Financial Assistance:

  • Better Homes Ottawa Loan Program: Offers fixed-rate, low-interest loans for home energy improvements, covering up to 30% of the cost for secondary suites.

Rental Income and Payback

Using the median rental prices from the Ottawa Neighborhood Study, the payback period for your investment can be calculated. For example, with an average cost of $100,000 and a monthly rent of $1,503, the payback period is approximately 5.54 years.

Enhancing Energy Efficiency

When adding a secondary suite, consider improving your home’s energy efficiency:

  1. Building Envelope: Upgrade walls, windows, doors, roof, foundation, and insulation.
  2. Heating and Cooling: Install efficient systems like cold climate heat pumps.
  3. Renewables: Add solar panels, geothermal systems, and battery backups.
  4. Smart Technology: Use smart thermostats and LED lights.
  5. Resilience Measures: Implement stormwater management and install cool or green roofs.

Adding a secondary dwelling is a substantial investment that can yield significant returns through rental income and increased property value. Ensuring compliance with Ottawa’s specific regulations and enhancing your home’s energy efficiency will maximize the benefits of this project.

For more detailed information, visit the City of Ottawa’s website and the Better Homes Ottawa program

SUBURBAN STATISTICS UPDATE MAY 2024

Posted on: June 3rd, 2024 by Chris Scott

Here’s the newest Suburban Statistics Series update. We’re highlighting stats for the five biggest urban neighbourhoods in Ottawa. Since Ottawa is pretty spread out, it’s interesting to see how things vary in each area. These stats are all based on MLS OREB sales from January 1, 2023, to May 31, 2023, compared to the same period from January 1, 2024, to May 31, 2024.

 

 

OTTAWA MARKET UPDATE: MAY 2024

Posted on: May 30th, 2024 by Chris Scott

In this month’s update, Chris shares intriguing conversations with buyers, sellers, and agents, offering diverse perspectives on the current market. Whether you’re a mid-range buyer or a luxury seller, we discuss how the market trends are impacting you. Stay informed and gain valuable insights by watching our May market update video.

 

 

 

 

 

 

 

OTTAWA MARKET UPDATE: APRIL 2024

Posted on: May 14th, 2024 by Chris Scott

Welcome to our latest market update with Chris Scott! As we navigate the vibrant month of May, traditionally the peak of the real estate season, we’re seeing a mix of eager buyers and strategic sellers shaping the market. This video offers a deep dive into the current dynamics of Ottawa’s real estate scene, where buyers are cautiously hunting for deals and testing the waters with their offers. From fluctuating interest rates to new government mandates affecting workplace locations, Chris discusses the potential impacts on property demands and market momentum. Whether you’re considering selling your home or curious about purchasing near your workplace, stay tuned as we explore these intriguing trends.

 

 

 

 

 

 

 

SUBURBAN STATISTICS UPDATE APRIL 2024

Posted on: May 8th, 2024 by Chris Scott

Here’s the newest Suburban Statistics Series update. We’re highlighting stats for the five biggest urban neighbourhoods in Ottawa. Since Ottawa is pretty spread out, it’s interesting to see how things vary in each area. These stats are all based on MLS OREB sales from January 1, 2023, to April 30, 2023, compared to the same period from January 1, 2024, to April 30, 2024.

 

 

OTTAWA MARKET UPDATE: MARCH 2024

Posted on: April 24th, 2024 by Chris Scott

While the market remains balanced, homes are taking longer to sell—often 30 to 60 days—unless they’re well-priced and in good condition. Sellers holding out for last year’s prices are finding they need to make significant price reductions.

Also,  an important update on capital gains tax: properties over $250,000 will soon see a tax increase to 66%. This change, effective June 25th, affects many, particularly investors relying on real estate as part of their retirement planning. This policy could prompt investors to sell before the tax hike impacts their returns.

Dive deeper with Chris’s predictions below. And, as always, if you’re curious about the latest trends in your neighbourhood, our team would love to provide a personalized assessment of what your home could fetch in today’s market