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.
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.
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!
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!
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.
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:
Size and Access:
Parking and Location:
Dwelling Types Permitted:
Adding a secondary dwelling can affect your property taxes and insurance. Here are some costs you might incur:
Financial Assistance:
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.
When adding a secondary suite, consider improving your home’s energy efficiency:
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
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.
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.
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.
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.
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
