Posts Tagged ‘Ottawa Realtor’

FINANCIAL CONSIDERATIONS WHEN BUYING A HOME

Posted on: March 13th, 2023 by Chris Scott

When purchasing a home it is important to know what the extra costs will be. The projections below are an estimate of expenses involved in a typical real estate purchase. Not all of these costs* will apply in all circumstances.

LEGAL/ RELATED FEES INSPECTION COSTS
Lawyer Fee $900-$1100 Home Inspection $500-$600
Legal Disbursements $600-$800 Status Certificate $100
Prepaid Taxes or Utility Bills To be determined Septic Inspection $500
Title Insurance $270 Water Inspection $450
MOVING COSTS
Moving Company $600-$4000
Utility hook ups etc. To be determined
Change of locks $100
 
 
PURCHASE PRICE LAND TRANSFER TAX   LOAN-TO-VALUE RATIO PREMIUM RATE
$300,000 $2,975 Up to and including 65% 0.60%
$400,000 $4,475 Up to and including 75% 1.70%
$500,000 $6,475 Up to and including 80% 2.40%
$600,000 $8,475 Up to and including 85% 2.80%
$700,000 $10,475 Up to and including 90% 3.10%
$800,000 $12,475 Up to and including 95% 4.00% Traditional Down Payment
$900,000 $14,475 4.50% Non Traditional Down Payment
$1,000,000 $16,475
$1,100,000 $18,475
$1,200,000 $20,475
$1,300,000 $22,475

 

*Please note: these costs are merely an estimate and are only provided as a ballpark estimate of what to expect when purchasing a home.

OTTAWA MARKET UPDATE: FEBRUARY 2023

Posted on: March 7th, 2023 by Chris Scott

When looking back on last year, it’s important to know that February 2022 represented the absolute peak of our local real estate market. We had the perfect storm of low-interest rates, high demand and extremely low inventory which of course caused prices to spike. This year our market is in a very different situation. We are very much a balanced market that can stay there if interest rates stay the course. If they rise we will see us move toward a buyers market.

Our current market is a much more reasonable place to buy and sell real estate. From what I’m feeling on the ground is that buyers are starting not only to look at properties more but are also engaging and making offers. Just this last week I noticed a few listings that have been on the market forever finally sell. I think this is indicative of more buyers feeling comfortable that we are indeed at the bottom of this market cycle.

There were 855 residential properties were sold in February 2023 compared with 1,411 in February 2022, a decrease of 39%. February’s sales included 633 in the freehold-property class, down 42% from a year ago, and 222 in the condominium-property category, a decrease of 31% from February 2022. The five-year average for total unit sales in February is 1,157.

If the Bank of Canada holds interest rates steady, buyers will have more certainty to work with as we head into the spring market.

The average sale price for a freehold-class property in February was $708,968, a decrease of 15% from 2022. However, it marks a 5% increase over January 2023. The average price increase for freeholds over January could be an indicator that buyers have normalized to the current interest rates. And perhaps, it’s a glimmer of more activity to come in the months ahead.”
The average sale price for a condominium-class property was $410,927, decreasing 12% from a year ago.
With year-to-date average sale prices at $695,086 for freeholds and $411,449 for condos, these values represent a 14% decrease over 2022 for freehold-class properties and a 10% decrease for condominium-class properties.

Months of Inventory for the freehold-class properties has increased to 2.8 months from 0.7 months in February 2022.
Months of Inventory for condominium-class properties has increased to 2.5 months from 0.7 months in February 2022.
February’s new listings (1,366) were 22% lower than February 2022 (1,762) and up 3% from January 2023 (1,323). The 5-year average for new listings in February is 1,632.
Days on market (DOM) for freeholds decreased from 43 to 37 days and 47 to 43 days for condos compared to last month.

Every neighbourhood in Ottawa is different and will have trends that are unique to your area. If you want to know what your home is worth please feel free to get in touch with our team. We are always happy to help.


SUBURBAN STATISTICS UPDATE FEBRUARY 2023

Posted on: March 2nd, 2023 by Chris Scott

Here is the most recent installment of our new monthly value-added feature, the Suburban Statistics Series. This series showcases statistics for the 5 largest urban neighbourhoods in Ottawa.

As Ottawa is such a spread-out city it’s great to see the variances from area to area. All of these statistics are based on MLS OREB sales from January 1, 2022, to February 28, 2022, over January 1, 2023, to February 28, 2023.

TOP 5 THINGS TO CONSIDER WHEN BUYING A HOME

Posted on: February 24th, 2023 by Chris Scott

Buying a home can feel overwhelming for many. That’s why it’s so important to get the guidance of a great Ottawa Realtor. Our team can certainly help you navigate this stressful time and help make it enjoyable and stress-free.  

There are so many things to take into consideration when buying a house. Here are a few of the main things buyers need to think about as they search for a home. 

 

  • Location: The location of the house is one of the most important things to consider. Ottawa is such a spread-out city so this can be overwhelming for some clients.  You should think about proximity to work, schools, shopping, public transportation, and other amenities that are important to you. Also, consider the neighborhood and its safety, crime rate, and access to parks and other recreational facilities. A sense of community and home values are also important factors in the location. As someone who has lived all over Ottawa and sold in every area, we can certainly help narrow down the areas for you.
  • Price: The price of the house is another important factor to consider. You should set a budget and make sure that you can afford the monthly mortgage payments. Also, factor in other expenses such as property taxes, insurance, and maintenance costs. Our team will make sure that you are paying a fair price for your Ottawa home. We will search all recent sales and review them with you before submitting an offer.
  • Size and layout: The size and layout of the house are also important considerations. Think about how many bedrooms and bathrooms you need, as well as the size of the kitchen, living room, and other common areas. Also, consider if the house has enough storage space and if the layout works for your lifestyle and needs. Moving is no fun so you want to make sure your home meets your needs.

 

  • Condition of the house: The condition of the house is important to consider as well. Make sure to inspect the house thoroughly for any defects or necessary repairs. Hiring a professional home inspector to help you identify any issues that may not be immediately apparent. We can help line you up with the best Ottawa inspectors when the t

  • ime comes. We are well connected with other tradespeople such as septic and well inspectors or whatever is needed. 
  • Resale value: Lastly, it is important to consider the resale value of the house. You never know when you might need to sell the house, so it is important to think about its long-term value. Look at the real estate market trends in the area and think about the potential for the house to appreciate over time. As an Ottawa Realtor we are certainly going to help you in this regard. We know the
    market and can certainly help identify areas that are on an upward trend.

 

OTTAWA MARKET UPDATE: JANUARY 2023

Posted on: February 14th, 2023 by Chris Scott

With interest rates potentially holding steady the Ottawa market may be on the verge of heating up. Buyers are still super cautious but there are plenty of well-qualified buyers in the marketplace right now. Judging by full open houses and good showing activity. The challenge is that no buyer wants to make a large purchase now only to see things further reduced in 6 months from now. So many are just waiting. The ones that are making offers may just be rewarded. Warren Buffet always said to buy while others are weary. The thing about real estate is that we know we are way off the peak and the chances are that in the next few years we will be up and over the earlier highs of 2022.

If I was to sum up our market in one word it would be cautious. The numbers reflect that. The price of a residential home is down 12% from January 2022, down to $676,272, condo pricing is down as well, 8% from January 2022, sitting at $412,244. In terms of units they are also down from January 2022, 30% down for residential and 46.9% down for condo units sold.

As always please feel free to reach out to our team, if you have any questions, or if you would like to know what is happening in your neighbourhood!

SUBURBAN STATISTICS UPDATE JANUARY 2023

Posted on: February 13th, 2023 by Chris Scott

Here is the most recent installment of our new monthly value-added feature, the Suburban Statistics Series. This series showcases statistics for the 5 largest urban neighbourhoods in Ottawa.

As Ottawa is such a spread-out city it’s great to see the variances from area to area. All of these statistics are based on MLS OREB sales from January 1, 2022, to January 31, 2022, over January 1, 2023, to January 31, 2023.

INTEREST RATES RISE AGAIN

Posted on: January 27th, 2023 by Chris Scott

 

The Bank of Canada announced a small interest rate hike this week, up .25%, seeing the rate now sitting at 4.5%. This is the smallest of the rate increases since last March. I don’t think it will make a big impact in Ottawa. What this will do is bring further stability to our market and in turn help buyer confidence.

The overall goal of the Bank of Canada is to dampen inflation through a series of interest rate hikes. This campaign of rate increases to curb inflation has been ongoing since March 2022. This is the eighth time in less than a year that the rate has been hiked. Let’s hope this is the last of it.

 

WE’RE HIRING

Posted on: January 23rd, 2023 by Chris Scott

REAL ESTATE ADMINISTRATOR

The ideal Administrator for The Chris Scott Team will be someone who already has Real Estate industry experience or an administrative position background. This person would be interested in the operations and administrative aspects of the business, rather than sales. If the idea of implementing systems, building out a structure, and creating organization energizes you, then this may be the perfect fit! Our team is committed to creating a raving fan service experience for every client.

This individual will also manage the entire contract-to-close process efficiently and effectively to ensure all files close on time, creating a seamless experience for clients and all parties involved. 

This person must provide exceptional customer service and be a true team player! Our mission is to provide a raving fan service experience for every client. 

Responsibilities

  • Manage client systems to ensure a great client experience
  • Manage CRM’s
  • Manage and oversee the execution of projects for the Team Lead
  • Assemble pre-listing and pre-buyer packets to prepare Agents for appointments
  • Manage administration and contract to close process of the team’s real estate transactions
  • Be the first point of contact in handling all inquiries and concerns
  • Care of front and back-office support, getting listings live on the market
  • Prepare paperwork for lead agent
  • Help with client events

 

Qualifications

  • Prior Real Estate industry experience is an asset
  • Real Estate license an asset 
  • Tech-savvy is a must 
  • Proficiency in Microsoft Excel, Publisher, Canva and social media would be beneficial
  • Strong written and verbal communication skills
  • Exceptional organizational skills are a must! This is very important!
  • Learning-based
  • Highly detail-oriented
  • Must be able to work in our Kanata office weekdays 9-5 (full-time)

 

Compensation

 Range is $42,000-$50,000 plus bonus or higher depending on experience. 

Please provide a cover letter outlining your experience and interest in this position. Please email resume and cover letter to info@chrisscott.ca

ANNUAL REAL ESTATE REPORT: OTTAWA 2022 IN REVIEW

Posted on: January 17th, 2023 by Chris Scott

OTTAWA REAL ESTATE REPORT

Ottawa 2022 Real Estate Market Report Review

This past year was one that I will not soon forget! In the beginning of January I remember one of our team listings selling with 20 plus offers on it for an absolutely surprisingly high price. The ensuing few months brought more of the same. A frenzy like I have never seen in our local market before and may not see again. Short supply and insatiable demand put immense upward pressure on prices. Buyers were desperate to get in on this rising market that was also fueled by historically low interest rates and tight supply. It was the perfect storm of economic conditions that led to this unprecedented market. However, the dark clouds were circling by late Spring. Inflation was starting to get out of control and the Bank of Canada needed to act with interest rate hikes to start reining it in. Every rate hike chipped away at our hot market until finally their mission was accomplished by early Fall and prices were on a steady decline with consumer confidence and affordability becoming major issues. There is so much to consider when thinking about where the market will go from here. To understand it we must look at the key indicators that will all have a role to play in where our market goes from here.

Average sales prices are for 2022 based on MLS sales.

Combined is for all property classes. Arrows are gains/losses from 2021.

OTTAWA REAL ESTATE REPORT

FORECAST 2023

I think the Ottawa real estate market will have the opposite trajectory of 2022. Where the market was hot early in 2022 I think the market will get off to a sluggish start to the year. By Spring the market will be much more active. Lots of buyers who put the brakes on last year will see the market stabilize and be more confident to buy. By the Fall I could see price increases and more activity in the market. Much will depend on interest rates and inflation. One thing is for sure. It will be an interesting year in our local housing market.

This is where I get my crystal ball out and try to figure out where our local market goes from here. I believe that Canadian home prices will decline in the next 12 months a further 4-6% over 2022. However, I think Ottawa will weather the storm and actually see a slight increase in prices in 2023. Below you will see a few points to consider on our market and economy that will play a role in where we go from here.

KEY INDICATORS

Population Growth

One of the major key indicators is population. Canada’s pace of population growth remains the highest in the G7. Numbers from the most recent census in the Spring of 2021 has shown that to remain true, with Ontario, 5.8% outpacing the national average of 5.2%. Immigration is remaining the number one factor driving population growth. As you will see from the chart below, housing inventory in Ottawa is still on the decline. This again puts upward pressure on pricing, which has dropped from its peak in 2022 but is still on the increase overall.

Historic Ottawa Freehold & Condo Inventory Since 2004
Inventory

Supply is still a major issue in Ottawa. Many new construction projects were halted due to lower demand, high material costs, declining prices, and labor shortages. With less available on the new construction side of the market, more buyers will be looking at the resale market. Ottawa is a sought after and growing city. Long term housing supply is still an issue here that was talked about quite a bit in the early part of 2022. At some point we will get back to bidding wars and an active market again. Much will depend on this critical key indicator.

Bank of Canada Interest Rate and Inflation

This will be the most important factor in where our market goes. I can make all the predictions I want but if the Bank of Canada raises interest rates more than 50 basis points we will see an immediate decrease in prices in Ottawa. Personally I don’t see that happening. If anything I could see a .25% increase in the short term and then potentially rate decreases by late 2023.

 

Based on OREB RES & CON MLS Sales | 2023 Prediction

If you are curious about your home’s worth please fill in this form for a no-obligation market assessment.

Home Evaluation

Ottawa Real Estate Board Trend Analysis – Residential Property Class

WE GO ABOVE AND BEYOND FOR OUR CLIENTS

We are so pleased that we were able to host more events this year! We kicked it off with our private showing of the movie Lightyear! It was great to have a packed house to watch a movie in a theatre again! My kiddos are already researching a good title for our next movie morning. We also had the opportunity to catch up with many of our clients at our 7th Annual Santa Party. This is our most anticipated client event of the year. It was so great to host everyone. We are already thinking about what we can do to make it even better next year. There is talk of the Grinch making a visit! We also continued our new annual tradition with our 3rd Annual Stittsville Food Bank Fundraiser, we partnered again with Maverick’s Donuts. We raised $2,000 again this year! Our mission is to create a raving fan service experience for every client and bring value long after our clients have bought or sold real estate. We are always looking for new ways to do this. We are excited about what we can do for you in 2023. If you have any real estate needs or know of anyone looking please keep our team in mind.

 

SUBURBAN STATISTICS UPDATE NOVEMBER 2022

Posted on: December 16th, 2022 by Chris Scott

Here is the second installment of our new monthly value-added feature, the Suburban Statistics Series. This series showcases statistics for the 5 largest urban neighbourhoods in Ottawa.

As Ottawa is such a spread-out city it’s great to see the variances from area to area. All of these statistics are based on MLS OREB sales from January 1, 2021, to December 13, 2021, over January 1, 2022, to December 13, 2022.