Posts Tagged ‘Report’

Bank of Canada Rate Update: What It Means for the Ottawa Real Estate Market

Posted on: October 23rd, 2024 by Chris Scott

We’ve got some positive news to share! The Bank of Canada has reduced its main lending rate by half a percentage point, bringing it down to 3.75%. This marks the fourth consecutive rate cut, and there’s a chance we might see another reduction in December.

What Does This Mean for Buyers?

If you’ve been waiting for some good news before making a move, this might be it! The lower rates will impact affordability, potentially easing monthly mortgage payments. With limited inventory in Ottawa, we might even see some upward pressure on prices in 2025 as affordability improves.

Thinking of Making a Move?

If you’re considering upsizing or buying your first home, now could be a good time to enter the market before potential competition heats up early next year. And for those set to renew their mortgages next year, these rate cuts could make a significant difference. While renewal rates will be higher than in recent years, the reductions will still help many Canadians stay comfortably in their homes.

Curious about what’s happening in your neighborhood? Reach out to us—always happy to help!

 

 

 

 

 

 

 

 

A Look into a Military House Hunting Trip

Posted on: October 7th, 2024 by Chris Scott

Ever wonder what a HHT (House Hunting Trip) looks like? Every year we help dozens of families relocate into ottawa on their house hunting trips. With only five days to spend in a new city looking for a house it is very intense! We had so much fun documenting our most recent experience.

Day One: Stittsville and Barrhaven

We kicked off the first day by exploring homes in Stittsville, where the neighbourhood’s charm immediately stood out. The friendly atmosphere and tree-lined streets made a strong first impression. However, while the overall vibe of Stittsville was appealing, the home we toured felt too dark for their taste, quickly ruling it out.

Next, we shifted our focus to Barrhaven, where most of their top choices were located. The proximity to recreational centres, shopping, and the well-established community made Barrhaven an appealing option. While some of the homes we visited were a bit older or showed signs of wear, that didn’t affect their final picks. By the end of the day, they had narrowed it down to two or three homes that really stood out and were worth keeping in mind as we continued the search.

Day Two: Richmond, Orleans, and Findlay Creek

We started the day in Richmond, focusing on a few homes Chris had picked out as they aligned perfectly with our client’s criteria. These homes were all new built or constructed within the last few years, offering a bright and modern feel. Several of them backed onto green space, which was a key feature our clients were looking for. While Richmond’s growth and development were appealing, there was some hesitation about whether the current infrastructure would keep pace with the rising population.

After wrapping up in Richmond, we made the hour-long drive to Orleans to check out a few homes that had been high on their favourites list. However, it was clear upon arrival that these homes were significantly older and more lived-in compared to the newer properties we had seen earlier. On the plus side, the larger yards were a hit, but ultimately, the homes didn’t meet their needs.

Toward the end of the day, we managed to squeeze in a last-minute showing back in Richmond. This home ticked many of the right boxes and quickly rose to the top of their list. Meanwhile, Colin took them to see one more property in Findlay Creek, a last-minute opportunity since it was in his area. Unfortunately, this home didn’t fit their needs either, and that wrapped up Day Two.

Day Three: New Listings and Final Visits

After some reflection, our clients realized that while they liked the homes in Richmond, they couldn’t quite picture themselves living there long-term. However, a few new listings had come on the market since we originally booked their showings, and they wanted to explore those before making a decision.

We started the day in Kanata, arriving just as the for-sale sign was being installed. The home featured a pool, which caught their attention, but the small rooms left them wondering how it would work with their growing boys. Despite the hesitation, it earned a spot in their top three choices.

Next, we headed to another new listing. The clients were impressed by both the home and the yard, but with multiple offers already on the table and the tight time frame of their house-hunting trip, entering a bidding war just wasn’t a feasible option.

From there, we revisited their two top picks from Barrhaven. As the day came to a close, they faced a tough decision between the two favourites in Barrhaven and the new contender in Kanata. To feel confident in their choice, they decided to return to the Kanata home with Chris for one final look that evening.

Pros & Cons of the Top Three Picks

Day Four: Decision Day

After much deliberation, our clients were finally ready to make their decision. They chose their top pick and we quickly submitted an offer. After a bit of negotiation and back-and-forth with the sellers, we successfully secured a conditional agreement!

Fortunately, we had already arranged for a home inspection, which took place just two days later. Everything went smoothly, and the conditions were met by the following week, officially securing their new home. It was a perfect way to wrap up an exciting and productive house-hunting trip!

Ottawa Suburban Real Estate: A Market Holding Steady

Posted on: October 3rd, 2024 by Chris Scott

As we move into the fall season, Ottawa’s suburban real estate market remains surprisingly stable, even amidst economic uncertainty. High interest rates and inflation have not significantly impacted the prices of two-story, double-car garage homes in key suburban areas like Stittsville, Kanata, Barrhaven, Riverside South, and Orleans.

For example, Stittsville leads the pack with an average price of around $960,000 for this type of home, while Orleans offers a more affordable option at around $845,000. These price differences highlight the variety within Ottawa’s suburban neighbourhoods, but the overall theme remains consistent—minimal price fluctuations compared to last year.

One of the most intriguing findings is in Barrhaven, where the average sale price has barely budged from 2023. This stability across the board suggests that Ottawa’s real estate market may be gearing up for a shift, particularly if interest rates start to decline next year as many expect.

If you’re curious about what’s happening in your specific neighbourhood, or want more insights on how these trends could affect your buying or selling plans, feel free to reach out. Our team is always here to help guide you through Ottawa’s ever-evolving real estate landscape.

 

 

 

 

 

 

 

 

SUBURBAN STATISTICS UPDATE SEPTEMBER 2024

Posted on: October 1st, 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 September 30, 2023, compared to the same period from January 1, 2024, to September 30, 2024.

 

 

5 Essential Real Estate Tips for Navigating Divorce in Ottawa

Posted on: September 27th, 2024 by Chris Scott

Navigating real estate during a divorce is one of the most challenging aspects of the process. The decisions you make regarding your home can have long-lasting financial and emotional impacts, which is why it’s crucial to approach this situation with care and a well-informed strategy. In Ottawa’s real estate market, these decisions become even more significant given the unique dynamics of the area. Our team understands the intricacies involved and is here to guide you through each step with the sensitivity and expertise needed during this time.

To help you move forward with confidence, here are five essential tips for couples divorcing with real estate in mind:

  • Get a Professional Valuation: Understanding the current value of your home in the Ottawa real estate market is crucial. This will inform your decisions, whether you’re considering selling the property, buying out your spouse, or dividing the proceeds.

 

  • Consider Tax Implications: The division of property can have tax consequences that are often overlooked. Consulting with a tax professional can help you avoid surprises down the road.

 

  • Decide on the Future of the Home: Whether to sell the home or keep it is a significant decision. It’s essential to consider not only the financial aspects but also the emotional and practical implications.

 

  • Keep Communication Open: As challenging as it may be, maintaining open lines of communication with your spouse about real estate decisions can lead to better outcomes for both parties.

 

  • Work with a Specialized Real Estate Team: Given the complexities of divorce-related real estate transactions, working with a team that has experience in Ottawa real estate and understands the delicate nature of these situations is invaluable. Our team is well-versed in managing these transactions with the utmost discretion and attention to detail.

 

When you work with us, you’re choosing a team that is not only skilled in real estate but also deeply committed to making this transition as smooth as possible. We’re here to provide the support and guidance you need to move forward with confidence, knowing that your real estate matters are in capable hands.

Ottawa Market Update: Heading into Fall

Posted on: September 11th, 2024 by Chris Scott

In this quick update, Chris shares his latest insights on the Ottawa real estate market. With inventory levels slightly higher than usual and prices remaining stable over the past year, the fall season is shaping up to be busy. Chris expects a balanced market, offering fair opportunities for both buyers and sellers. Curious about what’s happening in your neighborhood? Watch the video and reach out to our team for personalized advice.

 

 

 

 

 

 

 

 

SUBURBAN STATISTICS UPDATE AUGUST 2024

Posted on: September 5th, 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 August 31, 2023, compared to the same period from January 1, 2024, to August 31, 2024.

 

 

Market Update Chats with Chris & Colin

Posted on: August 28th, 2024 by Chris Scott

After a fantastic team meeting discussing the latest market trends, we decided to share our insights with you. This past week has been a busy one, with four conditional sales and a noticeable uptick in buyer activity. We’re seeing a range of dynamics – from competitive offers on new listings over a million dollars to increased interest in properties that have been on the market for a while. We’re also keeping a close eye on potential interest rate changes, with optimism around rates coming down soon. This could create more opportunities for both buyers and sellers in a market that feels balanced and full of potential. If you’re looking to buy or sell, or just want to chat about your neighbourhood’s unique market trends, our team is here to help.

 

 

 

 

 

 

 

Ottawa Market Update: Is it Really a Sellers Market?

Posted on: August 7th, 2024 by Chris Scott

Chris talks all things inventory, new listings, and whether it is a balanced market. For more detailed insights and advice, check out our latest update.

 

 

 

 

 

 

 

SUBURBAN STATISTICS UPDATE JULY 2024

Posted on: August 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 July 31, 2023, compared to the same period from January 1, 2024, to July 31, 2024.