Christiane Lafleur

Professional Profile for April 2010!

Randy Little
Life & Health Insurance advisor
Investment Funds advisor

At the beginning of this year, I was lucky to have met Randy through Twitter of all places! If you're looking for someone who can break down the financial "mumbo jumbo" and terminologie Randy's your man! His professionalism, great personality and financial & investment knowledge help you make an informed decision about your future. He'll take the time to get to know you and will help you select the right product or decision for YOU. He walked me through opening my son's RESP and I now understand what I've signed up for. Next week I'm starting my RRSP and I can't wait!

Randy helps his clients grow and protect their wealth. The time you spend planning right now will have a significant impact on your family's financial security for years to come. A most important choice then is who to use when building your plans. With 12 years experience in the financial world, Randy has the knowledge and experience to help guide you to the right choices. He is an Independent Advisor and therefore gives you access to nearly everything available in the marketplace. He is committed to spending time with you and keeping in regular contact so as to keep your strategies on track.

Check out his website to learn more.

www.indyadvisor.ca

How's the housing market in Ottawa? Ottawa housing market soars into spring! Another month has gone by and another successful one at that! I can't help but mention that Ottawa is such a great city in which to be a homeowner. With our average price consistently rising and our interest rates rising but still very attractive what do you we have to complain about!? Inventory is slowly rising and giving our buyers more selection and in turn our sellers are experiencing a little more competition. I look forward to seeing what our summer months will bring :)

According to the Ottawa Real Estate Board president Pierre de Varennes the total number of home sales in March was 1,499 compared with 1,161 in March 2009, an increase of 29.1 per cent.

"The spring market kicked off early and strong this year, possibly boosted by the unseasonably warm weather and absence of snow in March," said Board President Pierre de Varennes. "Inventory is still lower than at this time in 2009, but has begun to increase slightly in recent months," he added.

Below you'll find a breakdown of our average prices; in February we saw double digit increases again in prices accross the board:

The average sale prices are as follows:
- Average residential/condo sale $329,767 increase of 15% over March of last year
- Average condo sale $240,409 increase of 15.1% over March of last year
- Average residential sale $354,698 increase of 15.1% over March of last year

I must note that the HST deadline of July 1st 2010 is quickly approaching and will add an average of $2,000 to a homeseller or homebuyer in Ottawa. This would be a great time to avoid the summer rush and competition and beat the HST - crunch your numbers and make sure you're prepared.

Check back in a month to see How's the housing market in Ottawa for the month of April. Visit http://www.christianelafleur.com/ for helpful tips on buying or selling as well as HOT new listings for sale!

Do you think the new HST will slow the housing market? Will sellers and buyers get scared off by the increase in taxes on all their real estate services (ie: realtors, lawyers, inspectors, trades people, etc..)?

At this time next week I will be turning off my lights for Earth hour in Ottawa. On March 27th 2010 at 8:30pm join hundreds of millions of people accross the world who will be in support of this great event and remember, please turn off your lights for one hour (at least).

Below you'll find the official video for Earth Hour 2010 - what an inspiring movement that touches a subject that hits us close to home; how long will it take for our politicians to realize we need to take action?!

About Earth Hour
Earth Hour is a global WWF climate change initiative. Individuals, businesses, governments and communities are invited to turn out their lights for one hour on Saturday March 28, 2009 at 8:30 PM to show their support for action on climate change. The event began in Sydney in 2007, when 2 million people switched off their lights. In 2008, more than 50 million people around the globe participated. In 2009, participation swelled to hundreds of millions as 4159 cities, towns and municipalities in 88 countries and many of the world's best known landmarks participated.

About WWF
WWF is one of the world's largest and most respected independent conservation organizations, with almost five million supporters and a global network active in more than 100 countries. WWF's mission is to stop the degradation of the earth's natural environment and to build a future in which humans live in harmony with nature, by conserving the world's biological diversity, ensuring that the use of renewable natural resources is sustainable, and promoting the reduction of pollution and wasteful consumption.

Show your support for Earth hour in Ottawa and mark your calendars - spend some quality time with family, enjoy great conversation, take a nice walk outside, read a book or play a boardgame by candlelight... What will you be doing with your family and friends next Saturday March 27th 2010 at 8:30pm for Earth hour in Ottawa?

How's the housing market in Ottawa? Brisk February sales keep Ottawa in Seller's Market. Another great month for Sellers and another frustrating and tough month for Buyers. Multiple offers are still very common and some 1st time homebuyers are finding the process very overwhelming... If I can say one thing... if you're a Seller ps: You'll probably have to buy too and the grass isn't always greener on the other side! If you're a buyer just be patient and hang tight; sometimes it's just not meant to be. With spring just around the corner we'll see inventory levels rise and as a result we'll hopefully swing back into more of a stable market. Stay tuned...

According to the Ottawa Real Estate Board president Pierre de Varennes the total number of home sales in February was 1,118 compared with 787 in February 2009, an increase of 42.1 per cent.

"Last month's sales were near the top of the usual range for this time of year, as opposed to February of 2009, which was the end of the brief slowdown we saw in Ottawa's resale housing market due to global economic conditions," said Board President Pierre de Varennes. "So far in 2010, OREB Members have sold 1,838 properties, putting us well ahead of the 1,316 properties sold in the first two months of 2009. Iventory remains low and the homes that are listed are selling quickly, keeping Ottawa in a seller's market for the moment," he added.

Below you'll find a breakdown of our average prices; in February we saw double digit increases again in prices accross the board:

The average sale prices are as follows:
- Average residential/condo sale $317,030 increase of 15.8% over Feb of last year
- Average condo sale $265,938 increase of 30.3% over Feb of last year
- Average residential sale $337,788 increase of 15.6% over Feb of last year

As you can tell by the condo stats above there's never been a better time to get your condo on the market; with a 30.3% jump in price since 2009 why not take advantage of this seller's market?!

Check back in a month to see How's the housing market in Ottawa for the month of March. Visit http://www.christianelafleur.com/ for helpful tips on buying or selling as well as HOT new listings for sale!

What do you think the Ottawa Real estate market has in store for us this spring/summer? Will the inventory rise and bring us back into a more balanced market? or will we continue in this seller's market?

As a seasoned Realtor in Ottawa I am often approached by buyers looking for Power of sales in Ottawa AND/OR Bank repossessions - Buyers beware!

In the USA there is such a thing called a "Short Sale". What is this? A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers. In a short sale, the bank or mortgage lender agrees to discount a loan balance because of an economic or financial hardship on the part of the borrower. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender. (Courtesy of Wikipedia)

Firstly I'd like to point out we are buying and selling real estate in Ottawa, Ontario, CANADA! I feel that many buyers have strong misconceptions about how Power of sales in Ottawa are priced and sold; and that they represent a great bargain. Last week my Broker at Keller Williams Ottawa sent out an email on this topic. Sometimes hearing the facts from a 3rd party (ie: not your Realtor) helps make things a little clearer - below you'll find some excerpt from his email:

"Some people seem to believe that the banks will let a property be sold for either the remaining mortgage amount or if someone wants to assume the existing mortgage. Neither is correct. Remember this is not a foreclosure and foreclosures are extremely rare in Canada. Mortgagees have a responsibility to get fair market value for the property on behalf of the owner. Financial institutions face potential legal claims from owners, if fair market value is not achieved on the sale."

"The bank usually gets input from a variety of sources to arrive at a listing price for the property. A third party independent appraisal from a certified appraiser is ordered for a report on estimated market value. A realtor will also be asked to provide a market evaluation of the property based on a CMA. The bank compares these reports with other sources of data they may have and chooses a price to list the property."

A few things for you to remember if you're a Buyer bringing an offer on a Power of sale in Ottawa. Many of these properties have not been properly maintained and require alot of work and/or investment of your time and money. Your purchase will be "as is where is" and there is very little recourse available to you as a Buyer if problems arise after closing. You should also be aware that at any time prior to closing the Mortgagee may have the right to recover his property - Buyer beware!

How do you feel about Power of sales in Ottawa? Are they a good investment opportunity or should they be seen as a great big red flag?