One of the Ottawa Real Estate Questions I often get asked is tell me about the Sellers Market in Ottawa`
well here are some Spring Market statistics from the Ottawa Real Estate Board RealtorLink website
Ottawa, April 7,2010 : Members of the Ottawa Real Estate Board sold 1,499 residential properties in March through the Board's Multiple Listing Service® system compared with 1,161 in March 2009, an increase of 29.1 per cent. Of those sales, 327 were in the condominium property class, while 1,172 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.) which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.
"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.
The average sale price of residential properties, including condominiums, sold in March in the Ottawa area was $329,767, an increase of 15 per cent over March 2009. The average sale price for a condominium-class property was $240,409, an increase of 15.1 per cent over March 2009. The average sale price of a residential-class property was $354,698, an increase of 15.1 per cent over March 2009. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.
So if you would like to participate in this HOT SELLERS MARKET or for any other Ottawa Real Estate Questions, please contact me at http:OttawaRealEstateQuestions.com
One of the Ottawa Real Estate Questions I often get asked by First Time Buyers is "I have heard there are some benefits for me as a first time home buyer, what are they ?"
Well essentially the two main benefitsd are that that the government gives a rebate of up to $ 2000 off of Land Transfer Tax and so a property up to about $225 000 would carry little to no land transfer tax if the buyers have never owned a property anywhere else in the world.If one buyer has owned a property and the other buyer has never owned a property and they are buying the home together, then the benefit will accrue to one member only(who never owned a property before) and the land transfer tax will be halved so up to $ 1000 would be discounted.
The second major benefit is that you can draw $ 25 000 of the RRSPs as a first time buyer (as opposed to $20 000 ) for the downpayment of the property with some tax benefits that the buyer should speak with their lender and/ or accountant about.
In terms of what service an Agent can provide you with as a First Time Buyer, I am giving a FREE seminar on Wednesday April 14 at Royal Bank at 7pm specifically for First time Buyers, it is FREE, and will include mortgage information from the Bank and "what an Agent can do for you" information, and all you need to do to attend is to book your seat with Charlene at 613 867 6861
For these and any other Ottawa Real Estate Questions, please contact my website at http://OttawaRealEstateQuestions.com
One of the Ottawa Real Estate Questions I seldom get asked is "what is new in the banks Borrowing standards?"
Well.........New rules for self-employed borrowers are effective today Friday, April 9th, 2010 for all mortgages insured by by Canada Mortgage and Housing Corporation (CMHC) and pose new challenges for this category of clients.
Now, self-employed and commissioned-income borrowers with more than three years in the same business applying for a mortgage, are required to provide traditional proof of income (or "third party validation") through documents like financial statements, T1 Generals, Notice of Assessments and T4s etc.
PLEASE NOTE: Genworth Financial Canada's (GNW) policies remain unchanged and self-employed applicants who have been in business for 2 years or longer continue to be eligible BUSINESS FOR SELF (ALT. A) program that means more Choice & Convenience for potential clients.
Its not all gloom and doom, there is still a good chance of getting qualified if you are self employed.
Let me put you in touch with one of my Mortgage Specialists to help you through this minefiled.
For any more information please contact http://OttawaRealEstateQuestions.com
One if the Ottawa Real Estate Questions I often get asked is "do I know of any Ottawa Homes That Need Work ?" for sale ? Well my answer is that MOST Ottawa homes need work ! In fact if you own a home, it needs work !
Flippancy aside, there are two categories of homes that need work, 1) Homes that need to be updated with a fresh coat of paint, perhaps tired carepts replaced with hardwood floors, ceramic instead of vinyl in the foyer, a new liner in the shower , I call these "cosmetic changes" , but then you get homes that need work that involves a much larger expense such as a totally updated kitchen and new bathrooms, moving walls around, building on new rooms or additional garage space or building a new deck plus perhaps all of the above mentioned "cosmetic changes".
Then there is the question of "are you doing these renovations to these homes that need work for your own personal pleasure or are you doing these renos to try and "flip" the home ? The answer to this depends on the quality of materials you will use and the type of monetary investment you will make to these homes that need work .
Whatever your reason, "fixer upper" homes are always fun to buy, work on, live in and or sell.
For a list of these homes please visit my website and order your free list at http://www.ottawarealestatequestions.com/vip_buyer.asp
One of the Ottawa Real Estate Questions I always get asked is "so how is the property market in Ottawa ?", well let me answer that Ottawa Real Estate question with Statistics taken for February Sales from the Ottawa Real Estate Board's RealtorLink website that shows the market to firmly be a "seller's market".
"Ottawa, March 5,2010 : Members of the Ottawa Real Estate Board sold 1,118 residential properties in February through the Board's Multiple Listing Service® system compared with 787 in February 2009, an increase of 42.1 per cent. Of those sales, 323 were in the condominium property class, while 795 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.) which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.
"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. Inventory remains low and the homes that are listed are selling quickly, keeping Ottawa in a seller's market for the moment," he added.
The average sale price of residential properties, including condominiums, sold in February in the Ottawa area was $317,030, an increase of 15.8 per cent over February 2009. The average sale price for a condominium-class property was $265,938, an increase of 30.3 per cent over February 2009. The average sale price of a residential-class property was $337,788, an increase of 15.6 per cent over February 2009."
So if you were considering selling your home, this Spring Ottawa Market seems to be as best a time as any......so feel free to contact me in this regard at http://OttawaRealEstateQuestions.com
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Lara has been selling high end Real Estate for 8 years.Prior to that Lara worked in the Advertising and Marketing Industry for 18 years.Lara was a top Producer for Sotheby's Int Realty.
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