Chris Grimes

The Ottawa Real Estate market is off to a great start this spring! While more of a balanced market, home sales are actually up by 7.2% over March of 2008. The price has decreased slightly to $286,888 as an average price (remember, that’s only the average!).

When you look at the market just this year, we’re already up 47% in sales volume from February! The most popular housing style right now? Bungalows and two-storeys. Condos are actually down by 8%; may have been a bit of a saturation issue with all the new construction coming to fruition. We’re still considered one of the best places to invest for Real Estate – the rental market is becoming tighter and tighter. According to Rick Snell of the Ottawa Real Estate Board, “No matter what goes on in the economy, good real estate will still be in demand.” With over 50% of our population in the services sector (government, high tech, hospital and educational institutions) we have been somewhat insulated from the downturns affecting manufacturing sectors.

Ottawa also continues to hold steady bucking the negative trends of the rest of Canada. We are one of only five Canadian cities expected to grow in the coming year. The federal government has been doing it’s part in keeping us financially healthy; one quarter of our population works for them! They expect that number to increase by 1.8% this year and 3% next year. People are already coming to our city for that security.

While it was a little slow getting started, the market is increasing at an incredible rate. Those low, low interest rates and government incentives are working to keep the economic engine running. Talk to your mortgage broker; there’s no reason you shouldn’t be climbing the property ladder this year!

Income verification, down payment confirmation, employment verification, MLS listings, purchase and sales agreement, signed mortgage documents, appraisal – these are required before a lender will fund a mortgage. But what do they mean by income confirmation?

Income verification is required to prove you annual income - you will need at least 2 documents to substantiate what you stated on your mortgage application. Typically your last 2 Notice of Assessments (NOA), a current paystub, or a letter from your employer will suffice.

Down payment confirmation will vary depending on where the funds are coming from. If they are from your own resources – defined as “applicant savings, RRSP withdrawal, funds borrowed against proven assets, sweat equity (<50% of minimum required equity), land unencumbered, proceeds from sale of another property, non-repayable gift from immediate relative, equity grant (non-repayable from federal, provincial or municipal agency) – then you will be required to show your bank statements verifying the savings have been in your account for at least 90 days. If the funds are in an RRSP or other investment account, typically a recent investment summary will be acceptable.

Employment verification is required to prove that you are gainfully employed without any probation. Normally, a letter of employment will be sufficient, however occasionally a lender will contact your employer to verify your employment.

When available an MLS listing will help the lender get an understanding of your home and can sometimes avoid a further expense of an appraisal. Your REALTOR® will have this available for you to provide to your Mortgage Agent.

The purchase and sale agreement is necessary to verify that you have actually purchased a property. This document is important as it helps fraud prevention as well as verify the details of your home.

These documents are all important and required to obtain a mortgage, but would not get you the financing without the signed mortgage documents. Your Mortgage Agent will have you sign a Mortgage Application, a Disclosure to Borrower Statement and a Mortgage Commitment. The Disclosure to Borrower Statement outlines the cost of borrowing and any conflicts of interest that may exist between the Mortgagee and the Mortgage Agent. The Mortgage Commitment will outline all the details of your mortgage including the payment, interest rate term, amortization, and mortgage privileges and your responsibilities.

Obtaining your mortgage shouldn’t be daunting, it should be simple and stress free and your Mortgage Agent can help explain what you are signing and providing to obtain your mortgage.

Click to here to watch Mark Carney, Governor of the Bank of Canada discuss the economy, interest rates and his view on the outlook for Canada. He was in CBC studio Sunday evening being interviewed by Evan Solomon.

Citizens & homeowners of Canada are familiar with problems associated with asbestos. Highly touted for its fire, heat and versatile qualities, asbestos was used in construction applications throughout the 20th century. Health hazards related to asbestos have affected millions worldwide.

If you are a potential Ottawa homebuyer are seeking to remodel an older home, exposure can cause many health concerns for you and your family. This does not mean home owners or those involved in real estate should be frightened because asbestos exposure is easily prevented by taking simple precautions. There are now many green insulation alternatives that make the use of asbestos no longer necessary.

Often appearing in roof shingles, popcorn ceilings, piping and insulation,asbestos exposure can cause a debilitating lung ailment known as mesothelioma. This asbestos-related illness is one of the hardest for physicians to diagnose for a variety of reasons. The disease typically has a latency period lasting anywhere from 20 to 50 years when it has already reached its later stage of development. This also affects accurate mesothelioma prognosis for patients.

The amount of asbestos-related incidents throughout the world has resulted in mesothelioma lawyer firms advocating and protecting victim’s individual rights. Many are unaware to the wrongdoings done in the contraction of diseases associated with asbestos.

The French speaking Canadian province, Quebec, is the main producer of asbestos in the country and has countered attempts at blacklisting the substance. The asbestos industry has conducted false research and propaganda in continuing the exportation of the product. Asbestos was used hundreds of thousands of products throughout the world. With the consistent growth in technology and public awareness, there are currently a number of products which replace the need for asbestos.

Homeowners should not disturb any suspected asbestos themselves as this makes its fibers airborne. The inspection and removal of toxic substances must be performed by licensed abatement contractors who are trained in handling dangerous materials. Health Canada Organization offers assistance and information in the prevention, disposal and removal of asbestos. They are federally responsible for helping citizens maintain and improve health at home and the work place.

Once you are asbestos free, green alternatives should be seriously considered such as cellulose, cotton Fiber and lcynene. In the United States, the U.S. Environmental Program states that the use of recycled building materials can reduce energy costs from 25 percent annually. These eco-friendly alternatives allow for a clean, healthy home, free of health damaging materials.

Article provided by the Mesothelioma Cancer Center

Thousands of homes are sold each year in the Ottawa area. There’s no shortage of housing options, but with so many choices from Stittsville to Barrhaven, the challenge becomes finding the property which best meets your needs.

The housing market is complicated because the stock of homes for sale is always in flux. Even if you could have a complete list of every home for sale at a given moment in a given community, such a list would become quickly obsolete as new homes become available and listed properties are sold.

In effect, Buyers are looking at a dynamic market. So it is important to know as much as possible about the choices in preferred markets, and the way to do that is by working closely with a local REALTOR® who is familiar with local markets and current Real Estate trends. Also, your Sales Representative should have access to all homes on the market, including those that have not yet been advertised.

A home is more than just a collection of bedrooms and bathrooms. Several properties - each with four bedrooms, three baths, and the same price - may well have radically different designs, commuting distances, lot sizes, tax costs, interior dimensions, exterior finishes, neighbourhoods, etc. A home in Alta Vista can be much different from a home in Nepean.

First, list the features and benefits you want in a home. Consider such things as pricing, location, size, amenities (extras such as a pool or extra-large kitchen) and design (one floor or two, colonial or modern, etc.).

Next, determine your priorities. If you can’t get a home at your price with all the features you want, then what features are most important? For instance, would you trade fewer bedrooms for a larger kitchen? A longer commute for a bigger lot and lower cost?

Last, consider your future needs. If you’ll need a larger home later on, maybe now is the time to buy a bigger house rather than moving or expanding in the future.

Know what your want and target your search in preparation for working with a REALTOR®. Real Estate statistics show that a high percentage of buyers now research their options online and elsewhere for about six months on average before consulting a REALTOR®.

Basic targeting measures, such as general location and affordability, can help you refine your search and focus on homes that offer the most desirable features.

Target your desired neighbourhood. All neighbourhoods and communities have a unique character and value. One community may be well known for historic homes (such as in Rockliffe Park) while Kanata offers suburban living and Centretown gives easy access to downtown office.