Recent News from Royal Lepage Team Realty

O Canada – Bring Some Canadian Style Home

Every July, Canadian’s come together to celebrate our amazing country but now that the fireworks are over, you can show your Canadian pride at home. There are many options for decor that is truly Canadian; whether it’s iconic and historic brands or patterns and imagery, there is something for everyone when it comes to Canadian style at home. Here are some examples:

Hudson’s Bay Stripes

The symbol of the iconic Canadian department has become very trendy in recent years and now there are a variety of items adorned with the famous stripes. The most famous is of course the blankets but there are other smaller and more budget friendly pieces available as well. 

Bring the Outdoors In

Canadian style can sometimes be a bit rustic and you want to bring elements of the Great White North Indoors. Live Edge furniture is a great option to bring a more natural feeling to wood furniture. You could also consider decorating with items from outdoor activities such as snowshoes and canoe paddles. Another great way to bring the outdoors in is to incorporate imagery and artwork of animals that are native to the great white north. Moose head designs are very popular and come in a variety of colours and styles.

Group of Seven Artwork

No Canadian living room is complete without a “Group of Seven” print. This famous group of painters created countless works of Canadian scenery. And don’t worry, you don’t need to break the bank on an original, there are many options to purchase reproduction prints at a fraction of the cost.

Plaid

Canada can be a cold place so we certainly love our flannels and plaids. Try incorporating some red and black plaid in throw pillows, bed spreads, tablecloths and more. It doesn’t get any more Canadian than this! These styles will bring warmth to any space and work well with a rustic and natural design.

Muskoka Chairs and Patio Lanterns

Your Canadian style can spread to your outdoor spaces in the summertime too. No Canadian patio is complete without a couple of Muskoka chairs and some patio lanterns (not actually Canadian, but made popular here by the famous Kim Mitchell song of the same name). Spend your evenings outside in a comfortable and truly Canadian space.

Canadian style can mean a lot of things but every aspect involves incorporating nature in your decor. We live in a beautiful and green country and it is important to celebrate this. What is your favourite Canadian style trend?

The post O Canada – Bring Some Canadian Style Home appeared first on Team Realty.

Market Snapshot: June 2019 Ottawa Real Estate update

Condo Sales Continue to Dominate Resale Market | Ottawa Residential Average Sale Price Climbs over $500K for the first time ever

If you would like detailed information about specific properties, neighbourhoods and Ottawa Real Estate Market trends we would love to help! Contact us anytime at info@teamrealty.ca.

July 4, 2019 from the Ottawa Real Estate Board’s latest News Release

Members of the Ottawa Real Estate Board sold 2,105 residential properties in June through the Board’s Multiple Listing Service® System, compared with 2,064 in June 2018, an increase of 2 per cent.

June’s sales included 1,612 in the residential-property class, on par with a year ago, and 493 in the condominium-property class, a rise of 8.8% from June 2018. The five-year average for June unit sales is 2,002.

Condo resales are the driving force for the rise in units sold in the first half of 2019. “Combined residential and condo year to date sales of 9,876 show a 1.8 per cent increase from June 2018,” – OREB President.

Average sale price for a condominium-class property was $308,482, up of 6.2%

Average sale price of a residential-class property was $500,716, an increase of 11.4% over June 2018

In the past decade, we have seen an approximate 52% increase in average prices for residential properties and 34% for condominiums, indeed an excellent return on investment for homeowners,” states the Ottawa Real Estate Board President. “With a population reaching one million residents according to the City of Ottawa, we truly enjoy a high quality of living and remain one of Canada’s most affordable major cities – that’s no small feat.”

MOST POPULAR PRICE POINTS:

RESIDENTIAL:

$350,000 to $499,999 accounted for 43% of June’s transactions
$500,000 to $749,999 accounted for 29% of residential sales

CONDOMINIUM

$225,000-$349,999, accounted for 55% of units sold.

“Some areas of the city are experiencing multiple offers, and the competition for well-priced and positioned properties is brisk. Even though 39% of properties this month sold above the asking price, the vast majority of properties are still being sold at or below the listed price,” OREB president “A professional REALTOR’S® market knowledge and neighbourhood expertise are invaluable whether you are a buyer or a seller,” he maintains.

* The Board cautions that the average sale price 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 calculation of the average sale price is based on the total dollar volume of all properties sold. Price and conditions will vary from neighbourhood to neighbourhood.

The post Market Snapshot: June 2019 Ottawa Real Estate update appeared first on Team Realty.

Canadianisms Around the Home

On Canada Day, we must take a moment to think about what makes us truly Canadian. Put on your thinking toque, grab a caesar, double-double, or pop, while we consider some of those truly Canadian terms that we use around the home almost every day. But fear not, there’s no need to cause a kerfuffle; all Canucks will know what you mean, eh? 

Eavestrough: Did you know that most of the World refers to these as gutters? Eavestrough is a 100% Canadian term. We wonder if this applies to the term “eavestroughing” for listening in on someone’s conversation?

Hydro: Referring to the fact that some of our power comes from hydro electricity, the term hydro has become the standard term for electricity. Whether it’s paying the hydro bill or the names of many of our utility companies, the term has certainly stuck.

Bachelor Apartment: Much of Canada refer to a one room apartment as a bachelor, likely because theses spaces are ideal for one person. Did you know that outside of Canada, these spaces are usually called studios?

Tap: Make sure to turn the tap off! If you say that outside of Canada, you may get some funny looks; try “faucet” instead!

Bungalow: The term bungalow can mean different things depending on where you are. In Canadian real estate, a bungalow is a single story abode but in the United States, this term can include 1.5 story homes as well.

Humidex: As the humidity rises in the air on a hot summer’s day, many Canadians use the humidex as a determining factor for whether or not to turn on the air conditioning. Although, humidity factors are not just a Canadian thing, the term “humidex” certainly is.

Postal Code: Our six digit combination of letters and numbers allows Canada Post to know where to deliver our mail. In the United States, they use “zip codes” and in Britain they use “postcodes”.

Garburator: Although less common as they are actually not allowed in Ottawa, a garburator is a garbage disposal system built into the sink drain. Outside of Canada, they are usually referred to as “garbage disposals”.

Robertson Screwdriver: Named for its Canadian inventor, the Roberton Screwdriver fits the screws with the square holes. Due to a dispute with Henry Ford, outside of Canada, it is simply referred to as a “square head screwdriver”.

Housecoat: This pyjama item is usually worn over pyjamas around the house. Outside of Canada, it is usually referred to as a “robe” or “bathrobe”.

Chesterfield: The Barenaked Ladies may have brought this term to the world in their hit song “If I had a Million Dollars”, but this is widely considered a Canadian term. Although not widely used, it refers to a couch or sofa.

We would like to wish everyone a very Happy Canada Day! What are some of your favourite Canadianisms?

The post Canadianisms Around the Home appeared first on Team Realty.

Ottawa’s Eco-Friendly Communities to Watch

While lots of work is being done at all levels to ensure that the City of Ottawa as a whole is as eco-friendly as possible, there are a few communities that are leading the way. Everyone can make a difference, no matter where you live, but these neighbourhoods were designed with the environment in mind. Each is different but all are making a big impact.

Greystone Village

Located just minutes from the downtown core in both a scenic and historic setting, Greystone Village is Ottawa’s only public LEED-ND candidate community. LEED certification is given to projects that meet strict guidelines for environmentally friendly initiatives and this has been the focus of the design of this new community. Priorities for Greystone Village include community amenities and connectivity, walkability and sustainable energy; this mixed-use community will provide everything within walking distance and includes incredible green spaces as well. With a variety of housing options including singles, towns, and condos, Greystone Village promises something for everyone.

Zibi

“The most sustainable community in Canada”, Zibi will adhere to all 10 principles of the world-class One Planet Living framework. Located on islands in the Ottawa River, Zibi will develop the region’s first zero-carbon district, prioritize waste prevention, promotes sustainable transportation, food production, and water, will use sustainable building materials in construction, and the list of environmentally friendly features goes on from there. Currently in the early construction phase, this area will one day be home to over 5000 people and over 6000 jobs.

Ottawa Community Housing  – Eco2 Plan

Ottawa Community Housing, through their Eco2 plan,  has taken a focus on sustainability and the green practices they have implemented have had many benefits including reducing utility costs, reducing and diverting waste, enhancing the aesthetics, improving health, conserving energy and reducing greenhouse gas emissions. They are a great example of simple retrofit concepts and the results have been outstanding. Last year, $7M was saved by incorporating solar panels and 1.6M cubic metres of water was saved through different initiatives (enough to fill the Rideau Canal and Dow’s Lake, 4 times!) It goes to show that you don’t need to buy into a brand new “eco-friendly” community to make an impact.

Choosing to live a greener lifestyle is something that we should all consider and overall Ottawa is doing a great job at this with a constant focus on sustainability. It’s possible to make a difference, even on a small scale; what are you doing in your household?

The post Ottawa’s Eco-Friendly Communities to Watch appeared first on Team Realty.

Little Ways to Make a Difference

10 Tips for a More Eco-Friendly Home

Being eco-friendly doesn’t need to be hard or even expensive. There are little things that we can all do around the house that can have a significant impact on the environment. It doesn’t need to happen overnight but every step counts in the journey towards preserving our planet. Here are 10 simple things that you can do around your home to make a difference:

  1. Turn the thermostat down a degree or two in the winter, and up a degree or two in the summer; your energy consumption will go down as will your utility bills!
  2. Consider using natural products around the house instead of harsh chemicals. There is no need to spend extra cash on green products as there are natural solutions that you likely have around the home; vinegar and water make an excellent all-purpose cleaner and disinfectant.
  3. When it comes time to replace appliances, furnaces, air conditioners, and windows, make sure that the new ones are energy efficient. The difference on your utility bills will more than pay for the difference in cost.
  4. Grow your own vegetables in the summer months in the backyard. The closer your food is grown to your door, the better it is for the environment as it eliminates transportation pollution. Home grown veggies and fruits also taste better! If you have space, grow enough to preserve for year-round enjoyment.
  5. Recycle! This goes further than using the blue and black bins; try to reuse products before sending them away for city recycling. There are great ideas online for ways to repurpose or reuse almost anything!
  6. Compost. Whether you do it at home, or send it away in the green bin, keeping organic materials out of landfills is an important step to eco-friendly living! If you do it at home, you will be left with beautiful soil that is perfect for growing your veggies.
  7. Consider smart technology for your home. We are all busy and sometimes we forget to turn off the lights or adjust the thermostat. Take the human factor out of it by incorporating these devices in your home.
  8. Buy used furniture and decor. Everything that is purchased new means something else will likely end up in a landfill. When it comes time to buy furniture and decor for your home, check out used items as you never know what you might find. Retro is in!
  9. Try leaving the car behind and walking or cycling to where you need to go. If you are thinking of moving, consider a neighbourhood that allows for walking to get things done.
  10. Avoid single use plastics. Whether it’s water bottles, sandwich bags, or plastic wrap, all of these things end up in our landfills. Use items that are either biodegradable, reusable, or recyclable instead.

The post Little Ways to Make a Difference appeared first on Team Realty.

Eco-Friendly Listing of the Future

What would an eco-friendly dream home of the future look like? Here’s what we imagine! While it is great to dream, check back next week for great ideas of things that you can do in your home to make a difference.

Welcome home to the eco-friendly home of your dreams! Upon first glance, this home may not seem all that different from the rest of the neighbourhood but the green details promise to impress. This home will save you money on utilities, provide great resale opportunities as eco-friendly upgrades add value, and will leave you feeling good as you reduce your ecological footprint.

Energy Efficient and Off the Grid

Picture this in your mind, a stunning and well thought out home is built with efficiency in mind. Solar panels have been installed on the roof and combined with products that ensure efficiency, you can say goodbye to that hydro bill. Large ENERGY STAR windows provide bright sun-filled spaces while ensuring that energy loss is minimal, especially in the cold winter months – did you know that doors and windows can result in an energy loss of 35% in your home? Subtle details throughout the home, including high efficiency appliances and LED lighting make conservation easy while smart technology thermostats and lighting controls make everything easy to operate.

Stay Warm Using the Earth’s Natural Warmth

On cool winter evenings, stay warm with this home’s geothermal heating. Your family will love how quiet, dependable and safe this system is as well as the peace of mind in knowing that your heat comes from a completely renewable source that does not cause pollution. With the money you will save on your heating costs, consider the entertaining possibilities that this open concept living space provides. Reverse the system in the summer months and the system will keep your home cool and the humidity low.

Perfect Location

Conveniently located in a family friendly neighbourhood, this home is within walking distance to everything! Leave the pollution causing car at home and run errands on foot or by cycling through the areas extensive network of paths. If you must use a vehicle, this home has been outfitted with an outlet for your electric car to ensure quick charges.

Locally Sourced and Sustainable Building Materials

The large master suite and other well appointed bedrooms, along with the rest of the home, have been built with sustainability in mind so that you can go to sleep at night feeling good about all aspects of this home. By using locally sourced materials, the builder was able to limit the transportation pollution to get the materials to the site: keep your windows open to breathe in that fresh air! Reclaimed wood throughout the home provides warmth and style while other components were built with recycled materials; both have significantly decreased the impact on the local landfill.

Cooking Made Easy

The beautiful chef’s kitchen features stainless steel energy efficient appliances and plenty of storage in the modern cabinets built entirely from reclaimed barn board. If you love to cook, this home is for you! The backyard features large gardens perfect for growing your own vegetables and composters to take care of the waste.


The post Eco-Friendly Listing of the Future appeared first on Team Realty.

Ottawa Real Estate: May 2019 Market highlights

Have questions? Are you looking for information on specific properties or neighbourhoods? We’d love to help! info@teamrealty.ca

Highlights:

  • Total properties sold : 2,423 in May through the Board’s Multiple Listing Service® System, compared with 2,271 in May 2018, an increase of 6.7 per cent.
  • May’s sales included 1,869 in the residential property class, an increase of 4.6 per cent from a year ago.
  •  554 in the condominium property class, an increase of 14.2 per cent from May 2018.
  • The five-year average for May unit sales is 2,167.
  • Average sale price for a condominium-class property was $297,731, an increase of 5.8 % over May 2018
  • Average sale price of a residential-class property was $493,691, a rise of 6.4% over May 2018
  • Most active price points Residential: $350,000 to $499,999 price range was the most active price point in the residential market, accounting for 42% of sales while 28 per cent of residential sales were in the $500,000 to $749,999 range.
  • Most active price Condominium market, which increased to the $225,000-$349,999 price range two months ago, accounts for 57 per cent of the units sold.

Blossoming Condo Market Bolsters May Resales

June 5, 2019

Members of the Ottawa Real Estate Board sold 2,423 residential properties in May through the Board’s Multiple Listing Service® System, compared with 2,271 in May 2018, an increase of 6.7 per cent. May’s sales included 1,869 in the residential property class, an increase of 4.6 per cent from a year ago, and 554 in the condominium property class, an increase of 14.2 per cent from May 2018. The five-year average for May unit sales is 2,167.

“Despite the continuous free fall of inventory levels, we still have a higher sales volume than this time last year,” observes Dwight Delahunt, Ottawa Real Estate Board’s President. “Well-priced and positioned properties are turning over quickly with residential days on market declining 17 per cent on average from 34 to 28 days from last May and a whopping 33 per cent decrease for the condominium market from 46 days to 31 days.”

“Condo sales are bolstering the resale market, up 14 per cent from a year ago, and are providing an excellent opportunity for those Buyers wishing to enter the market or who are ready to downsize,” he adds.

May’s figures show the average sale price for a condominium-class property was $297,731, an increase of 5.8 per cent from last year while the average sale price of a residential-class property was $493,691, a rise of 6.4 per cent from a year ago. Year to date numbers show a 6.6 per cent and 7.9 per cent increase in average prices for residential and condominiums respectively.*

“Home prices are steadily increasing at a reasonable rate, and the fact that they are not spiking confirms that our market is healthy and sustainable,” Delahunt points out. “Although we hear about extreme multiple offer situations, the reality is, 62 per cent of homes are still selling at or below asking.”

“Certainly, there are 15 per cent more listings selling above asking compared to this time last year, but these are restricted to particular pockets of the city. There are still many opportunities for those who want to find an affordable property. This is where the knowledge and experience of a REALTOR® will serve you well. They understand Ottawa’s neighbourhoods, market trends, and property values and can efficaciously guide you in your home sale or search,” Delahunt advises.

The $350,000 to $499,999 price range was the most active price point in the residential market, accounting for 42 per cent of May’s transactions while 28 per cent of residential sales were in the $500,000 to $749,999 range. The most prevalent price point in the condominium market, which increased to the $225,000-$349,999 price range two months ago, accounts for 57 per cent of the units sold.

In addition to residential and condominium sales, OREB Members assisted clients with renting 1,043 properties since the beginning of the year.

* The Board cautions that the average sale price 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 calculation of the average sale price is based on the total dollar volume of all properties sold. Price and conditions will vary from neighbourhood to neighbourhood.

The post Ottawa Real Estate: May 2019 Market highlights appeared first on Team Realty.

Why Summer Can Be a Great Time To List Your Home

Everyone knows spring tends to be the real estate “busy season” but that doesn’t mean that you are too late to list your home now that we are coming into summer. Summer can be a great time to list, specifically in the greater Ottawa area. Buyers purchase homes year round and there are certainly advantages to listing your home in the summer. Here are 6 reasons why summer is the perfect time to sell your home:

1.Active Buyers are More Serious.

Although there may not be as many buyers in the summer, active buyers tend to be more serious when shopping for a home in the summer months. Those looking don’t tend to be following the spring market trend and are looking because they are serious about moving. This may be because of a tax return received in late spring or simply because the weather is far more pleasant. For buyers with children, their goal is to settle in before their children start school in the fall.

2. Curb Appeal

Curb Appeal is an easy and efficient way to boost the value of your home without having to do all that much. Summer means flowers are in bloom, trees are full of leaves and lawns are both lush and green. Additional steps can be taken, such as adding flowerbeds or trimming bushes, to ensure your home’s curb appeal is maximized.

3. School’s Out

Families with children prefer to move in the summer to ensure that the academic year isn’t interrupted by the hustle and bustle of moving. Plus, everyone knows changing schools can be a challenge, especially if it’s in the middle of the semester. Moving in the summer allows children to adjust to their new surroundings before school resumes in the fall. Moving in the summer also allows parents to pack and organize without the added stress of their child’s academic success.

4. Warmer Weather

Moving in the winter can be much more of a hassle because of frigid weather. Lugging boxes and furniture through the slush and snow is avoided by most buyers. Viewing homes in the summer months also makes visualizing your own belongings and daily activities easier. It’s easier for buyers to appreciate the house they are viewing when they’re not influenced by the weather.

5. More Time to Focus on Renovations & The Sale

Summer has the most long weekends. An extra day off means more time to allocate to all the little renovations you’ve been putting off. These small touch ups, like a new coat of paint or repairing the crack in your garage window, may seem like small improvements but they have the power to influence the resale value of your home. Just like renovations, the actual sale of your home takes time. Preparing for viewings can be less stressful when you have more time to prepare.

6. Low Housing Inventory

The housing market has been exceptionally busy this spring and based on the stats it doesn’t plan to slow down any time soon.  As the inventory of resale homes in Ottawa remains low, it continues to be a seller’s market. If fewer properties are on the market buyers have fewer options, which means that sellers have the upper hand.

With the countless benefits that come from listing your home in the summer, there is no better time to sell. Contact us today to see how Royal LePage Team Realty can help you!

The post Why Summer Can Be a Great Time To List Your Home appeared first on Team Realty.

Importance of Community

The word community can mean different things to different people. It can simply be a name to define a certain geographical area or neighbourhood, or it can mean a lot more. For many people, finding the right community is much more than location; it’s finding a neighbourhood with like minded people, amenities of interest, or even just a place that feels like home! Everyone is different and there are many factors that affect our sense of community; this is why the City of Ottawa has so many distinct areas. It is important to consider community in your home search and here are some tips to help you do just that.

Ask your Realtor® for the Demographics

Your Realtor® has access to the demographic information for any neighbourhood in the city. This is especially useful if you are looking to live in an area with people of your own age and stage in life. For example, if you are looking for a home to raise your children, being in a neighbourhood with lots of kids is likely a priority for you so that your children have playmates close by. But it’s not just for families, some neighbourhoods are geared more towards seniors or different age groups. While this information is not definitive, it can certainly provide you with more insight than a map.

Join the Neighbourhood Social Media Groups

Almost every neighbourhood has a social media group of some sort and they can provide great insight into the type of community it truly is. While these pages may only provide a snapshot, you can get a sense of what the local issues are and how neighbours support each other to deal with them. If you want, ask a question about the community but be warned, most people love where they live so the responses may be a little biased.

Take a Stroll

If you want to get a true sense of any neighbourhood, it is often best to immerse yourself in it. Park your car and take a stroll around to see what kind of place it really is. Make sure to include a walk down streets of interest, check out local parks, and stop by local businesses. As you’re walking, are people friendly or do they keep to themselves? Depending on your personality either may be a plus or minus. Are you comfortable in the neighbourhood and could you see yourself living there?

Check Out Organizations

Depending on what you are looking for, community organizations may be of interest to you. Whether you’d like to get directly involved in organizing events and fundraisers (most of these groups are run by volunteers) or you are just looking for an area with lots of things to do, an active organization can make or break a community.

What Else Does the Community Offer?

Check out the local businesses and amenities in the neighbourhood; it’s important that you find things that match your interests. This can be anything from a yoga studio to walking trails to art galleries. Not all neighbourhoods have the same amenities but if the neighbourhood is home to a specific business or location that fits your personal interests, you are likely to find like minded people in the area as well.

At Royal LePage Team Realty, our team of Realtors® live and work in the great communities that our city has to offer. If you are looking for assistance in finding the community that is right for you, we are here to help. Give us a call, we would love to grab a coffee and help you in the search for your perfect home.

The post Importance of Community appeared first on Team Realty.

Post Flood 2019: What to do as the Water Recedes

In the last few weeks, parts of the Ottawa area have seen record flooding and with the water slowly receding, it’s now time to think about the next steps. Whether you are a homeowner affected directly or just want to lend a helping hand, there is still a lot that will need to be done. Here is what you need to know, but for the most up to date information on everything flood related, it is important to check www.ottawa.ca regularly for updates.

Homeowners Affected by Flooding:

 

  • Keep Sandbag Walls Up for the Time Being – with heavy rain expected Thursday, May 9th and Friday, May 10th, some predictions are showing that the water levels may rise again to similar levels.
  • Attend a Community Information Session – the City will be hosting four of these next week. How to safely return home, remove waste and debris, and apply for financial assistance will all be covered.
  • If you need help with your property, fill out a work order – This can be done by visiting a community support centre or by filling out a work order online. Please only register once as multiple requests can cause additional backlogs.
  • Financial Aid for Immediate Needs – Homeowners directly impacted by the flooding may be eligible to receive up to $600 to help meet their immediate needs from the Red Cross. To register, call 1-800-863-6582, go online at redcross.ca, or register in person at designated community centres.
  • Contact Your Insurance Provider – You will want to do this as soon as possible if your home was affected by the flood to see if you have flood coverage. If you do, start collecting evidence as your insurer may not be able to inspect your home immediately after the flood. Take pictures and videos to show the damage that was done.
  • Get an inspection before turning the power back on – If you turned off the power during the flood or your power was turned off by the Hydro companies, it is important to have everything inspected before it is turned back on.
  • Remember the water is contaminated – As you start the clean up process, it is important to remember that the water was contaminated with everything from septic overflow to fuel and it is important to remember that anything that can’t be properly cleaned must be discarded. Sandbags, and their contents, should not be re-used and the City will provide information on their pick up.

 

Want to Help:

 

  • Watch City Website for Calls for Volunteers – At this time, the city does not require volunteers but are urging people to rest up as they will again be looking for volunteers as the flood waters recede and the recovery process begins. Check daily for updates.
  • Financial Donations – If you would like to make a monetary donation to the relief efforts, this can be done through the Red Cross – Ontario Floods Appeal. This can be done online, by calling 1-800-418-1111, or by contacting your local Red Cross office.
  • Food Donations – The Ottawa Food Bank is coordinating food donations for those currently affected by flooding. To find a drop off point, please visit their website.
  • Clothing, furniture and household donations – The Salvation Army is accepting these items in anticipation of increased requests from those affected by flooding. Items may be donated in person at any Salvation Army Thrift Store.

 

 

The post Post Flood 2019: What to do as the Water Recedes appeared first on Team Realty.

Ottawa Real Estate highlights & Market Snapshot April 2019

APRIL 2019 STATS GRAPHIC FINAL

Ottawa Real Estate Highlights April 2019:

There’s been an upward pressure on prices due to the continuing lower supply levels (residential supply is down 18%, and condo inventory is down almost 40% from last April 2018 according to the latest OREB stats). However these price points are “still well under the Canadian average, and our residents tend to be in comfortable financial situations due to secure employment and a thriving local economy.” [President of the Ottawa Real Estate Board]  who also notes that  “Certainly, the stunted supply is likely responsible for the multiple offer situations we are experiencing, but the reality is that while approximately one-third of properties are selling above asking, more than 50% are still selling below the listed price.” 

While these statistics can be useful in establishing trends over time they should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price and conditions will vary from neighbourhood to neighbourhood.  If you have any questions about the Ottawa and area real estate market, or you are thinking of buying or selling please reach out to us, our management team or our professional sales representatives anytime!

  • Members of the Ottawa Real Estate Board sold 2,032 residential properties compared with 2,024 in April 2018, an increase of 0.4 per cent.
  • April’s sales included 1,594 in the residential property class, on par from a year ago, 438 in the condominium property class, an increase of 5.3 per cent from April 2018. The five-year average for April unit sales is 1,825.
  • Residential supply is down 18%, and condo inventory is down almost 40% from last April.
  • The average sale price of a residential-class property sold in April in the Ottawa area was $488,729, a rise of 7.4 per cent over April 2018.
  • The average sale price for a condominium-class property was $307,659, an increase of 14.3
  • Popular price points:
    Residential: $350,000 to $499,999 was the most active price point in the residential market with 44% of properties selling in April in that range, and 28.5% of residential sales were in the $500,000 to $749,999 range.
    Condominium: $225,000-$349,999 was the most active price point in the condo market accounting for 46% of the units sold.

This information was originally released by the Ottawa Real Estate Board on May 3rd, 2019

The post Ottawa Real Estate highlights & Market Snapshot April 2019 appeared first on Team Realty.

Selling Your Home Yourself May End Up Costing You

It may seem tempting, to try and save money on commission, to sell your home yourself but it’s important to consider all the factors. In a lot of cases, sellers who choose to go this route do not come out ahead so let’s look at why.

 

What are You Really Saving?

  • Let’s use as an example a 5% commission of the sale price of your home that you may pay to a full service real estate company for their services.
  • When you list your home for sale with a Real Estate Professional, what you may not know is that half of that 5% commission i.e. 2.5% is paid to the Agent who is representing the Buyer.
  • A question you need to ask yourself is if you plan to sell your home privately will you be cooperating with agents that are working with buyers and what commission fee are you willing to pay them for bringing a buyer?
  • If the answer is Yes you will co-operate and the fee that you are willing to pay a buyer agent is 2.5%, you’re realistically only saving 2.5% in commission.

 

Armed with this information, are you still prepared to take on the job of being the Listing Agent and of trying to sell your home yourself?  Is it really worth it?

 

Consider the following …

Sellers may suffer Equity Erosion 

You’re the homeowner, and you’ve also taken on the job of being the Listing Salesperson.  But you lack access to important MLS data, such as Average Listing Days on Market for your type of home, Number of New Listings being introduced into the market that could compete with your home, as well as the recent sale prices of comparable homes.

In short, you simply don’t have the ability to keep informed about the changes taking place in your market area and this can prove to be disastrous.  By the time you take action to reduce your listing price to compensate for a change in market conditions or increase the listing price due to the high demand for housing, your equity may have become severely compromised.  A Real Estate Professional working to protect your best interest will always keep a close eye on market conditions and will keep you informed, ensuring that equity erosion does not occur or is kept to a minimum.

Who is looking after the Private Seller’s Best Interests?

When you sell your home yourself, there is no one looking after your best interests.  In order to get your home sold, you’re faced with the prospect of negotiating with up to 3000 plus members of the Ottawa Real Estate Board who are representing the best interests of their Buyers.  Real Estate Professionals are professional negotiators who bring lots of experience to the table; … are you ready for that?

The Private Seller’s Limitations in Marketing

The vast majority of For Sale By Owner (FSBO) companies offer limited services to those looking to sell their home privately.  These services are generally limited to a lawn sign, an ad placed on the FSBO company’s own web site, and a Mere Posting on MLS (if the Seller is willing to pay extra for this service). Will your home’s listing be seen?

Qualifying Buyers for Financing

Consider the difficulty you’ll have assessing a Buyer’s financial ability to purchase your home.  You will be ill-equipped to qualify them as to the type of home best suited to their needs and lifestyle.  Understandably, you won’t have the expertise in asking the right questions to determine the Buyer’s qualifications.  This all too often results in a Buyer pulling out of an agreement to purchase when they realize at the last minute that they cannot finance their new home purchase.  You are now faced with the unwanted task of starting the whole sale process all over again.

The Private Seller is not trained to deal with the complex process of creating the Agreement of Purchase & Sale and all related documents needed to Close the Sale

When selling your home privately, you may use the services of your lawyer to draft the necessary documents, which again can be disastrous.  The lawyer will draft the offer based on your instructions, but how will you know what terms and conditions to include in the agreement?  Will you know which service providers are needed to bring about an unconditional sale? Also, this will add costs to your lawyer’s bill and may end up costing you more than you anticipated in the long run.

 Security for You and Your Family

For the most part you won’t know the identity or background of the individuals viewing your home or the identity of attendees visiting your open house.  Real Estate Professionals are trained to obtain the identity and background information of the buyer and take the necessary steps to ensure the safety of you and your family.

Best Buyer Suited for the Private Seller’s Home May Never Get to See It

The Buyer that’s best suited for your home may never get an opportunity to see it, as you may not be available.  Real Estate is not your full time job and you simply may not be available to show your property when a buyer is ready to see it.

The buyer is not only viewing your home, they usually have a number of other homes to view and may never end up viewing your home.

Relocation Buyers

Buyers being relocated have a specific time frame to view homes and may not have an opportunity to make another house hunting trip. The agent working with a relocation buyer sets up viewings well in advance of the buyer’s arrival based on the buyer’s criteria, making all efforts to ensure that the process is carried out in an efficient and timely manner. A relocation buyer may never have an opportunity to see your home due to time constraints and your availability.

Making Money vs. Saving Money

It’s important to understand that there is a profound difference between making money and saving money. A trained real estate professional will not only save you money, but will also help you to make money. They are the insurance to protect your equity.  It’s true that the most expensive real estate service is one that does not perform, and performance is obtaining the highest sale price possible, not selling the home at any price just to save commission.

Real Estate Professional Gets Paid only on the Successful Completion of the Transaction

No monies are paid up front for a real estate agent’s services.  The Real Estate Professional only gets compensated once the transaction has closed. In contrast, FSBO companies require you to pay all the listing fees up front, regardless of whether or not your home sells.  As a consumer it is important to Note that there is no such thing as No Commission …whether you are paying a Flat Fee for Service up front before your home sells and a 2.5%  commission to the brokerage that brings you a Buyer… they are all commissions!

The question that needs to be asked however, is if a Flat Fee is paid up front to the Real Estate Brokerage, what incentive or motivation does the agent have in getting the Seller the highest sale price possible as the agent has already been paid???  Could your hard earned equity be compromised?

Many Pitfalls & Disadvantages

There are so many issues that arise during the marketing of your home, at offer presentation and prior to closing and your Royal LePage Team Realty Sales Representative has a wealth of knowledge and experience to guide you through the successful and profitable sale of your home.  Contact us today for a confidential consultation and additional details on why you could be disadvantaged as a result of selling privately!

The post Selling Your Home Yourself May End Up Costing You appeared first on Team Realty.

Getting Ready for a Move

As the end of April approaches, many people in Ottawa are preparing to move. Whether you bought or sold in the busy spring market, it’s time to start packing! Packing is often everyone’s least favourite task in the moving process but just remember, there is a light at the end of the tunnel; before you know it you will be in your new home! Here are some helpful hints to guide you as you prepare for closing day.

Start Now!

Even if your move is not for a few months, and it may seem difficult to start, the more you can get done ahead of time, the better! Try to set goals for yourself and pack a few boxes everyday. Start with things that you won’t be needing anytime soon like your winter jacket or other seasonal items. Getting started is often the hardest step when it comes to packing and you will feel much better once you have a few things taken care of!

Get Proper Supplies

Take a trip to the local building supply store or contact your mover to get proper supplies. Proper moving boxes, packing tape, a tape gun, and packing paper can make the whole process so much easier. Make sure that you get a variety of boxes to fit a variety of items. It may be tempting to check the dumpsters behind local stores but mismatched boxes can be difficult to stack and they are often not the right size for the job.

Label Boxes and Keep Them Organized

Although you will inevitably end up with a few boxes of odds and ends at the end, try to make sure that the majority of your boxes are organized and labeled. If you pack room by room, this is actually an easy process. Make sure that all boxes are clearly labeled as to where they will be going in your new home; this will ensure that the movers, or those helping you move if you choose to do it yourself, know where things are supposed to go.

Watch your Weight (of your boxes at least!)

It may be tempting to pack all your books together in that one giant box as they would fit perfectly, right? If you do this, you will end up with a box that even the strongest mover will give you dirty looks about. It’s always best to either pack books with other lighter items (books on the bottom with throw pillows on top, for example) or to use smaller boxes. Believe us, your back or your mover will thank you!

Moving with Kids?

As adults we can definitely deal with the chaos of moving and living a more minimalist life as things get packed away but the same is often not true for children, especially if they are young. To ensure a smooth transition, you will want to pack their stuff last and unpack it first when you get to your new home. Also, as you are packing boxes anywhere in the home, make sure that they are left in an area where young children don’t have access as stacks of boxes can be dangerous if they were to topple over. It takes some careful planning if you have children but, if done correctly, moving and packing can be fun for the whole family!

Plan for the Last Minute Items

There are certain things that you will not be able to pack until the day or your move. Make sure to keep track of these items and ensure that you know where they end up packed so that you can find them when you arrive at your new home. You may also want to consider packing a few boxes of the absolute necessities that you can take in your own vehicle. This would include medications that you may or will need to take, food items, and valuables.

Stay Positive

Although the packing and moving process may seem overwhelming, if you are organized and start early, it won’t be so bad. And when it gets tough, take a moment to picture yourself in your new home and remember that there is a great reason for what you are doing.

The post Getting Ready for a Move appeared first on Team Realty.

Buying in a Seller’s Market

If you are thinking of selling, the current low inventory and rising prices in Ottawa may make right now seem like the perfect time but it may seem like a different story if you are looking to buy. Whether you are looking to buy your first home or looking to up or down size, it may seem like a very challenging time to purchase a home. Not to worry though, with some creativity and careful planning, there are ways to easily navigate this market with your Realtor®. Here are 5 helpful hints for buyers this spring:

Work with a Realtor®

As a buyer, a seller’s market can be quite challenging, especially if you want to go it alone. Working with a Realtor® ensures that you have an expert in your corner to navigate everything from multiple offers to ensuring that you have access to all the listings that may be of interest as soon as they hit the market. The best part is that as a buyer, in almost all cases the Buyer’s Representatives fees are covered by the seller so it won’t cost you a cent. Your Realtor® will also ensure that your interests are taken care of and help you place an educated and appealing offer on any property.

Be Prepared to Act Quickly

Homes these days are selling quickly, especially in some neighbourhoods and price points so you may not have a lot of time when the home of your dreams comes on the market. You will want to make sure that you have financial pre-approvals in place before you begin your search and make sure that you are keeping up with all the notifications of new listings that meet your criteria on a daily basis. Also, clear your schedule and be prepared to view homes quickly after they hit the market as failing to do so may mean that you may never have the chance. Once you find a home that you love, things may also move quite quickly and your Realtor® will be there to ensure that you understand everything every step of the way.

Consider New Builds

The inventory in the resale market is low but builders in the Ottawa area are building homes at a rapid pace. For some people, it may be advantageous to consider buying a new build home and your Realtor® can help you with that as well, and the builder will usually cover their commission too! If you are selling your home now and are not sure about the wait for a new build, think about other options for the time between your homes. You could move in with family or even rent for the short term. Both of these options may also help you save money before the move to the new home.

Look at different neighbourhoods

Not all neighbourhoods are as competitive as others and sometimes expanding your search can make all the difference. This doesn’t always mean a longer commute or moving way out of the city. Work closely with your Realtor® to look at a variety of neighbourhoods and what they have to offer. It doesn’t mean that you are settling for something that you didn’t want but rather, there may be options that you did not consider. There are lots of great neighbourhoods in Ottawa!

Don’t be discouraged

It may seem overwhelming or even impossible to buy a home right now but this is definitely not the case. People are buying homes every day and with some careful planning and the support of your Realtor, you will find your dream home as well. There may be short-term set-backs like losing out on a property in multiple offers but stay optimistic and you will certainly find success.

The post Buying in a Seller’s Market appeared first on Team Realty.

Tidying Up: The Joy of Purging

Earlier this year, Netflix launched Tidying Up with Marie Kondo, a wildly popular series based on Marie Kondo’s bestselling book The Life-Changing Magic of Tidying Up. The series outlines, in a step by step guide, the Konmari method of cleaning and organizing and it has had everyone talking (and purging!) Second-hand stores have seen a surge of donations unlike they have ever experienced before and people are saying goodbye to many of their possessions with hopes of finding joy living in a more minimalist lifestyle. Whether you are preparing your home to list or just want to de-clutter, purging can be incredibly satisfying and the core principles of this method seem to work for a lot of people. Let’s take a look at what it’s all about.

The Konmari Method

The Konmari Method is based around the concept of joy; if an item or belonging no longer brings you joy, it is time to let it go. You will keep only things that truly matter but also thank the items that you are letting go of for their service. This is not entirely unique but what makes the Konmari Method so different from other organization strategies, is that you approach your tidying by category, not by location where most other methods adopt a “room by room” type of approach. It suggests starting with all your clothes then moving on to books, papers, miscellaneous items, and finally sentimental items. To truly adopt this philosophy, one must commit and envision their ideal lifestyle as they work through the process.

Criticism and Challenges

The concept seems simple enough but there are some people that are having trouble getting rid of certain types of items and it is completely understandable why. Most criticism centres around the idea of an item providing joy as some items may not instill joy but are very important from a practical sense; this is only problematic because it can create stress for people who truly want to dive into this philosophy when they are unable to. Book collectors, for example, may not be so keen on letting go of books, even if they know they may never read them again. Others are finding it challenging to apply these methods in the kitchen, where space and storage is an issue in almost every household: it’s unrealistic to think that every pot, pan, and utensil will spark joy but they may serve more practical purposes.

Key Takeaways

The KonMari Method may be challenging for some people but regardless de-cluttering and purging every so often can be incredibly satisfying and make your space more enjoyable. Whether you want to dive in head first and try out the KonMari Method for yourself, or you just want to dabble with the bigger ideas as you spring clean, here are the key takeaways to get you started:

  • Commit yourself to your tidying project – If you are following the KonMari Method, this is a big commitment but this can be applied on a much smaller scale. For example, take on your clothes and commit to going through all of them.
  • Envision yourself how you want to live – If you are happy with lots of stuff and can’t imagine living without it, this is probably not for you but if you don’t, imagine what you would like and keep your eye on the prize.
  • Tidy by category – This is a unique approach, even if you don’t want to tackle all the categories.
  • Consider which items spark joy – If it doesn’t make you happy, it might be time to get rid of it.

The post Tidying Up: The Joy of Purging appeared first on Team Realty.