The April resale market in full bloom

Members of the Ottawa Real Estate Board sold 1,570 residential properties in April through the Board's Multiple Listing Service® system, compared with 1,419 in April 2014, an increase of 10.6 per cent. The five-year average for April sales is 1,531.

"Despite the late departure of the cold weather this April, buyers were out in full swing, propelling the Ottawa resale market into a busy spring selling season," says David Oikle, President of the Ottawa Real Estate Board. "Sales continued their steady pace upwards since the beginning of the year, with 362 more properties sold this April over March."

April's sales included 258 in the condominium property class, and 1,312 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 average cumulative days on market has improved even more in April, coming in at 74 days, compared to 83 in March," says Oikle. "Properties are moving faster and inventory is plentiful, with just under 9,000 residential properties, including condos, available for sale going into May."

The average sale price of a residential-class property sold in April in the Ottawa area was $403,239, an increase of 0.9 per cent over April 2014. The average sale price for a condominium-class property was $265,371, an increase of 2.7 per cent over April 2014. 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.

"Several price ranges this month saw significant increases in units sold; a possible explanation for the residential average sale price entering the $400,000 range," explains Oikle. "The $400,000 to $450,000 range saw an increase of 37.3 per cent; while the $500,000 to $750,000 range saw a 25.4 per cent increase. Two-storey and bungalow residential properties remain as the top selling property-types in Ottawa. In addition to residential and condominium sales, OREB members assisted clients with renting 283 properties in April, and 876 since the beginning of the year."

This information is provided from the Ottawa Real Estate Board 

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Water Loss Prevention: Top 10 Tips for Homeowners to Prevent Flooding

Guest Blogger - Alex Byrne, The Co-operators Insurance - Water-related loss is the most common home insurance claim in Canada. It is also among the most expensive types of loss. According to the Insurance Bureau of Canada, Canadian insurers pay an average of 1.7 billion each year due to water-related home insurance claims.
 

Every home is at risk of basement flooding, even if you have never experienced flooding in the past. Water in your basement is most likely to occur when there has been heavy rainfall, snow melting, or during a spring thaw. No one can control the weather but there are some steps that you can take to prevent, or at least reduce the chance of water damage.

To help you start thinking about steps as a homeowner that you can take to help prevent water damage in your home, check out the list below: 

10 tips for homeowners to help prevent basement flooding

1. Contact your local government to get information on any available programs on reducing basement flooding.
2. Have a plumbing inspection done on your home to determine best options based on the plumbing and sewer connections of your home. These can include:
1. Installing a backwater valve.
2. Installing an automatic back-up pump to your existing sump pump if you have one. Batteries or a generator can be used to power the back-up pump.
3. Improve the drainage outside of your home by:
1. Keeping weeping tiles clear and in good repair.
2. Making sure your downspouts drain water away from your house.
3. Disconnecting downspouts from sewers.
4. Making sure your grading allows for correct drainage.
5. Install window wells at basement windows to create an extra barrier to keep water out.
6. Keeping outside drains clear.
4. Use a rain barrel to catch water run-off from downspouts.
5. Avoid storing items directly on the basement floor. Always store on shelves and in watertight plastic containers, whenever possible.
6. Make sure you have at least one floor drain in the same room as your washing machine.
7. Avoid pouring all fats, oils and grease down your drains. You would be surprised how quickly the deposits add up, and can cause a blocked drain or pipe.
8. Check that hoses on dishwashers and washing machines are made of braided stainless steel.
9. If you have a water dispenser and/or ice maker in your refrigerator, make sure the water line uses either copper or braided stainless steel.
10. Seal any cracks in foundation walls and basement floors.

Benefits of loss prevention

We all know that accidents and storms happen; but you can play a vital role in preventing water damage to your property. Take action to try and limit potential damage to your property. Some benefits of loss prevention may include:

• Possible discounts
• Access to higher limits of coverage 
• Potential municipal programs available to compensate homeowners who install loss prevention devices (refer to your local municipality for information on programs).

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When the personal becomes professional: Assembling your home buying team

Most of you would agree that meeting the love of your life is a monumental event. From observing my clients over the last thirty years, I’d argue that falling in love with a home runs a close second. Walking into a new home or model and feeling your pulse quicken is a magical sensation. When you feel a strong personal connection with a certain place, you won’t sleep until it’s yours.

It may seem strange that such a personal experience involves working with so many other people. But when you’re making the biggest financial investment of your life, it’s always wise to depend on the advice and expertise of professionals. Depending on your personal circumstances, you may consider consulting with the following:

Mortgage Specialist: Ideally, you will have met with a mortgage broker or mortgage specialist from your bank or lending institution prior to beginning your home hunt. Understanding how much money you have to work with is an excellent first step to narrowing your search, and obtaining a pre-approved mortgage can save both time and grief in the long run.

Realtor: While it’s possible to purchase a new home without the assistance of a realtor, there are several benefits – and no drawbacks – to having a real estate professional in your court. Realtors understand the market better than anyone else, and can provide terrific insights on neighbourhoods, investment values and negotiating with a builder. Best of all, there’s NO COST associated with hiring a realtor to purchase a home.

Real Estate Lawyer: This is an absolute must. A good lawyer will walk you through the paperwork, explain fees, and protect you from real estate fraud.

Home Inspector: Because new homes in Ontario are covered under the Tarion Warranty, and because a pre-delivery inspection with the builder is part of the new home buying process, many purchasers of new homes choose not to hire a home inspector. However, I often encourage my clients to spend the few hundred dollars it costs to ensure that their new home has been built to code.

Most homebuyers are smart cookies. But, in matters of love, the heart rules the head. That’s why, when it comes to buying a home, it pays to have professionals do some of the thinking for you.




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Give Yourself Credit: A Beginner’s Guide to Arranging a Mortgage

Over the years, I’ve worked with clients whose ease with numbers would make your head spin - from accountants to engineers. But, in my experience, such “mathletes” are far outnumbered by those of us who face financial calculations with apprehension.

Thank heaven for mortgage specialists. Whether you opt to go through a broker or your financial institution, a good specialist will guide you through the intricacies of choosing a mortgage with patience and know-how.


Remember that mortgage pre-approval is the way to go. This means visiting your specialist before shopping for a home, and obtaining a realistic budget to work from. Pre-approval also speeds up the purchasing process once you’ve found your perfect home.

In comparison with the early 80s, when mortgage rates surpassed 20%, today’s rates – which tend to hover below 4% – seem astonishingly low. But substantial savings can still be found by choosing certain mortgage features over others. Here are some of the most basic options you’ll encounter:

Term Length: A term is a set length of time, typically ranging from one to ten years, in which a certain mortgage rate applies. At the term’s end, you’ll renew your mortgage for another term. The shorter the term, the lower the interest rate; however, by choosing a longer term, you’re insuring yourself against the possibility of skyrocketing mortgage rates in the future.

Fixed rates, variable rates and capped rates: A fixed interest rate remains the same throughout the term, while a variable rate rises and falls along with prime rate. While the second option means accepting some unpredictability, it may yield greater savings than a fixed rate. A capped rate is a type of variable rate that cannot exceed a set upper limit. If interest rates are low but you’re facing a longer closing date, you may choose to be locked into a capped rate, which will apply once your mortgage payments begin.

Frequency of payments: Most lenders offer weekly, bi-weekly, semi-monthly or monthly payments. While, at first glance, the difference between bi-weekly payments (every other week) and semi-monthly (twice a month) may seem unimportant, it works out to two more payments per year. Ultimately, those extra installments could take a couple of years off the life of your mortgage.
Of course, there are many more mortgage features that your specialist can introduce to you. Trust me: by the end of the process, you’ll feel like a specialist yourself.

To receive a FREE copy of a new special report titled "Homebuyers: How to Save Thousands of Dollars When You Buy" email sales@bennettpros.com

Marnie Bennett is a broker and the marketing director for Bennett Property Shop Realty, a full premium service real estate brokerage specializing in marketing and selling new and resale homes, condominiums and investment real estate. Marnie is the host of the weekly radio show the Real Estate Hour, a millionaire real estate investor and a wealth management coach. bennettpros.com

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A Room of His Own: The Man Cave

More and more often, I’m meeting male clients who toss the term “man cave” around when listing the features they’re looking for in a home. For some, the man cave is meant to be a retreat from the hustle and bustle of family life – a place to crack open a beer and watch the game in peace. Others are more interested in a place to entertain their buddies, where Superbowl parties and poker games reign supreme.

For reasons of space and noise containment, man caves tend to be located in the basement. New homes are ideal for this purpose, as today’s basements offer great head clearance; as well, there’s no better way to customize a space than from the ground up

There are all sorts of gimmicky man caves featured in magazines, with décor chosen along a specific theme: golf, for instance, or vintage cars. That’s great, if it makes you happy. But I’d like to address a few of the features that will give your space real staying power:

• If watching sports and movies is important to you, talk to your builder about installing an in-wall audio system and wiring the room for your wall-mounted television or projector.

• Lighting should be plentiful. While an overhead light can be useful, you’ll likely get more use from pot lights on a dimmer switch, combined with floor and table lamps. Consider appropriate fixtures above a pool table or bar.

• Wall colours are traditionally deep and warm; this is a place to be cozy and relaxed, not hyper-alert. Carpet underfoot should be plush, with a great underpad. 

• Consider how you’ll entertain. If asked, most builders will install a bar, or an in-wall fridge for beer or wine. The more work you can hand over to your builder, the sooner you can tilt back that recliner and soak up the manly vibe.

After watching countless couples negotiate their “must-have” list, I’ve come to believe that women have something to gain from the man cave. I’ve found that many women are happy to hand over this chunk of their home’s square footage because, having gotten what they want, the men are content to let their partners take charge of design decisions in the rest of the home. When a trade-off like this can actually ease marital tensions, everybody wins!

Visit bennettpros.com for all your real estate needs. We have hundreds of properties for sale and one of them might just have your dream Man Cave!

After the Move: Handling Warranty Issues during the First Year

From those first tentative steps towards purchasing a new home, you’ve come a long way! As you unpack your boxes, position your furniture and hang your artwork, you can feel this home becoming your own. You’re probably a little tired – but the exhilaration is enough to keep you going.

Ideally, this feeling is strengthened with the confidence that your home has been built to meet both building codes and your own exacting specifications. In most cases, when you’ve chosen your home builder after proper research, and completed a thorough pre-delivery inspection (PDI) as I discussed in my previous blogs, you can rest easy that things are as they should be.

Sometimes, however, items are missed during that initial inspection. When this happens, it’s important for you to understand the proper course of action to take. Ontario’s Tarion Warranty Program is structured to deal with homeowner complaints in a very specific manner; in order to take advantage of the program, it’s necessary that you fill out the appropriate forms and meet set deadlines. 

Details of the process are outlined in The Homeowner Information Package, provided by Tarion to all new home buyers. As much as I urge my clients to become familiar with this guide, the truth is that amid the flurry of your home search, purchase and move, it can be a lot of information to digest. Here are some major points to remember:

·       There are one year, two year and seven year warranties that apply to various aspects of your home.

·       If you discover a problem with your home within the first year of living there, you have two opportunities to file a warranty form. The 30-Day Form must be filed within 30 days of taking possession, while the Year-End Form must be filed within the last 30 days of the first year.

Naturally, it’s in your best interest to submit a report sooner rather than later, so I recommend paying particular attention to construction details during your first couple of weeks of occupancy. As well, some homeowners who missed the chance to hire a home inspector during the PDI may choose to do so prior to the end of the year for an added sense of security.

New home ownership isn’t without its responsibilities; but attention to detail now will pay off in the long run. Here’s to a wonderful first year!

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