June Ottawa Real Estate Stats Released

Busy spring market continues in June

Ottawa, July 6, 2015 - Members of the Ottawa Real Estate Board sold 1,694 residential properties in June through the Board’s Multiple Listing Service® system, compared with 1,657 in June 2014, an increase of 2.2 per cent. The five-year average for June sales is 1,664.

“The Ottawa market is performing very well month-over-month and year-to-date compared to last year,” says David Oikle, President of the Ottawa Real Estate Board. “Year-to-date sales for the first half of 2015 are up 4.9 per cent over the first half of 2014, and average sale price continues to be steady for the first half of the year.”

 

June’s sales included 274 in the condominium property class, and 1,420 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.

 

To continue reading visit:  http://www2.ottawarealestate.org/home/NewsInformation/LatestNewsRelease.aspx

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Lynsey Bennett in: He Shed, She Shed

AMAZING ARTICLE!! Our very own Lynsey Bennett's backyard oasis was featured in the Ottawa Citizen today. Kiki Interiors and Lynsey made a great team designing this unique retreat. To find your dream backyard oasis team up with the best CALL TODAY Bennett Pros 613-233-8606 or visit bennettpros.com.

WE MUST ADD - no photoshoot would be complete
without our famous office dog Maddy.

Call it a classic he shed, she shed moment.

It’s that instant when you decide it’s time for your own backyard hideaway — when you buy into the fact that sheds aren’t just for storing junk and hosting cobwebs anymore.
Backyard sheds are being reimagined as elaborate outdoor living spaces. The trend has laid a foundation in Ottawa and Canada just as it explodes south of the border. Just last month, U.S. cable network FYI ordered production on a new series called He Shed, She Shed. To continue reading click on the following link: http://ottawacitizen.com/life/homes/he-shed-she-shed-reimagining-your-outdoor-living-space

The Ottawa resale market remains steady and strong in May

June 3, 2015 - Members of the Ottawa Real Estate Board sold 1,926 residential properties in May through the Board’s Multiple Listing Service® system, compared with 1,789 in May 2014, an increase of 7.7 per cent. The five-year average for May sales is 1,812.

“The Ottawa housing market continued its strong performance in May, making it the best May for unit sales on record since 2009,” says David Oikle, President of the Ottawa Real Estate Board. “Units sold are up 357 since April, increasing in both the residential and condominium property class.”
May’s sales included 342 in the condominium property class, and 1,584 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 remains consistent at 72 days, compared to 74 last month,” says Oikle. “Properties are moving consistently and inventory remains plentiful; labelling the Ottawa market as a Buyers’ market and allowing for average sale prices to remain very stable.”

The average sale price of a residential-class property sold in May in the Ottawa area was $411,791, an increase of 2.6 per cent over May 2014. The average sale price for a condominium-class property was $266,940, a decrease of 4.9 per cent over May 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.

“The hottest segments of our market for May were sales between $300,000 to $400,000, followed by the $200,000 to $300,000 range and then the $400,000 to $500,000 range,” says Oikle. “Two -storey residential properties sold surpassed 1,000 units this month, continuing to have the highest concentration of buyers in Ottawa. In addition to residential and condominium sales, OREB members assisted clients with renting 279 properties in May, and 1,155 since the beginning of the year.”

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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 

Visit www.bennettpros.com for all your real estate needs.

 

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