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Ottawa Real Estate Statistics for November 2019

Weather isn’t Cooling the Resale Market

Ottawa Real Estate Statistics for November 2019 – Members of the Ottawa Real Estate Board sold 1,288 residential properties in November through the Board’s Multiple Listing Service® System, compared with 1,161 in November 2018, an increase of 10.9 per cent. November’s sales included 958 in the residential-property class, up 10.5 per cent from a year ago, and 330 in the condominium-property category, an increase of 12.2 per cent from November 2018. The five-year average for November unit sales is 1,133.

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Buying in Ottawa Urban Neighbourhoods

Are you considering a move to or within Ottawa? Is an Ottawa Urban Neighbourhood being considered? Want to walk to work or school? Ottawa used to be a small city with a well defined core of urban neighbourhoods. Certainly Centretown, the Golden Triangle, the Glebe, Lowertown and Sandy Hill would have been considered “urban” for the last 60 to 100 plus years.

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Utilities Transfer Information

Ok, so you’re just about to close on your home purchase or sale, what do you do for the utilities? Does it just magically get setup for you? Maybe, or maybe not ;^)

Property tax bills should be moved to the new owner, generally done by the city or your lawyer on closing.

Here’s additional information:

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Talking Ottawa Real Estate with Rob & Dan

Rob and Dan Discuss Ottawa Real Estate, Cars, The Glebe, Centretown, Old Ottawa South, Old Ottawa East, Mechanicsville, Westboro, Hintonburg, real estate Statistics, the Rideau Canal and NCC, Suggestions for First Time Home Buyers and a whole bunch of other great real estate info.

Be sure to subscribe to the newsletter on the right for real estate related updates.

First-Time Home Buyer Incentive UPDATE

National Housing Strategy

According to  CMHC-SCHL the Government of Canada just released several tools and resources to help with the First-Time Home Buyer Incentive program.

These include:

1/ the product highlight sheet (PDF)

2/ the online calculator on the government website

3/ all about the program on the government website

4/ all about the process on an awkward government website, that may or may not work for you

 

Possibly, the most important question is how the “loan” is paid back. According to a quick review of provided info, you can pay back the full loan if you want at any time. If you sell the home you need to pay back as a percentage of the sale price.

For example, you “borrowed” 10% of value of a new home. When you sell you must pay the government of Canada 10% of the sale price, whether value went up or down.

For resale (not new) homes the max is 5% of value.

Why not borrow the full amount you can, and then if value goes up a lot, pay off the full loan just prior to selling? Not yet clear how this would be handled.

I expect there will be MANY more questions about the process and requirements. It really doesn’t seem like the government thought this program through…but it does line up nicely for a fall election.

There is no doubt that first time buyers are finding it MUCH harder to buy a home in the Ottawa market. Hopefully this program will help in a meaningful way.

Why is it so confusing to google real estate listings?

The 2 most accurate ways to get information about a real estate listing are to:

1) Look it up on Realtor.ca (also known as MLS.ca)

2) Go directly to the listing agent/brokerage’s website, if you know it.

Google’s search algorithms are always changing and you never know what you will see when you search in Google. It’s confusing.

Stay tuned for my upcoming email explaining how real estate listings are distributed on the internet.

First Steps to Home Buying

How to buy the BEST possible home

 

Buying a home may initially seem daunting but following these steps can help to simplify the process.  I see many first time buyers unsure of how to begin searching for a home and these are the tips I give them.

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