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New Mortgage Rules Coming to Ottawa Real Estate

The Federal Government has announced yet another important mortgage rule change in efforts to cool the housing market by implementing what they call a “stress test”. In other words qualifying for a mortgage just got a whole lot more difficult. Effective October 17th all insured mortgages are required to QUALIFY for their mortgage using the…

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Summer Sales Sizzle in July Ottawa Real Estate!

Members of the Ottawa Real Estate Board sold 1,491 residential properties in July through the Board’s Multiple Listing Service® System, compared with 1,430 in July 2015, an increase of 4.3 per cent. The five-year average for July sales is 1,413. “Sales continue to outpace 2015 numbers both in monthly and year-to-date comparisons,” says Shane Silva,…

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Ottawa resale market eases off with cooler January weather

Members of the Ottawa Real Estate Board sold 601 residential properties in January through the Board’s Multiple Listing Service® system, compared with 626 in January 2015, a decrease of four per cent. The five-year average for January sales is 618. “The market momentum gained from the warmer weather in the latter part of 2015 has…

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Strong December for Ottawa Real Estate

Members of the Ottawa Real Estate Board sold 703 residential properties in December through the Board’s Multiple Listing Service® System, compared with 638 in December 2014, an increase of 10.2 per cent. The five-year average for December sales is 653. The total number of residential and condo units sold through the Board’s MLS® System throughout…

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Risks of Purchasing a Foreclosed Property

The main risk of purchasing a foreclosure property, is that it is purchased on an “as is, where is” basis. Sometimes fixtures such as lights, faucets and cabinets may have been removed from the property or are damaged. The property is often left unclean with unwanted trash and items left behind. An additional risk to…

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Typical summer resale market in Ottawa

  August 6, 2015 – Members of the Ottawa Real Estate Board sold 1,436 residential properties in July through the Board’s Multiple Listing Service® system, compared with 1,440 in July 2014, a decrease of 0.3 per cent. The five-year average for July sales is 1,380. “Last July was the second best on record, and this July…

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Busy spring for Ottawa Real Estate amidst March snow banks

Members of the Ottawa Real Estate Board sold 1,208 residential properties in March through the Board’s Multiple Listing Service® system, compared with 1,184 in March 2014, an increase of two per cent. The five-year average for March sales is 1,236. “Sales increased month over month, with 356 more properties sold in March over February, a…

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Home Buyers Plan and Tax Refund for First Time Buyers

Never miss great tax-time freebies! Here are two tax-time advantages available for upcoming first-time buyers and those who took the plunge in 2014. 1 The 90-day boost. If you’re buying your first home now and it’ll be at least 90 days before your move, let’s talk. The Federal Home Buyers’ Program (HBP) and a tax…

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Homebuyers undeterred by January cold

Members of the Ottawa Real Estate Board sold 627 residential properties in January through the Board’s Multiple Listing Service® system, compared with 587 in January 2014, an increase of 6.8 per cent. The five-year average for January sales is 633. “The cold weather proved not to be a deterrent for buyers in January,” says President…

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November sales up slightly over last

Members of the Ottawa Real Estate Board sold 893 residential properties in November through the Board’s Multiple Listing Service® system, compared with 888 in November 2013, an increase of 0.6 per cent. The five-year average for November sales is 935. “Sales have been remarkably similar to last year overall, with units sold for the first…

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Ottawa Luxury Real Estate Landscape Changing in 2015

The new Ottawa trend of full-service, “live, work, play” neighbourhoods will continue to change the city’s landscape and with it, the commercial real estate market, according to CBRE. In its 2015 outlook released Monday, the company said projects such as Lansdowne Park and Windmill Development Group’s plan for a mixed-use community at the old Domtar…

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Foreclosures down south slowing down!

WASHINGTON (Reuters) – Foreclosure activity across the United States declined last month to the lowest level since July 2006, as banks reclaimed fewer homes, according to a report released on Thursday. RealtyTrac, which tracks housing market data, reported foreclosure filings for 106,866 properties across the country, an 8.6 percent decrease from August and a 18.6…

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Tips for Buying a Foreclosure in Ottawa

A few tips to help you successfully buy a power-of-sale (the term used in Ontario referring to foreclosed homes):   1.      Banks always sell “as is” The lender has never been in the property and cannot warranty its condition.  Usually if an owner can’t pay the mortgage, home maintenance can take a serious hit. It’s very important to…

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Steady as she goes for Ottawa Real Estate

Members of the Ottawa Real Estate Board sold 1,133 residential properties in September through the Board’s Multiple Listing Service® system, compared with 1,118 in September 2013, an increase of 1.3 per cent. The five-year average for September sales is 1,103. “Our community is fortunate to enjoy one of the most stable real estate markets in…

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Average August for Ottawa Real Estate

Members of the Ottawa Real Estate Board sold 1,203 residential properties in August through the Board’s Multiple Listing Service® system, compared with 1,216 in August 2013, a decrease of 1.1 per cent. The five-year average for August is 1,199. “As usual, we are seeing a typical end-of-summer slowdown, especially in comparison to July’s record sales,”…

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Ottawa real estate market moving up!

Members of the Ottawa Real Estate Board sold 1,661 residential properties in June through the Board’s Multiple Listing Service® system, compared with 1,593 in June 2013, an increase of 4.3 per cent. The five-year average for June is 1,636. “It is now very apparent that the long winter we experienced delayed the start of the…

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Ottawa Real Estate Has Come Out of Hibernation

Members of the Ottawa Real Estate Board sold 1,792 residential properties in May through the Board’s Multiple Listing Service® system, compared with 1,797 in May 2013, a decrease of 0.3 per cent. The five-year average for May is 1,765. “Looking at the units sold this year in comparison to last year, there is only a…

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