February 2024 Newsletter
February was an exciting month for the team - with plenty of amazing events inside and outside of the office.
Welcome, Shane!
We are ecstatic to welcome our newest co-op student, Shane! Shane is joining us to learn more about real estate, marketing, and everything in between. He will be assisting us with writing content!
Faces Awards Nominees
Two of our amazing team members, Karlie Malone and Lauren Lozier, were nominated this year for the Ottawa Faces Awards! Karlie was nominated for Administrator of the Year and Lauren was nominated for Fitness Influencer of the Year.
TRESA and Social Media Presentations
We had some great and informative presentations this month from our team. Karlie and Joanne presented to the team about new TRESA regulations to make sure our agents were up to date with all the details and able to assist their clients with them. Lauren presented to the team on creating video content.
Moms in Real Estate Panel
We had the absolute pleasure of hosting the “Moms in Real Estate” panel where mothers from our real estate community came to talk about balancing home and work life.
Family Day Photoshoot
We had a great time welcoming past and current clients to the office for a free photoshoot for Family Day! Stay tuned for our next client event.
Real Estate News
Interested in hearing more from our agents about real estate? Let’s dive into some of our top blog posts this month:
Rental Tips for Landlords and Tenants
Ottawa’s rental market is competitive and dynamic, offering challenges and opportunities for both tenants and landlords. To navigate this market successfully, tenants should determine their needs and budget, start their search early, research neighbourhoods, understand rental regulations, and review rental agreements carefully. For landlords, setting competitive rent prices, thorough tenant screening, property maintenance, effective communication, and knowledge of legal obligations are key strategies for success. Both parties can achieve their goals by following these tips and strategies, staying informed about market trends, and complying with legal requirements.
Ottawa’s Student Housing Market
Investing in student housing in Ottawa presents both opportunities and risks for investors. The city’s prominent educational institutions ensure a stable demand and consistent rental income, with the potential for higher yields due to renting out individual rooms. Additionally, a diverse tenant pool and appreciation of property values in student-centric areas offer investment prospects. However, risks include seasonal vacancies, turnover and maintenance costs, regulatory changes, property management challenges, and the impact of economic downturns on student enrolment rates. Successful investment strategies involve selecting well-located properties, understanding market dynamics, investing in quality assets, diversifying portfolios, and partnering with experienced professionals to navigate challenges and maximize returns. Overall, investing in Ottawa’s student housing market requires careful consideration of both opportunities and risks to achieve success.
Pre Approval 101
Buying a home in Ottawa involves significant financial commitments, making pre-approval for a mortgage a crucial step in the process. Pre-approval, a preliminary assessment by a lender, determines the amount of financing you qualify for based on your financial situation. It helps you understand your budget, focus your home search, and strengthen your offer to sellers. Pre-approval also provides a competitive advantage in Ottawa’s dynamic market and streamlines the closing process. To obtain pre-approval, gather necessary documents, choose a lender wisely, and submit your application accurately. Factors impacting pre-approval include credit score, debt-to-income ratio, and employment stability. Once pre-approved, stick to your budget, maintain financial diligence, and periodically re-evaluate your pre-approval if needed. With pre-approval, buyers can navigate the Ottawa real estate market confidently and secure their dream home.
Neighbourhood Monthly Statistics
In February 2024, Ottawa's real estate market saw a significant increase in home sales, with 886 units sold through the MLS® System, marking a 15.2% rise from the previous year. However, sales remained below the five-year and 10-year averages for February. Affordability concerns persist, with a notable decrease in communities offering homes under $500,000 over the past decade. OREB President Curtis Fillier highlighted the ongoing demand for housing and advocated for measures to address the lack of affordable options. Prices saw moderate increases, with the overall benchmark price reaching $628,500 and the average home price at $651,340. The total dollar volume of sales reached $577 million, a 17.5% increase year-over-year. New residential listings surged by 29.5% compared to February 2023, totalling 1,539, while active residential listings rose by 16.3% to 2,158 units. The months of inventory remained steady at 2.4, indicating a consistent rate of sales activity compared to the previous year.
To learn more, check out our full blog post HERE
Pet of the Month
Meet Gigi! Gigi is around 15 weeks old. She sleeps with her tongue out, and is just now learning how to use her voice and meow!
Send us your pets for the chance to be featured next month!
