March 2022 Newsletter
March has been a busy month as the real estate market begins to heat up for the spring in Ottawa. But further, we’ve seen laws changing at a rapid pace in our area - from new taxes, to interest rate changes, to rules on short-term housing.
Company Highlight
RE/MAX Hallmark is offering a scholarship program! If you have ever been a client of a RE/MAX Hallmark agent in Ottawa (not just New Purveyors) your university/college-age child can apply.
The deadline for applications is May 20th, and your child must be entering college or university this coming year (September 2022).
Reach out to your agent for assistance in completing the application!
News in Ottawa
READ: Ontario to Implement and Increase the Non-Resident Speculation Tax
Ontario is increasing taxes on foreign investors from 15%-20% and expanding the reach of this from the Greater Horseshoe Area to all of Ontario.
READ: Condos and Freehold Homes - A Growing Gap
Condos and Freehold homes used to be closer in price. As the prices for freehold homes rise, we have seen a 50% difference in price rise to an 83% difference between condo apartments and detached homes.
READ: Bank of Canada Increases Policy Interest Rate
The Interest Rate in Canada has doubled for the first time in Canadian history and is predicted to keep rising.
READ: Short Term Rental Bylaw
Ottawa has implemented a new by-law that will not allow short-term rentals unless they are cottages. This will change the way Airbnb and similar businesses make money in the city, and change the landscape for property investors.
Client Tip: Questions to Ask Your Agent
We spoke with Husnain Ali about the top questions you should ask your agent when you start working together.
Real Estate agents all have different specialties and levels of expertise, and you want to ensure you and your agent are the right fit!
1. What do you and your business focus on?
Some agents and brokerages focus on condos, homes, or certain areas specifically. It’s good to know your agent specializes in the home you’re selling or looking to buy.
2. Are you a solo agent, or on a team?
An agent on a team may have admin assistance, marketing assistance, and more. It is good to know who you’re working with.
3. Can you explain the home buying/selling process for us?
Get specific details about how your transaction is going to work.
4. What should we look out for in these types of properties?
For buyers, you’ll want to know if the type of property you’re interested in has any risks like condo fees, asbestos, etc.
5. When is the deposit due?
Knowing when your deposit is due when buying a home is crucial! And no, it isn’t due on the day you get the home, but way before!
Neighbourhood Monthly Statistics
The Spring rush is beginning for Ottawa’s real estate market! Compared to 2021, we’ve actually seen significantly fewer sales in the condo market everywhere except for Centretown.
However, we are actually seeing more listings than this time last year. If you are thinking of buying a home, now seems like an excellent time to begin looking! As more houses are being listed, and competition seems to be slowing a little bit - now is your time to put in an offer!
If you are looking to sell, a great marketing and listing strategy are going to be essential to compete!
We have seen significantly shorter days on market in each area, meaning buyers are still working competitively to get the properties they want, and selling prices are down in most areas.
Remember, as always, these numbers are subject to change depending on how many condos have sold in the area. The more sales, the more of an ‘average’ we are able to work with.
For more information, check out our full blog post HERE
Dog of the Month
Meet Rilee, our dog of the month! Rilee is a 5-year-old dachshund. He enjoys wearing his batman t-shirt and taking long naps.
Send us your dogs for the chance to be featured next month!
Giveaway!
This month, we are giving away a 2-person pass to Koena Spa!
To enter, head over to our Instagram and leave a comment on our most recent post: LINK
One comment tagging a friend is automatically an entry! For an extra entry, you can share the post to your story.
If you need any help to enter, or do not have an Instagram to enter, email us at hello@newpurveyors.com and we can assist you or manually enter you in the contest.
We look forward to seeing who wins!
