November 2022 Newsletter
November was an exciting month for the team! As the year starts winding down, we wanted to ensure we touched base with all our clients and made sure the holiday season was filled with joy! The team also gathered for a trip to Toronto to the Better2023 conference, where they worked on goal setting for the new year.
Holiday Decorating
We had a great time decorating our office for the holidays. Our office is home base - it’s not just a place for us to work, it’s a place to relax and enjoy ourselves as well! Keeping things festive is a big part of feeling like this space is more than just work for us.
Winter Photoshoot
We hosted our first-ever photoshoot for our clients, friends, and family! This event was a huge success. We invited anyone and everyone to stop by for a 15-minute session with our photographer, free of charge.
Better2023 Conference
Our sales team drove down to Toronto to plan for the new year at the Better2023 conference. This conference was all about making next year the best one yet; agents planned out their individual businesses, met like-minded real estate professionals, and worked together as a team!
Congratulations, Matt!
Our very own Matt Richling had the honour of being elected to the Board of Directors for the Ottawa Real Estate Board this month! He will be involved in supporting and advocating for all the realtors in our amazing city.
Real Estate News in Ottawa
Interested in hearing more from our agents about real estate? Let’s dive into some of our top blog posts this month:
Vacant Unit Tax
Ottawa homeowners should expect to receive a notice about a new tax coming to Ottawa, if they haven’t already! The new Vacant Unit Tax in Ottawa will impact homes vacant for more than 184 days the previous year, with exceptions (for example, if the homeowner died or was in long-term care). Homeowners must declare this on their property taxes. Vacant homes will be subject to a 1% tax. The purpose of this tax is to encourage homeowners to turn vacant homes into liveable properties to help with the housing crisis, and money raised from this tax will also contribute to the city’s efforts to combat the housing crisis as well.
Get Ready to Rent in Ottawa
Getting a rental can be stressful, especially with so many scams presenting themselves across the country. We’ve done our best to break down some of the major scams, red flags, and ways to prevent being misled. Some red flags you should look for in the rental business include out-of-town landlords, low prices, and emails asking for personal or financial information. To avoid getting scammed, you can use a realtor with no cost to you to find your dream home! Check out the link below for full details.
What is a POTL?
A POTL is a parcel of tied land, which is essentially a condo-style management strategy for shared amenities like parking, golf courses, or parks. You become part of a POTL if you purchase a home on that shared land. You will pay a monthly fee that helps with the maintenance of the shared land and its amenities.
Client Story
Owen Kennedy was working with a client and managed to negotiate $220,000 off the listing price - just by offering a short and sweet closing - even with a finance condition in their offer! His clients were ecstatic about securing their dream home for a fraction of the price, and the sellers were equally happy to sell their home with such a short closing. In addition, Owen’s client’s mortgage rate was about to expire, meaning they secured this property at just the right time!
Neighbourhood Monthly Statistics
In the month of November, Ottawa Real Estate Board members sold 846 residential properties - down 42% from November 2021. 658 of these were residential, down 39%, and 188 were condominiums, down 50%. This is also a significant decrease from the 5-year average of sales in the month of November, which is 1270.
The president of the Ottawa Real Estate Board, Penny Torontow, explains that November’s sales are typically lower as the real estate market comes to a lull during the holiday season. But they also reflect the state of our economy. She explains that many people who can are waiting and watching to see what happens next, as our market is changing so quickly, and similar trends are appearing all over the world.
Prices are also decreasing. The average condominium this November cost $415,533, which is a decrease of 4% from November last year. The same is clear in residential housing, where the average property cost $680,031, a decrease of 5% from November last year.
To learn more, check out our full blog post HERE
Pet of the Month
Meet Harley! Harley is 4 years old. He is described as a “bit of a hell-raiser,” but super friendly.
Send us your dogs (or other animals) for the chance to be featured next month!
