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February 2023 Home Sales Decline in Ottawa
What You Need to Know About Ottawa Real Estate
The residential real estate market in Ottawa has experienced a significant amount of volatility over the past year. February 2023 saw home sales and transactions decline from the previous year, but what does this mean for buyers and sellers in the area? Let’s take a look at the current state of Ottawa’s housing market.
Home Sales Decline in Ottawa
In February 2023, there were 855 homes sold in Ottawa, representing a 39% decrease from February 2022 in which there were 1,411 residential sales. This is not unusual given that many people are reluctant to enter into large purchase agreements during times of economic uncertainty and continued interest rates increases, but it is still cause for concern as it indicates a lack of confidence in the housing market.
What Type of Market Are We In?
The current market can be described as a balanced market leaning towards a little bit of a “buyer’s market” with low demand and low supply. This means that prices have been dropping due to Sellers being impatient compared to the last two years, making it easier for buyers to find good deals. Additionally, buyers are getting more bang for their buck as Sellers are more willing to negotiate.
Decline in Sale Prices in Ottawa
The sale prices in Ottawa for the month of February for a freehold-class property has decreased 15% from last year during the same month, but there is some optimism as the sales prices for these type of homes in Ottawa did increase 5% compared to last month, January 2023. Orleans is seeing a similar trend.
All things considered, February was an interesting month for home sales in Ottawa as we saw a decline in both homes sold and sale prices closed compared to last year. However, it is important to remember that this could be attributed to several factors such as buyer hesitation or increased mortgage interest rates. Although it may seem like a difficult time for those looking to buy or sell a home right now, this could ultimately create opportunities for savvy investors or first-time homebuyers who are willing to wait until conditions improve and prices drop again before entering into any major purchase agreements. Contact Orleans Real Estate Marc-Andre Perrier to give you an accurate updated market analysis!
Thinking of Selling Your Orleans Home? How to Get the Most Out of Your Home Renovations
Thinking of Selling Your Orleans Home?
How to Get the Most Out of Your Home Renovations
When it comes time to sell your house, there are a few things you can do to increase its value and make sure you get the best return on investment. From decluttering and updating to renovations and painting, making sure your home is in tip-top shape before selling is essential. Let’s take a look at some of the best renovations you can do to maximize your returns when selling.
Decluttering & Updating
The first step in getting your home ready for sale is decluttering. This means taking out anything that isn’t necessary or doesn’t help with the presentation of your house—including furniture, collectibles and other personal items. Decluttering makes a space look bigger, brighter, and more inviting for potential buyers. It also helps them visualize their own furniture in the space better.
Updating fixtures such as faucets, light fixtures, cabinet handles, etc., can also give your house a fresh new look without breaking the bank. Minor updates like these don’t require any major construction or renovation work but they can make a big difference when it comes time to sell.
Renovations & Paint
If you feel like tackling more involved projects then consider investing in some minor renovations such as replacing carpets, hardwood floors, tiling floors. These types of projects will add value to your home and are likely to be noticed by potential buyers. The same goes for painting; if you have walls or ceilings that need freshening up then consider doing so before putting your house on the market as this will have a huge impact on how appealing it looks.
Selling your Orleans home doesn’t have to be overwhelming or expensive; with some smart planning and careful budgeting you can get great returns from even small investments in renovations or updates. Best of all, these changes don’t necessarily have to cost an arm and a leg; sometimes just decluttering and freshening up paint colors are enough to make a world of difference in how appealing your house looks! With these tips in mind you can maximize the return on investment when it comes time to sell your home! Contact Orleans Realtor Marc-Andre Perrier with Century 21!
What You Need to Know About the Current Orleans Real Estate Market
Spring is almost here, and with it comes an exciting time for those in the market for a new home. With the current “balanced market” — where there’s a closer number of buyers and sellers — this is the ideal situation for anyone looking to buy or sell their home. But what does this mean for you? Let’s break down the options and discuss why now could be the perfect time to start your search.
The Benefits of a Balanced Market
A balanced market means that prices are steady, not rising dramatically like they can in a seller’s market, where there are more buyers than homes available. This is positive news if you’re looking to buy, as it gives you more control over how much you pay for your dream home. It also gives you flexibility when it comes to negotiating on features and updates that may be needed on a particular property. It also gives you the opportunity to include conditions such as finance, home inspection, review of status of certificate and sometimes even first refusal. You also might get a chance to visit the property multiple times and think about your purchase prior to submitting an offer. Although price increases may still happen, they won’t be as drastic as they would during a seller’s market.
Another benefit of this type of market is that sellers tend to be more open to negotiation because they know that competition between buyers isn’t as fierce. As such, you may be able to leverage certain features or upgrades in order to get a better deal on your purchase. And with interest rates increasing, now could be the perfect time for you to lock in those rates and save money over the life of your mortgage.
Time To Sell?
If you’re thinking about selling your home, then this might also be the ideal time for you do so, but keep in mind we are in a balanced market, therefore it will take quite longer to sell, 90-120 days, and expect to negotiate with the Buyer. Of course, it’s important not to become complacent; make sure that any offers are still inline with comparable properties in your area in order to maximize your return on investment. And don’t forget about another potential interest rate hike potentially next week March 8th, 2022; if one occurs before you’ve sold your house, then it could affect how attractive potential buyers view your property.
The spring home market provides plenty of opportunity for both buyers and sellers alike. For buyers, it’s an especially good time given the current balanced market conditions—which offer stability when it comes to pricing—as well as lock in interest rates which can help save money over the life of their mortgage loan. For sellers, there are still interested parties who may just offer up a great deal that allows them to maximize their return on investment without having to wait too long either! All things considered, now could certainly prove to be a great time get into (or out of) real estate! Contact Marc-Andre Perrier, Orleans Real Estate Agent with Century 21 Action Power Team to sell and buy your next home!
Is It Time to Review Your Home Insurance in Orleans?
The recent explosion near Tenth Line in Orleans serves as a stark reminder of the importance of having the right insurance protection for your home. For homeowners, landlords and tenants, home insurance is something that you need to know about and understand, regardless of whether you own or rent a house. Here’s what you need to know about home insurance in Orleans.
What is Tenant Insurance?
Tenant insurance is a type of policy that provides coverage for personal possessions, such as furniture and electronics, as well as liability coverage if someone is injured while on your property. This type of policy also provides coverage for additional living expenses, such as hotel and restaurant bills, if you are forced to leave your home due to an insured peril (e.g., fire). It’s important to note that tenant insurance does not provide coverage for the actual structure of your rental property; this type of coverage must be purchased separately by the landlord.
What Does Home Insurance Cover?
Most home insurance policies will cover damage caused by fire, smoke, lightning, and explosions. However, there are some exceptions. So, if you live in an area that is prone to wildfires or you have a gas stove in your home, it’s important to check with your insurer to make sure you’re covered in the event of an explosion.
As we mentioned above, the builder was lucky the homes were unoccupied and that no neighbours were severely injured or worse after the houses were destroyed by an explosion. Unfortunately, not all explosions are covered by home insurance. In order for an explosion to be covered, it must be caused by one of the following:
-A sudden and accidental release of pressure from within a plumbing, heating, air conditioning or automatic fire-protective sprinkler system
-An accidental discharge or overflow of water or steam from within a plumbing, heating, air conditioning or automatic fire-protective sprinkler system
-A rupture or bursting of a water heater, heating or cooling system
-A falling satellite or piece of spacecraft.
If your explosion is not caused by one of the above scenarios, you may still be covered if you have purchased additional coverage for explosive events. This type of coverage is typically offered as an endorsement to your standard home insurance policy.
Staying Safe and Reviewing Your Coverage
Typically once an insurance is bought and paid, it is long forgotten until you need it. In the wake of this tragedy, it’s important to review your home insurance policy to make sure you have the coverage you need. It’s also important to take steps to prevent an explosion in your own home by having your gas appliances serviced regularly and ensuring that any flammable liquids are stored properly.
No one ever expects their house to explode—but it can happen. As we saw in Orleans recently, explosions can cause major damage. That’s why it’s so important to review your home insurance policy regularly to make sure you’re fully protected against all types of disasters—explosions included.
Exploring the Orleans Rental Market
The Orleans rental market is finally becoming similar to other Ottawa neighbourhoods. For the longest time Orleans did not have rental apartments, but now there’s plenty of new builds for the rental market in additional to rental homes, and private rentals that are available at a variety of prices. For those looking for luxury rentals, there are now new options to choose from. And if you want to ensure your rights as either a landlord or tenant, the Landlord and Tenant Board is here to help. Let’s explore the details further.
Rental Apartments and Homes in Orleans
Orleans now has a wider selection of rental apartments and homes available for tenants. The Tenth Line pet friendly luxury apartments are currently being built by Ironclad, in Orleans. Brigil also has move in ready apartments down by Petrie Island and there’s rental apartments being built on Portobello. Whether you are looking for something small and cozy, or something more spacious, you can be sure that you will find something that suits your needs.
Private Rentals in Orleans
Small landlord owned homes, such as single detached, townhomes and terrace homes, have been the norm in Orleans for the last decades. Landlords sometimes hire Realtors to help get their properties rented with qualified tenants. As well, Tenants can also hire a Realtor normally for free to help them with their search. Albeit the most common rental avenue in Orleans is still the private market, where the landlord and tenant deal together exclusively. Problematic situations can arise when the landlord and/or tenant is not familiar with the rules from the Landlord and Tenant board.
Landlord and Tenant Board
The Landlord and Tenant Board is an independent government agency that works to protect both landlords and tenants in Ontario by facilitating dispute resolution between them. They provide resources on topics like tenant rights & responsibilities, eviction notices & processes, rent payments & increases, repairs & maintenance issues, health & safety concerns etc., so that everyone involved understands their roles when it comes to renting in Ontario. A professional Realtor has the expertise to help better understand these rules and regulations for both tenant and landlord.
Whether you are looking for a cozy or luxurious apartment or a rental home; whether you need assistance understanding your rights as either a landlord or tenant; Orleans has something to offer everyone when it comes to renting an apartment or home. With its vibrant rental market—filled with countless options—and support from a local Century 21 Realtor such as Marc-Andre Perrier, finding the perfect place has never been easier! So take your time exploring all that Orleans has to offer—you won’t be disappointed!
Ottawa’s LRT Transit Stage 2 is Still On Track for Orleans!
The second phase of the Ottawa Light Rail Transit (LRT) project has been in the works for years. After a long wait, we finally have the construction on the first part of this project in Orleans and believe it or not it is still on track for opening in 2024, unlike the West end line. This project brings exciting news to transit riders and commuters alike, who can expect more efficient travel as well as fewer delays and issues.
Stage 2 of the LRT Project
The second stage of the Ottawa LRT Project will bring two new lines to the city. The first line, called Trillium Line Phase 2, will extend from Tunney’s Pasture Station all the way to Riverside South. This line will add 11 kilometers of track and eight new stations to Ottawa’s existing light rail system. The second line, called Confederation Line Phase 2A/2B, will extend from Blair Station to Trim Road in Orleans, with an extension planned from there to Place d’Orleans Shopping Centre. This line will add 18 kilometers of track and 10 new stations.
Efficiency & Less Issues
With these new lines coming into play, many commuters and transit riders can look forward to reduced travel times and hopefully greater efficiency when using public transport in Ottawa. We all know the issues that we’ve had with the current system. Additionally, since both lines are currently progressing well and the majority of the work has been completed, there should be less disruption caused by construction for residents living near these new routes. Currently estimated completion date for both lines is 2024 – just a few short years away!
Sens at LeBreton?
Perhaps one of the most exciting prospects proposed by Stage 2 is a station at LeBreton Flats – Maybe the new home of the Ottawa Senators. As we know the team is currently in the progress of accepting bids and will be sold sooner rather than later. The LRT from Orleans to LeBreton will make it a less time consuming and stressful commute to Senators games going forward. Nobody enjoys driving from Orleans to Kanata for the current games especially with the log jammed parking lot.
Ottawa’s Light Rail Transit project is seemingly moving full steam ahead towards its goal of bringing more efficient public transport options to our city’s residents. Construction on Stage 2 is slated for completion in 2024 which means it won’t be too long until everyone starts benefiting from better commute times as well as fewer issues due to construction disruptions – especially those living near the proposed routes. Plus with talk beginning about a possible station at Lebreton Flats; Sens fans might have something extra special to look forward to! All things considered – it looks like things are shaping up nicely for public transportation in our nation’s capital! Hopefully they have learned from all the issues with the Stage 1 project. Are you looking to buy a home close to the LRT, contact Marc-Andre for more information!
What You Need to Know About Townhomes in Orleans, Ontario
Buying a home is an exciting milestone. But if you’re buying a home in Orleans, Ontario, you may be wondering: Should I buy a freehold or condo townhome? To make the best decision for your family, it helps to understand the differences between these two types of housing. Additionally, if you are considering buying a condo townhome, you need to know what the condos fees are or a HOA fee is and what it covers. Let’s take a look at the differences between freehold and condo townhomes as well as what an HOA fee is.
Freehold vs Condo Townhomes
First, let’s discuss the differences between freehold and condo townhomes. A freehold townhome is one that is owned outright by the homeowner. This means that the owner has complete control over any changes that they want to make to their property as well as any decisions about how it will be maintained or managed. On the other hand, a condo townhome is owned by multiple people who form an association called the Condo Association. Each homeowner has partial ownership of all common areas of the property such as hallways, courtyards and playgrounds which are maintained by members of the condo.
What Is An HOA Fee?
The main difference between owning a freehold or a condo townhome is that when you own a condo townhome there are additional fees associated with living in this type of community and these fees are typically referred to as Homeowners Association (HOA) or Condo Fees. These fees cover expenses such as maintenance costs for common areas like hallways and courtyards, pools, tennis courts, additional visitor parking, landscaping expenses for lawns and flower beds, snow removal services during winter months, etc. The amount of money that each homeowner pays depends on their share of ownership in the common areas plus any additional amenities offered by their particular Condo Association.
Specific to Orleans, Ontario
The newer neighbourhoods, such as Mer Bleu, Avalon, Nottinghill and Cardinal Creek typically offer freehold townhomes. These are great starter homes for first time home buyers, downsizers, or for someone upgrading from a terrace home or condo. A yard might or might not be included depending on the type of townhome. Older neighbourhoods such as Queenswood heights, Convent Glen, Chatelaine Village offer condo townhomes which the barrier of entry, purchase price, is significantly lower than a freehold townhome, but they include condo fees. There is less maintenance of your property, as the condos are normally responsible for the exterior of your home, but special assessments and levies can sometimes arise.
There are a few pockets in Orleans, that offer HOA townhomes, which are on private streets, and the owner is only responsible for paying a fee for snow removal and landscaping, which is much lower than your standard condo fee.
When deciding whether to buy a freehold or condo townhome in Orleans Ontario it’s important that you have all necessary information at hand so that you can make an informed decision about which option works best for your family’s needs. Understanding what a condo fee covers makes it much easier to decide if buying into one of these communities is right for you since they do come with additional costs associated with them compared to purchasing a regular freehold townhome. Ultimately both options offer unique advantages depending on your individual situation so take some time to research both before making your final decision!
Reach out to Marc-Andre to find out more information and to answer any questions that you might have regarding these types of townhomes in Orleans.
Orleans Home Sales: What Happened in January 2023
Orleans Marketsnapshot January 2023
For prospective homebuyers, the Orleans home market can be daunting to navigate. Prices have risen significantly over the past few years, and understanding the current trends is essential for making sound decisions when buying a home. This blog post will take a look at the Orleans home sales in January 2023 compared to previous years, so that buyers can get an idea of what to expect when looking for a house.
January 2023 Home Sales Compared To Previous Years
The Orleans real estate market saw a decline in home sales this January compared to previous years. According to data from the Ottawa Real Estate Board (OREB), there were only 140 homes sold in Orleans this month—a slight decrease from last January’s total of 161 homes sold. The average sale price came out to $650,753—a significant decrease from January 2022’s average sale price of $766,411.
Year-Over-Year Statistics
When comparing January 2023 with January 2022, it is clear that there has been a significant decline in the number of homes sold and their corresponding prices. In January year over year, terrace homes or stacked homes saw a sale price decrease of $96,067, townhomes or row homes saw a decrease of $98,163 and the most significant price decrease came in single detached homes which were down $165,379 compared to the previous January sales. These figures suggest that now might be a good time for buyers looking for deals on homes in Orleans as prices have dropped enough to make them more affordable than they were last year.
Mortgage Rates and Interest Savings
In addition to lower prices on homes, fixed mortgage rates are also currently low compared to variable rates which means buyers can save even more money on interest payments over the amortization period. According to data from Ratehub Canada, the current five-year fixed rate mortgage rate is 4.44%, compared to 5.55% for a variable mortgage rate —a savings of 1.11%. Buyers who take advantage of these lower fixed rates could save hundreds or even thousands of dollars over the life of their loan depending on how much they borrow and how long they keep it for and will have a peace of mind that their rates won’t be going up during the 5 year term.
Orleans home sales are down significantly compared to last year but prices remain relatively stable despite the pandemic’s impact on the housing market overall. Now may be an excellent time for prospective buyers who are interested in purchasing a home in Orleans as prices have dropped since last year due to decreased demand for housing inventory in the area and the multiple Bank of Canada interest hikes. With careful research and analysis potential buyers can find great deals on properties if they know where to look and take advantage of current conditions in the market today! Call Marc-Andre to help you find the right home for you!
Understanding the Pros and Cons of Single Detached Homes in Orleans, Ontario.
Are you considering buying a single detached home in the east end suburb of Ottawa, Orleans? Whether you’re looking for an old or new construction, 3 bedrooms or 4 bedrooms, it’s important to know all the pros and cons that come with owning a single detached home. This blog post will help potential buyers understand what to expect when purchasing this type of residence.
Pros of Single Detached Homes
One of the main advantages of owning a single detached home is privacy. Since your property is not attached to any other homes, you don’t have to worry about sharing walls with your neighbors. This also means that you won’t get as much sound coming in from outside since there are no common walls. You can also enjoy more outdoor space since detached homes usually come with yards and gardens. And if you’re looking for additional peace of mind, most single detached homes are owned outright by their owners, so there’s no need to worry about shared services like those found in condos and townhomes. In Orleans, there are multiple different types of single family homes, such as two-storey detached, bungalows and split levels.
In the older neighbourhoods, such as Convent Glen, Queenswood Heights and Chapel Hill you will find large lots for most single detached homes. Whereas in the newer neighbourhoods, such as Chapel Hill South and Avalon with the new builders, the lots will be significantly smaller and may lack any backyard space other than a bbq and little patio.
Another benefit to owning a single detached home is design flexibility. With a detached home, you have more freedom when it comes to customization and renovation options compared to attached dwellings such as condos and townhomes. You can make changes both inside and out as long as they meet local zoning ordinances. Single family homes in Orleans offer plenty of possibilities when it comes to renovations. Older dated homes can typically offer a blank slate for a new Buyer or contractor looking for a flip. A lot of homes in Orleans also have swimming pools which is a consideration when purchasing a single family home.
Cons of Single Detached Homes
The biggest con associated with owning a single-family home is the cost. Not only will you have to pay for the purchase price of the house itself but also for any renovations or upgrades you want to do down the line (provided they meet local regulations). Additionally, since these types of homes are not part of a HOA or community association, homeowners will be solely responsible for all maintenance costs such as lawn care and repairs on roofs or other areas around the house. These expenses can add up quickly over time so it’s important for potential buyers to consider these costs before making an offer on a single-family property. Other considerations in older neighbourhoods in Orleans include, whether or not the garages are attached or detached from the home.
You should also keep in mind that finding builders who specialize in constructing single family residences can be difficult depending on where in Orleans you’re looking for one – especially if your budget isn’t too high – so do your research beforehand! Orleans is still growing and there are many future developments planned by multiple different builders, such as Minto, EQ, Mattamy, Richcraft, Caivan, Ashcroft and more.
Purchasing a single detached home in Orleans has its benefits and drawbacks; however, understanding what goes into owning one ahead of time can help make sure that potential buyers know what they’re getting into before they make their decision! Keep privacy, design flexibility, cost considerations, and builders availability in mind when making this big decision – this knowledge will go a long way towards helping make sure that your experience is positive! Make sure to contact me, Marc-Andre Perrier with Century 21 Action Power Team, to help you navigate all the different options when it comes to purchasing a single detached home in Orleans.
How Bank of Canada’s Interest Rate Hike Affects Me?
Bank of Canada Interest Rate Hikes in 2022
Just in, the Bank of Canada (BoC) raised their key interest rate from 4.25% to 4.50%. This increase in rates can affect mortgages especially variable mortgages and the amount of borrowing power people have when applying for a loan. However, it’s important to know that many lenders are still offering great rates despite the hike. Let’s take a closer look at how this affects potential borrowers.
Mortgage Payments Increase
The BoC’s decision to raise interest rates means that mortgage payments will become more expensive for people with variable-rate mortgages or lines of credit. For those who are on a fixed-rate mortgage, however, the effect may not be felt right away as they have already locked in their rate and payment schedule. They will see the effects once their mortgage renewals come up.
Reduced Borrowing Power
When applying for a loan or mortgage, lenders typically consider your debt-to-income ratio. This is calculated by dividing your total debt payments by your gross income over a 12-month period and multiplying it by 100; if it exceeds 40%, you may be seen as too much of a risk and have difficulty being approved for certain loans or mortgages. With higher monthly payments due to an increased interest rate, this can affect your borrowing power since you’re paying more towards debt each month than before the rate hike.
Great Rates Still Available
Despite the recent increase in the BoC’s key interest rate, many lenders are still offering great rates on loans and mortgages, especially on a locked in 5 year mortgage—which could help offset some of those expensive mortgage payments. Before deciding on a lender or loan package, make sure to shop around so you can find one that works best for you; if you see an offer that looks too good to be true, check out its fine print so you don’t get hit with any fees down the line! Also try and negotiate your rate as much as possible.
The Bank of Canada’s decision to raise their key interest rate has had an impact on mortgages across the country—variable-rate mortgages and lines of credit will likely experience higher monthly payments due to an increased interest rate while potential borrowers may find themselves with reduced borrowing power. However, there is some good news: many lenders are still offering great rates on 5 year fixed loans and mortgages so make sure to shop around for one that fits your budget! Contact me if you’re looking to Buy, Sell or Rent in Orleans or surrounding regions.
