Tag: real estate

Our Approach to Covid19

We live in a new world and COVID19 is accelerating it. The Federal, Provincial, and Municipal Governments have all made recommendations on how to slow the spread of the virus. Movement is being limited and some businesses have been forced to temporarily shut down. As housing is a necessity in daily life, the Province of Ontario has deemed Real Estate Professionals to be an essential service to the public.

The team at Digi Brokerage takes COVID19 and the health and safety of our clients and community very seriously. These are challenging times for all of us. Some people need the real estate market to continue to move forward because they are either moving to/from Ottawa or have already committed to a purchase or sale and need to make another one in order to have a place to live.

Thus, we have implemented the following practices:

  1. Holding all nonessential meetings digitally via Phone, Zoom, FaceTime etc.
  2. Executing all documents and contracts digitally
  3. Limiting showings to 30 minutes to reduce the contact with a property
  4. Rescheduling showings to a safer date if clients are unwell or have travelled within the past 14 days
  5. Not holding Open Houses
  6. Limiting the number of showings per day
  7. Not permitting overlapping showings
  8. Promoting handwashing and sanitizing before and after showings
  9. Suspending company events and holding our Buyer Seminars digitally
  10. Offering virtual walk-throughs of listings

As this situation evolves, we are constantly monitoring recommendations from our Government and Health Organizations to adjust our practices.

Our goal is to keep everyone safe while balancing our clients’ real estate needs.

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Have a look at the March 2020 Market Statistics for Condominiums in Ottawa.

Members of the Ottawa Real Estate Board sold 355 condominium-class properties in March 2020, a decrease of 5.1% from March 2019.

The average sale price for a condo in Ottawa was $369,311, an increase of 27.3% from March 2019.*

“We are observing what seems to be a continued balanced sellers market during the month of March. The balancing is likely a result of the proportional decreases in both buyers and sellers looking to transact. We assume as inventory continues to decrease the market will hold the pre-covid19 price gains as a result of intense demand over the slim inventory.” – Jeff Mziray

Curious about March 2020 market statistics for residential-class properties in Ottawa as well? Click here to read the full story.

*Average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price and conditions will vary from neighbourhood to neighbourhood.

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Price Reduction: $495,000. Stunning 3 Bed / 2.5 Bath End Unit Townhouse in the desirable neighbourhood of Trailwest with no rear neighbours! Featuring spacious open-concept layouts complete with high-end finishes, large windows for plenty of natural light, and finished basement with 2 storage rooms. Rich dark hardwood floors travel throughout the main level, which boasts an upgraded kitchen with granite countertops and oversized island, large pantry, powder room, as well as a beautiful stone fireplace. Heading to the second level you’ll find a spacious Master Suite with 4-piece ensuite and walk-in closet, two additional nice sized bedrooms, main bathroom, as well as a convenient laundry closet. Enjoy summers in your private and fully fenced backyard, with large stone patio perfect for entertaining. Steps from grocery store, parks, restaurants and public transit. This highly practical and functional townhome will be sure to impress!

 

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Investors are Entering the Student Condo Market

Investors across the country have taken note of student cities and have begun purchasing condos and renting them to students. With the number of enrolled students across Canada on the rise and the cost of an education reaching new heights, investors should definitely consider this strategy of entering the student condo market.

Since 2000, the number of enrolled students across Canada has grown by 44%, reaching more than a million, according to the Association of Universities and Colleges of Canada.  The cost of an education in Canada is also on the rise. Investors catering to this market are aware that they are renting not to the poor student, but effectively, to their wealthy parents. These are parents who are more and more prepared to pay a premium to ensure that nothing gets in the way of their children’s education. In fact, the key to building a profitable and manageable student-housing portfolio lies at the high end of the student condo market.  These property types are a great option to both student and their parents for a number of reasons.

Security

Student condos and purpose-built apartment buildings have cameras in all common areas, as well as onsite staff, which gives parents peace of mind.  They also have security systems to control entry, as well as 24/7 video monitoring that protects the premises.

Professional Property Management

Managing 18 and 19-year-olds who are enjoying their first taste of freedom can give Landlords a headache worse than a morning-after hangover.  But you can eliminate this burden by having a professional property management firm handle your rental property on your behalf.

Maintenance

All the maintenance is handled by the condo, including snow removal, gardening, and cleaning common areas.

Preferred by the City

Condos are a preferred structure for municipalities.  Compared to illegal rooming houses, this structure ensures the building isn’t at risk of being shut down.

Fewer Rooms

Condos typically have fewer rooms than student houses.  Fewer rooms mean fewer students per unit and a lower chance that damage and Tenant issues will arise.  Condos are more desirable than larger houses with more distractions.

 

Pre-construction condos are one of the best ways to invest in the student condo market.  Purchased several years before students apply to schools, investors aren’t competing with parents on resale properties.  They often come with full rental guarantees and free or low-cost property management, making them a hands-off investment option.

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Five common mistakes home buyers make to watch out

Buyers are often so focused on finding the desired property within their budget that they make unnecessary and costly mistakes.  Here are five common mistakes home buyers make to watch out for:

1. Not Hiring a Qualified Home Inspector

Just like any other profession – no two Home Inspectors are created equal.  Always be sure to research a variety of professionals.  Find out how they report back results and determine their level of knowledge with the type of home they are inspecting.  You want someone who will take detailed notes and pictures, provide guidance, and take the time to explain the various concerns/benefits of the home.

2. Ignoring the Value of the Neighbourhood

The neighbourhood in which a home is located in is often ignored.  The focus is usually on the features of the home, but what about access to transit, schools, shops, and highways?  How do the other homeowners maintain their properties?  Is the area in a state of growth, stability, or decline?  Does the house conform to the general area?  Is it the worst or best house on the street?  All of these factors can impact not only the current market value but its anticipated future value.

3. Getting Caught up in Multiple-Offer Situations

A number of local real estate markets across Canada are experiencing high buyer demand with relative lack of active listings.  Typically, this trend will push home prices upwards.  This is often compounded by homes that are being priced below market value, and sellers not accepting offers until a specific date.  The purpose of these selling strategies in a hot sellers’ market is to encourage multiple-offer situations.  All too often, the end result is a buyer paying too much for a home.  As a homebuyer, be prepared to walk away from such a situation.  Allowing your emotions to rule your thinking may end up costing you more money than you should be otherwise paying for a home.

4. Having Search Criteria that is too Broad

Home buying should involve the process of elimination, not addition.  It’s normal to begin the process with a fairly broad set of criteria in terms of home features, location and cost.  Once you’ve had the chance to view a couple of homes and build your knowledge base, then it’s time to make some decisions.  The more focused and efficient your search is, the more you’re likely to find the home you actually want.  When search criteria are too broad, we tend to get overwhelmed and have difficulty making meaningful decisions.

5. Not Hiring a Professional REALTOR®

As in the case with every professional service provider, not all REALTORS® are made the same.  Do your homework.  Review REALTOR® websites, ask friends and family and interview multiple Real Estate Sales, Professionals.  A referral to a reputable REALTOR® can be a great source, but just because your good friend has a parent in the business doesn’t mean they’re a good fit for you.

 

Keep these five common mistakes home buyers make in mind when you are looking for your next home.

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Market Update

Members of the Ottawa Real Estate Board sold 853 residential properties in February 2015 through the Board’s Multiple Listing Service® system, compared with 868 in February 2014, a decrease of 1.7%. In this February 2015 market update, the five-year average for February sales is 914.

“Even though we had one of the coldest months on record, resales for the month of February are only slightly down from last year. Looking at residential properties alone, 13 more properties were sold this February over last February – a 1.9% increase; while the condo market, on the other hand, has been a little slower to gain momentum. That being said, both residential and condo sales are up a total of 226 combined units since January.” – David Oikle, President of the Ottawa Real Estate Board

February’s market update noted 168 sales in the condominium property class and 685 in the residential property class. The average sale price of residential properties, including condominiums, sold in February in the Ottawa area was $358,206, an increase of 1.3% over February 2014. The average sale price for a condominium-class property was $267,880, an increase of 3.8% over February 2014. The average sale price of a residential-class property was $380,358, a decrease of 0.3% over February 2014.

The hottest segments of the Ottawa market update in February were sales between $300,000 to $400,000, followed by the $200,000 to $300,000 range, and $400,000 to $500,000 range. These price ranges continue to have the highest concentration of properties sold, while residential two-storey homes and bungalows continue to have the highest concentration of buyers.

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