Effective February 15, 2016, the Government of Canada implemented new minimum down payment requirements for insured mortgages on home $500,000 and above. The following graphic from CMHC-SCHL outlines the new requirements:
Don’t Tax My Dream
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The Ontario government has proposed legislation which would allow cities across the province to charge an additional Municipal Land Transfer Tax (MLTT). On the average priced home sale in Ontario, home buyers could be paying upwards of $10,000 in total land transfer tax. This would be almost double the current amount. You can test various scenarios with the MLTT calculator »
The Ontario Real Estate Association (OREA) is urging home owners and home buyers to take action and Say No to the Tax. To learn more about the impact of an additional MLTT, read the facts and follow the steps to have your voice heard, please visit Don’t Tax My Dream.
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Ottawa Housing Outlook – Westboro & Hampton Park
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On November 5th, 2015 the Canadian Mortgage and Housing Corporation (CMHC) hosted its housing outlook conference. While many of the presenters had invaluable insight and knowledge to share, Team Elder Real Estate wanted to specifically relay news regarding Ottawa’s Westboro and Hampton Park neighbourhoods.
Ottawa’s Local Housing Market
Getting the sales stats and facts on Ottawa’s local housing market is always interesting. Right off the top, it should be noted the following sales statistics do not include condominiums.
As expected, the Glebe, Rockcliffe, Manor Park and New Edinburgh hold stong on the title for highest home prices in Ottawa. The lowest home prices are found in Rockland and Clarence.
Between 2006 and 2014, the highest rate of pricing growth was inside the Ottawa Greenbelt – at a shocking 90%. Outside the Ottawa Greenbelt boundaries, the pricing increase during the same period was 35%. Clearly we are seeing a home’s location and community remain prime decision factors.
Now for the piece de resistance. During the eight year period between 2006 and 2014, the highest price growth was in Westboro and Hampton Park, specifically for two-storey single homes. It goes to show a welcoming community mixed with modern redevelopment and scenic views of the Ottawa River makes a great place to call home.
If you want to learn more about real estate opportunities in Ottawa’s Westboro Village, Hampton Park, Wellington Village or anywhere else in the Ottawa region – give Team Elder a call at 613.236.5959. We would love to show you around.
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100 Anniversary of Flight in Canada
Thoughtful agent in Ottawa comments; Today is the 100 anniversary of flight in Canada and I am proud to comment that I have enjoyed the privilege of flying from my childhood home base airport in Rockcliffe Ottawa for more than 15 years. I’ve shared my passion for flying with the buyers and sellers I’ve represented in real estate transactions.
It is fun to hear their comments when they recognize community landmarks. It is exciting to hear their enthusiasm when they see their own house 1000 feet below. Our city is really so very small when viewed from above.
On many a clear day at 2000 feet above Ottawa you can see the St Laurence river and the Appalachian mountains in New York state. At night time, in the dark, you can see the glow of Toronto lights from 4000 feet above Ottawa. Within 15 minuets of flying you can see the five important rivers that helped sustain the early city of Ottawa. What are they? The Ottawa River, The Rideau River, The Gatineau River, the Mississippi of the Rideau watershed and the St Laurence River. That’s a lot of water flowing to the ocean. And that’s the privaledged view we enjoy because of an airplane that first flew in Canada from frozen Bras D’or Lake in Nova Scotia.
Thieves Exploit Open Houses
Open House Fraud
Most Real Estate professionals feel that open houses are not an effective way to expose a house to prospective Buyers and so they claim a number of things to avoid hosting and Open House. It is a lot of work. Placing strategic signs early on Sunday morning, arriving at the house with information sheets, talking with people for two hours and after having to pick up all the signs again. It is hard draining work to host an Open House. I differ on this point and I have a number of examples when I sold houses to people who visited at the Open House event! I believe an Open House can showcase the property allowing Buyers to consider ownership. I like doing them because I make it fun for me as well and the visitors.
When a property is attractive there can be a lot of people attending an open house. Real Estate professionals are required to have only licensed salespeople on site during these hostings. So how does one person supervise the activities of the visitors? Who watches in the bedrooms, the kitchens, the bathrooms and the basement? Who protects the precious belongs of the owners from theft?
A team of thieves have targeted southern Ontario this last year. They visit three or four scheduled Open Houses in nice neighbourhoods each weekend and steal valuable goods, jewellery, cash and collectibles often with out the owners knowing their belongs have gone missing for weeks! The would be Buyers enter the home together or separately and distract the Real Estate professionals in some way. They begin a heated conversation, pretend to have locked the bathroom door and can’t get out, claim something is leaking from the furnace, they smell natural gas or quite simply they ask if they can put an offer on the house. When the Real Estate professionals is distracted, the other person is free to dip their fingers into areas they should not be and rob the owners. Once complete the would be visitor Buyers leave the premises and move on to the next Open House.
After receiving a number of complaints, police followed two suspects doing a tour of home to home Open Houses one weekend and later arrested them on multiple counts of theft this fall. Police found large quantities of stolen goods at their possession and are trying to trace back the rightful owners. Well that would make for a happy ending however I reflect how many people don’t notice for months that something is missing or never really conclude that they have been a victim of crime?
I conduct my Open Houses in a manner in which visitors are carefully watched and screened when they enter and when they exit. That keeps every one happy and honourable. See the attached photos of the accused Open House Thieves Nora Ann THOMSON age 51 and Peter Mason KING age 52.
Anyone with new information to the investigation or have property they think they have lost related to these thefts are asked to contact either Det. Dellipizzi of Central East Criminal Investigations Bureau at 1-888-579-1520 ext. 2766
Breaking news on HST and real estate fees
There is an interesting twist to this HST and real estate fees issue. Revenue Canada has just confirmed that if a transaction closes after July 1, 2010 but that parties agree that 90% of the work occured before July 1st no HST will apply. I’m sure how this will play out. The 90% factor!
Great news for the anxious!
See the full details concerning HST and real estate fees in the blog posting earlier in March.
Harmonized Sales Tax (HST) and Real Estate
Hi Friends,
I’ve received a number of messages this week asking about the HST and house resales and also about capital gains tax on new and resale homes. Relax, There are more important things to think about when buying or selling. For Buyers; Buy well. Buy a good home. For Sellers; Sell fair and sell quickly.
Regarding Capital Gains Tax and Ottawa Homes: If your home is a principal residence it is exempt from Capital Gains Tax unless you have made multiple sales in the last number of years. Call me about that for my thoughts.
Harmonized Sales Tax or HST will be charged on most goods and services in Ontario begining on July 1, 2010.
For resale homes there is no HST applicable on the house price but for new home purchases closing after July 1, HST will apply then just as GST is currently applied to NEW homes and New condos.
Real estate services will be subject to the new HST but bear in mind that real estate services in Ottawa are charged GST now and have been for years. So there will be an additional 8% added to the current 5% making a total of 13% added to service fees.
Lawyer’s fees, Real estate commissions, home inspections that have GST now will change to HST after July 1, 2010. It is estimated that the average increase in costs for Buyers and Sellers will be about $2000 over what they would have previously paid. So, my thoughts are it’s a conscern, but not a show stopper.
The investor’s time proven advice; buy low and sell high, to it I’ll add; Do it now. The average real estate transaction in Ottawa takes from 30 to 60 days and there are 94 days and counting to July 1,2010.
Increased Pace of Homebuyers in Ottawa’s East End
https://martinelder.ca/Thoughtful Agent in Ottawa, comments on the increased pace of interested Buyers in Ottawa West and Orleans. Which way is the harse going?
Giddy up there people! There seems to be increased interest in the housing market since the US election. Have to remember that there was a Canadian election not so long ago too and consumer conficence has taken a fast toboggan slide. However of late, Buyers have raised their mittens in an attempt to take advantange of record low interest rates and the seeming confusing housing market. Is it a sellers market or a buyers market? Certainly the public is not comitted one way or the other but from my vantage point it is still a smart buyer and sellers market! Yes that’s so…
So how could it be both? Well smart buyers are takeing advantage of the traditional early spring market before consumer demand pushed prices upward. They are also taking advantage of seller anxiety. Those faced with all the doom and gloom about recession and believing it. For Sellers, there is not many good or unique homes for sale yet. So a well prepared home will attract a committed well informed buyer willing pay for a unique home. This goes for condos and detached homes.
There is so much diversity in the Ottawa population. It’s all over the demographic spectrum. People are choosing to sell and buy up or stop renting and dive into ownership. It’s a wonderful thing to see! And so you ask, why my choice of photo for this entry? Simple! Is it the cart before the house or is the horse pulling the cart. I have a good idea where the harse is going!
It is actually the old family wagon at Dovercourt Community Centre in Westboro
Martin