Anneke Cundasawmy

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Real Estate Blog

How will the budget affect homeowners?

Of the 4 million households in Ontario, 37,000 (an underwhelming less than one percent) will qualify for home energy audits, after which they can apply for this $100M program announced Thursday to assist homeowners to upgrade furnaces, water heaters, thermostats, and insulation. No start date, rebate amounts nor eligibility rules yet.

According to Environment and Climate Change Minister Glen Murray, the government's goal is greenhouse gas emissions reduction, job creation, and lower residential natural gas bills, saying, "This investment will help homeowners upgrade their homes and save money, while keeping Ontario on the path toward a low carbon future."

The headline-grabber has been the new free tuition

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Here's what I know: Happiness is an inside job.

When I look back at the times in my life when the going was tough and the news bad - I also remember those moments of laughter, of a friend's, or even more magical than that: a stranger's random kindness to me, or of simple beauty that brought me a smidge of happiness. Just enough happiness in a terrible moment to remind me more happiness was possible.


Photo credit:

I really mean it: I wish you a Happy Blue Monday. Create some happiness for yourself. Find an animal to pet, a flower to gaze upon, a person to hug, a great memory to share, something to laugh about... create a wee smidge of happiness. Enough to remind you that there's more to come.

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"December broke the record for the highest number of residential and condo properties sold..." says the president of the Ottawa Real Estate Board. You can read the whole press release here.














Here's the scoop on this December, compared to the same month last year:

The number of residential properties sold outpaced last December by more than 10%. With properties taken off the market for the holiday season, we saw the active listing inventory continue to come down, putting the market in a stable position to start off the new year. Dec2015NewListActInv

Freeholds entered a buyer’s market position, while condos remained in a buyer’s market, based on the sales to listing inventory ratio.


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Ottawa demographics

  • Population: close to 1 million
  • Average population growth: ~2% per year
  • Households: ~390,000 (an average of 2.5 people per household)
  • Two out of every three households own their home
  • 700 households migrate to Ottawa each year from other provinces
  • 1,800 additional immigrant households each year
  • 70%, or 1,260, of those immigrant households rent
  • 54% of recent immigrant households occupy apartments
  • An average of 5,200 international students each year


Modest employment growth is forecast

Employment Growth

Source: Statistics Canada. Labour Force Survey. F is CMHC forecast.



Residential properties demand to inch up in 2016

CMHC forecasts 3.4% growth in the number of MLS® properties sold.

Demand Forecast 2016

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With Vancouver and Toronto real estate markets often in the news, it’s hard not to think we’re all on some real estate roller coaster ride. Here’s the thing: we’re not.

Below you can see the average selling price of residential properties in Ottawa, since 1956. You’ll note that real estate in Ottawa follows a steady and stable general trend of growth. In almost 60 years, we’ve seen only 5 years where there was a year-over-year modest decline in average selling price: 1961 (-4.3%), 1962 (-0.7%), 1994 (-0.4%), 1995 (-2.9%), and 1996 (-1.9%). Interestingly enough, in that same time frame, we’ve had 10 years where year-over-year price growth was in the double digits, most recently 2001 (10.1%) and 2002 (14%).

Realty/Reality Check Fact:

The average

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Starting February 15th, insurance-backed mortgages will require a minimum 10% down payment for the portion over $500,000. Minimum down payments remain the same for homes under $500k, or for the portion of the mortgage under $500k – however for the portion above $500k the required down payment has doubled.


In essence, this change will affect only 1 out of every 7 homes sold in Ottawa

Morneau says he has put this into effect largely for the Vancouver and Toronto markets, where the average house is selling for close to $1million and over $630,000, respectively.  In Ottawa, the average home sells for $380k. To give you some perspective: so far this year 106 condos have sold and 2103 homes have sold for over $500,000.


In his own words:

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