Home Sales Slip in 2008, Prices Up

Members of the Ottawa Real Estate Board (OREB) sold 13,733 residential properties in 2008, a 5.7 per cent drop from a record-setting 14,565 in 2007. However, the average price for residential properties, including condominiums, for 2008 was $289,766, an increase of 6.3 per cent over 2007.

OREB members sold 467 residential units in December through the Board's Multiple Listing Service® system compared with 575 in December 2007, a decrease of 18.8 per cent.

"We are seeing the effect of consumer concerns about the national and international economy reflected in the Ottawa market, but the fact that the average sale price is fairly stable shows the underlying confidence in the local marketplace," said OREB's President. "Ottawa remains a relatively stable resale housing market, buffered by a strong job market related to the government sector ... Ottawa is still in good shape compared to many areas of the country."

The average price of residential properties, including condominiums, sold in December in the Ottawa area was $272,192, a marginal drop of 1.2 per cent over December 2007.

While some consumers may be reluctant to buy and sell right now, some local brokers believe the fact that Ottawa’s prices have not fluctuated like those in the West will help jump-start sales.

"Ottawa has not seen the exuberant increases over the past couple of years that other markets, such as Calgary and Edmonton, have experienced," said a lock broker/owner. "Ottawa’s house price appreciation trend is more sustainable and shelters the city from the nervousness and negative fluctuations felt in other areas of the country ... [and] competitive interest rates will also likely open many doors this year for buyers and investors who may have been reluctant in 2008."

Sources: OREB and the Ottawa Citizen

Top Seven Habits of People with Great Credit Scores

Want to have a great credit score? Eric Bramblett says in Broker Agent News, "People with great credit scores have earned them for a reason -- they have always borrowed money, and paid it back on time. There's really no trick to what they've done, and there is no one action that will help you get a great credit score. When someone asks me how to earn a good credit score, I tell them to look at the spending habits of those with great scores, and to develop the same habits."

http://top7business.com/?id=2532

Source: Acker Home Inspection

Check Appliances Hoses

Hoses on dishwashers and washing machines weaken over time and start to break down. This can result in extensive water damage to your home if not replaced. Check the water hoses on these items for signs of deterioration such as cracks or bubbles. If you notice any signs of wear, replace the hose.

Rubber water hoses for washers usually have a life expectancy of at least five years.

A quick check before you leave for vacation is a great idea. You don’t want to come home to any surprises!

Source: Canadian Residential Inspection Services

Location, Location, Location

These are the three most important factors to consider when shopping for a home. The whole subject of location is a personal choice. Establish what location is best for you with our checklist.

• Proximity to Work: Are you willing to commute? Prior to purchasing do a test commute so that you can accurately judge the amount of time it will take.
• Proximity to Schools: Are there good schools in the neighbourhood? Even if you don't have children this could be important if you decide to sell the home later.
• Proximity to Other Amenities: Do you golf or use a gym regularly? Do your kids take piano or swimming lessons?
• Public Transportation: Do you have transportation options?
• Noise: Are you willing to live near an airport or next door to a busy park? Is there a lot of noise from traffic?

Insulating Basements a Special Challenge

If you're planning to finish your basement later this year, you probably don't realize that you're facing two broad choices that carry long-lasting implications. Your challenge boils down to insulation and moisture, and if you choose the broad road – the approach most Canadians follow – your basement will almost certainly be less energy efficient and more mould-prone than it might otherwise be.

I regularly get emails from distraught people asking for advice about visible condensation build up on the inside of basement vapour barriers on stud frame walls. The only way you'd notice this problem is if drywall just happens to be missing on an otherwise completed basement wall frame, so I suspect it's more widespread than it seems. But despite its low profile, invisible moisture can (and often does) migrate through foundation walls, forming visible droplets within insulation batts. Long-term moisture of this sort can fester in the hollow cavity for years, and by the time it surfaces in the form of mould and decay, it's far too late to do anything about it. That's why I recommend a completely different approach that includes a non-hollow insulation system.

A superior alternative uses extruded polystyrene foam held in place with vertical wood strapping, instead of the more typical stud frame wall with batt-style insulation and a vapour barrier. Dow makes a version of this foam called Wallmate (www.insulateyourhome.ca). It comes in 1.5-, two- and 2.4-inch thicknesses and has recessed edges sized to accept wood strips. Tilt the 2x8-foot sheets of foam in place against the wall, slip wood strips into the grooves along the joints, then drill holes through the wood and foam, into the concrete or block wall behind. Tighten Tapcon screws into the pre-drilled holes and you're ready to apply drywall in more or less the usual way.

Since the foam is impervious to the passage of moisture and air, it can't form internal condensation. Your basement still needs to be free from obvious water leaks before you even consider finishing, but foam systems are much less vulnerable to water damage in the event of an unexpected leak.

The building industry is often resistant to innovation, and this means you'll probably be advised to finish your basement walls like most do, with a stud frame and batt insulation. And while old methods of doing things are often quite good, this is one area where the newfangled approach is clearly better.

Steve Maxwell, Editor, Canadian Home Workshop (excerpted from Real Estate Marketing Magazine)

Check Furnace for Signs of Backdrafting

If you have a forced hot air system and you notice smoke / soot spillage on the ceiling, walls or drapes near any heating ducts or an unusual / combustion odour, it may be an indication of backdrafting or a compromised heat exchanger. Backdrafting is when the gases from combustion actually reverse themselves and enter the dwelling. A compromised heat exchanger is either cracked, rusted or burned through. Conditions may be found on any surface including the unit itself. This is potentially a sign of carbon monoxide entering your home and should be addressed immediately by consulting a heating expert.

Oil fired and gas fired furnaces that have been properly serviced and maintained, under normal conditions tend to have a life expectancy of approximately 20 years.

Don’t forget to reopen the dampers of your basement ducts if you closed them for the summer.

Source: Canadian Residential Inspection Service