Steady Going
for Resale Housing Market
Members of the Ottawa Real Estate Board (OREB) sold 653
residential and condominium units in January 2006, compared
with 668 sales in January 2005. The total number of sales
for 2005 was 13,099, close to the record-setting pace of
13,152 sales in 2004.
The average price of residential properties sold in January
2006 in Ottawa was $244,075. For the year 2005, the average
price was $244,531, a year-to-year increase of 5.6%
over 2004's average price of $229,179.
"The resale housing market results for 2005 are proof
of another solid year," said OREB’s president. "The
inventory of properties available for sale is about 9% higher
than this time in 2005, giving buyers more choice. The Ottawa
market is ‘steady going’ and is showing signs
of similar activity to 2005."
Source: OREB
Smoke Detector Regulations
Changes to the Ontario Fire Code that take effect March
1, 2006 require that every floor of every house in Ontario
has a working smoke detector. The regulation will require
every household and rental property to purchase multiple
alarms for each floor of a multi-storey dwelling, and all
smoke alarms will have to be replaced every 10 years. Fines
can be up to $235 for homeowners and $25,000 for landlords.
Source: Realtor Edge
Fire Marshal Targets Multi-Family Homes
The Fire Marshal’s office is pro-actively inspecting
multiple unit dwellings in the City of Ottawa – two
units and higher – to ensure they conform to Ontario
Fire Code regulations. A number of clients in this office
have received 30-day work orders as a result of said inspections.
Owners of multi-family buildings are encouraged to review
their properties to ensure smoke detectors, unit doors, door
closure devices, sprinkler systems, exits, etc. are in full
conformance. Contact Bob Daley if you would like more information
or if you would like to consider pre-inspection services.
Canadian House Prices Forecast to Rise
in 2006
The effects of an unusually strong fall market are expected
to carry through into the first half of 2006 resulting in
an average house price increase of about 6 per cent in most
areas of Canada, according to a recent survey. The report
also states that higher home prices and low but increasing
interest rates should result in slightly reduced home sales
activity overall this year.
Source: Realtor Edge
Home Staging: Gimmick or Effective Marketing
Tool?
A number of my clients have engaged the services of a home
staging service in order to sell faster and net a higher
return on their investment. In every instance, everyone was
happy with the results. I am a believer, and now offer my
seller clients the option of home staging or pre-inspection
services.
Originating in California, home staging transforms the house,
inside and out, into the type of place that future buyers
want to live in. Just like the display suite in a new development,
the home is staged to reflect the lifestyle that potential
clients want to lead. Staged homes sell for more money in
a hot market, and quicker in a slow market. And in the age
of Internet marketing, attractive listing photographs are
more important than ever.
Staging a home is meant to highlight its selling features – to
give the buyer the ability to visually move right in and
make your house their home. Simply cleaning your house and
making a few quick fixes just isn’t enough to stand
out in the crowd.
A home staging service can help you:
- transform your home inside and out; curb appeal
is very important ... more than half of potential home
buyers decide whether or not to look inside a house by
the appearance of the exterior;
- streamline and declutter – moving
and removing to create the illusion of space and neutralizing
your house are two important aspects of home staging
(86% of Canadians rank storage as important to home buyers);
- focus on the key focal points;
- create stylish and tasteful room arrangements;
- attract higher offers because your
home is viewed as being well maintained and desirable;
in a recent study involving 2772 houses in 8 cities over
6 months – staged
houses sold in 13.9 days versus 30.8 days unstaged;
- additional services that may be offered: home redecorating
consultation; seasonal decorating; personal shopping, furniture,
art and accessory rentals.
Sources: Real Estate Magazine and Spruce It UP
"It's a nice house, but it could use..."
You found a house you really like, but something important
is missing. Perhaps it requires new kitchen cabinets, windows,
roof shingles, fixtures, or maybe the bathroom would be better
with a Jacuzzi. You may be the perfect candidate for a home
improvements program (eg., the Purchase Plus Improvements
Plan offered by Scotiabank).
A home improvements plan allows pre-qualified home buyers
to finance the cost of making improvements to their home
immediately after taking possession. The total mortgage amount
can equal the initial amount required to finance the purchase
of the property plus the amount required to finance the improvements.
For more information, contact
Bob.
Air Conditioning a Ductless Home
You love charming older homes in established neighbourhoods,
but cannot live without central air. As a result, you instruct
your REALTOR®: "I don’t want a house full of ugly
window-mounted air conditioners, so don’t show me homes
with hot water radiator heating. We need a home with duct
work so that we can install central air conditioning."
In the past, some home owners have opted for roof-mounted
commercial air conditioning units. But such installations
require an appropriate roof style; may necessitate some duct
work to cool the entire house; and the equipment itself is
expensive, loud and unattractive.
There is a better option: "ductless split" air
conditioning units. Each unit is installed on a wall close
to the ceiling level inside your home, and the highest quality
units (Sanyo and Mitsubishi, for example) retail for apx.
$3000 per unit (installed).
According to a house cooling expert, a typical two-storey
home of apx. 2000 square feet can be adequately cooled with
the installation of just one second floor unit (hot air rises;
cool air falls). A larger home – 3000 to 4000 square
feet – may require two units (three maximum).
The latest ductless split models are very quiet and a reputable
installer will ensure that unit matches the exterior of your
home. A written quotation is recommended and be sure to ask
if there are any extra costs for electrical upgrades or to
accommodate thick exterior walls.
Source: E.N. Blue Heating & Air Conditioning
Secondary Suites for Aging Parents
Canada Mortgage and Housing Corporation (CMHC) has recently
announced measures to allow for the conversion of space in
existing dwellings to create secondary suites or the construction
of garden suites for low-income seniors and adults with a
disability. This includes expanding the eligibility of CMHC’s
renovation programs and enhancing its mortgage loan insurance
for owner-occupied properties. CMHC’s Residential Rehabilitation
Assistance Program (RRAP) can assist by providing a fully
forgiveable loan.
The City of Ottawa recently approved a secondary suites
by-law which allows them to be built in detached or semi-detached
homes with some conditions. Contact the City at 311 for more
information.
A forgivable loan of between $24,000 and $36,000, depending
where you live in Canada, is available for modifying existing
housing.
CMHC also provides additional funding for adapting a home
to accommodate the needs of low-income seniors through the
Home Adaptations for Seniors’ Independence (HASI) program.
For more info about RRAP, visit www.cmhc.ca/ontario or
call 1-800-704-6488.
Source: CMHC
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