Posts Tagged ‘homes’

Let’s face it, 2022 has been nothing but rate increases and media panic about the housing market. Between the banks, the real estate industry, the government and the media it is hard to know where the truth lies.

2019 saw real estate markets take on double digit gains over the previous year. 2020 was no different in Ottawa with all the experts calling for a 9-12% gain over 2019. Then the pandemic hit and everything went haywire. Oddly, it didn’t all happen in a vacuum over the one thing. The lack of inventory that sparked the market rise was in process from 2018 forward. It was a perfect storm.

Builders stopped building “spec” homes and would only built as homes were bought. This habit began after 2008, so buying a new home began to take longer between signing papers and getting keys. Canada’s biggest population group since the baby boomers was also coming of age in terms of buying property. Immigration was at an all time high. The stressors on the market were already in place….the pandemic only served to speed up the process. For Ottawa in particular, here is what we witnessed.

1. The normal cycle of Sellers coming to market took a nosedive in 2020 – a deathly virus = “we aren’t moving”
2. Our military relocations also stalled, removing a significant secondary chunk of inventory.
3. As the pandemic forced people to work from home, companies decided their employees could work remotely creating mass exoduses from high priced markets like Toronto and Vancouver. It spread down the 401 and then up to Ottawa. Employees decided to move closer to family, or to affordable cities with good transit and schools. Lifestyle choices became paramount and goodness knows, a million dollars in Toronto’s market goes A LOT farther in Ottawa.

For a good 2 years Seller’s couldn’t believe what people were willing to pay for homes, banks were rocked on their heels by the new prices and had to review everything to make sure appraised values would meet market expectations and Buyers….the poor Buyers….were being hit with 5,10,20 competing offers and very little chance to do the due diligence that real estate requires.

For 730 days everyone we met would ask us about the market and our reply was – “do you have a crystal ball? Because mine is broken!”

There was no logic to anything, no consistency, nothing to rely on. Sales comparables were almost useless week to week, month to month….and then, just when we thought we had a bit of a handle on the style and stresses of that market, the interest rate hikes began.

Buyer’s threw their hands up and said “we need to wait” as their purchasing power changed with each announcement. Sellers that were banking on multiple offers were suddenly wondering where everyone went. It was a complete standoff…..

Everything about the housing market was in the news, from falling prices to general affordability to the horrifying tactics of the “bad apples” in real estate. There seems to be no positive or common sense information anywhere….so allow us our two cents worth;

The market is balancing. Yes, there is inventory, but still not enough. We still see multiple bids for homes of the highest caliber (location, condition, well priced) but that has almost always been so. Prices are falling, but they aren’t diving off a cliff. Buyer’s are waiting until they are SURE of what they can afford. Rest assured, they are still there (so says our list of 15-20 that are in the wings) and getting ready to enter then market again. And it’s HIGH TIME the Buyer’s could perform their due diligence with conditions for financing and inspection….bring on the scales and let’s get this market flowing nice and steady….

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Hey Everyone and welcome to our  series we are producing around the career that we love… real estate.

This is going to be your source for some real estate straight talk – the real deal, real scenarios, myths and myth busting, the rules, the ethics, the process, the expectations – what you really need to know. So here we go!

What type of REALTOR® are you?

This is a really important question to ask any real estate professional. The industry supports all kinds of business models and we support that, but it can be important for you to ask the question.

Today, we are going to have some straight talk about the differences you might experience when working with a full vs. a part time REALTOR®.

A full-time REALTOR® – well, that’s pretty self-explanatory – this is their only job. It is the primary way they earn their income.

A part-time REALTOR® can be many things – someone dipping a toe into the real estate world to see if they like it, someone who would like to supplement their income, someone that just wants to be able to service a small number of people a year.

Before you choose someone to help with your next real estate transaction, consider these pros and cons of working with either a part-time OR a full-time real estate salesperson.

Pro: A good REALTOR® is a good REALTOR®. As in any other profession, there are good, just “OK”, and bad REALTORS® regardless of the number of hours per week they work. What matters is the individual’s knowledge of the market, industry savvy and willingness to advocate for his or her client.

Different REALTORS® have different goals. A part-time REALTOR® can work with fewer clients and at the same time and still give those fewer clients a high level of service. A full time REALTOR® can want to get to a certain financial goal and then enjoy long term vacations.

Some full-time and part time REALTORS® work in teams, where there are people to help you at any given time, no matter what.

It is really important for you to sit with several REALTORS® and ask this question to see if they way they do business is going to be the right fit for you!

Con: Missed opportunities, limited availability and missed nuances in negotiations. There are many days when timing is of the essence, and if your REALTOR® isn’t free to get you into that listing in a hot market, it may pass you by. And limited time working in the real estate market can mean limited experience, which can lead to unintended consequences and experiences.

So what is the Straight talk here? – Mostly, the pros and cons can apply to both full AND part time REALTORS®. You don’t know if you are going to get this,

Credit – Ferris Bueler’s Day Off

or this…

It’s important to meet with more than one to get a feel for how they work, when they work and how hard they will work for you. And don’t be afraid to google them and see if they have reviews, or social media where you can get a sense of who they are.

Find the one that fits with YOU so you can REST easy.

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Another Miracle Home for Sale

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There are many life situations that may lead you to consider selling your current home and downsizing into a smaller one: Kids leaving for university, cashing in on a retirement plan, or the pressure of property upkeep. Whichever reasons you’re facing, make sure you’ve really done your homework before making any decisions. Here’s a list of 10 helpful hints to kick-start that conversation.

1. Facing Finances

Take a long, hard look at your financial input and output—especially if you’re on a fixed retirement income. If your savings aren’t substantial enough to constitute a “nest egg,” then tucking away the profits from the property may be the way to go. Downsizing may come down to finances but you should be able to show the evidence, one way or the other.

2. Community Connections

The costs of moving can go well beyond dollar bills. Consider your emotional wealth before taking any critical steps. Ask yourself, “Will this downsize take me away—intentionally or unintentionally—from the family, community and friendship supports I depend on or do I need new support systems for my physical, spiritual, medical and emotional well being?” Downsizing isn’t always about size and cents, sometimes it’s critical for your well-being.

3. Real Estate Market

Is your area a buyer’s market or a seller’s market? What can you hope to make on the sale? Finding the right real-estate agent to answer these questions is key. Ask friends and family members who’ve gone through similar transitions for referrals, and try to gather evaluations from two or three REALTORS® to ensure you’re getting a clear picture of the market.

4. Independent Thinker

Potentially selling the family home brings up a lot of emotions for everyone involved. Kids don’t want to see their childhood home go and family members are hoping for a chunk of change; it’s imperative that you seek out independent, unbiased advice. A REALTOR® can give you market feedback on your situation without any personal baggage.

5. Home Maintenance

Look at the work it takes to keep your current home clean, your garden weeded and your lawn maintained. It is too much to handle, or will it be in a few years? It’s best to downsize before it becomes imperative, because by then, a move will be even more physically challenging and emotionally draining.

6. Lifestyle Limitations

Maybe you feel a great wave of excitement at the idea of living near the ocean, or maybe the idea of leaving behind your veggie garden is too much. Moving comes with gains and losses, and you have to be prepared to give up certain aspects of your current lifestyle and adapt to new ones.

7. Square Footage

Think through your floor plan and look at different ways that square footage can be used. Can the kids’ old bedroom become a long-awaited art studio? Would the basement work as a private theatre? If you conclude that extra room is more hassle than it’s worth, maybe downsizing to a cozier home is for you.

8. Property Payments

Yearly taxes and property insurance payments can take a chunk out of a modest budget. Would those expenses be less if you downsized and lived in a different neighbourhood, on a smaller plot or in a more compact house?

9. Be a Realist

Think carefully about the realities of aging. Remaining in a family home as you age often means adapting your home and relying on the help of others. These things can come at a cost, both financially and emotionally. It’s important that you discuss your plans with any family members or friends that might be affected by your decision to downsize, and ensure everyone is in agreement with your plans.

10. Don’t Rush

Luckily, you already have a place to live, so take your time and assess all the angles before making such a profound decision. When you are ready to start looking, don’t rush into anything. Sit with your REALTOR® and write down criteria for must haves in your new place. When the time is right, you’ll know.

For more information, or just to chat, contact us anytime at 613-558-8000, or visit our website at www.myottawateam.com

(courtesy of RE/MAX Integra)

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Despite the fact that one of the hottest times of year for real estate appears when the spring flowers start blooming, that doesn’t mean the market is completely cool for the rest of the year for any buyer or seller. In fact, we are heading into a very popular time of year for prospective buyers and sellers across Canada. As some prepare for summer to come to an end, and others are busy with the back to school season, some Canadians are doing their research to find out what to expect as a buyer this fall.

With the shorter days and cooler weather beginning to make an appearance, it is very clear that fall is on the way, and if you are one of the many entering the real estate market, you may be wondering what to expect. Fortunately, we have compiled the top things you need to consider as you begin your search for the perfect place to call home.

Location, Location, Location & Weather: We all know it is all about location when it comes to finding your dream home, but before you find the right location, you need to consider the weather. Planning your search too late into the season may mean you are battling Mother Nature so the earlier you begin your search, the better.

Timing is Key: Although your busy summer is winding down, you certainly aren’t working with a clear schedule. Between back to school and the holiday season, finding the perfect time to begin your search is imperative to your overall success and is something you should expect as a buyer this fall.

Decision Time: Although there isn’t as much inventory as you would typically find in the spring, there are still many home to choose one which is why narrowing down your options can be challenging. Using these tips and our House Hunting Comparison Checklist will help when it comes time to make your decision.

The Price is Right: As we get closer and closer to the holidays, you may begin to worry you are running out of time. With the added pressure, you may be tempted to make a decision by increasing your budget, but that will come back and haunt you in the long run. Make sure you plan your budget early in the buying process with help from our Monthly Home Budget Planner.

Make the Move: If you got a head start on the fall selling season and are ready to make your move, we have just the thing you need as a Buyer. Getting home and organized before the holidays is your main goal, and this moving checklist will help you do just that as quickly and efficiently as possible.

As we begin to see the leaves fall off the trees and the familiar sights and sounds of this beautiful season, these tips will be exactly what you as a Buyer need to find a new house to call home this fall.

For more information about buying and selling homes – be sure to click through our website – www.myottawateam.com. You can also click the social media links to visit our Facebook page and YouTube channel.

(Copyright © 2015 RE/MAX Ontario-Atlantic Canada Inc. All rights reserved)

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Here we are – a full 180+ days into the 2016 Ottawa Real Estate market and we here at BGM Real Estate Team have noticed both positive and negative aspects to our local Ottawa Market. As many of you have undoubtedly heard time and time again, markets are cyclical. They rise and fall based on supply and demand, interest rates and the global economic happenings in general, helped AND hindered in spots by government regulation.

So where is our market cycle right now? Are we up? (Sellers market) or down? (Buyers market) If you read the papers it would appear the market has gone completely mad with every home getting an incredible number of offers, driving prices ever higher. While this may certainly be the case for Vancouver and Toronto, it is most certainly not the case here in the Capital.

The Ottawa Real Estate Market is Balanced

We have a very balanced market at the moment, with a few areas of exception. But let’s divide that up into a few sections so we can discuss the various pieces that make up the Ottawa Market. Let’s talk about Mortgage money, geography and expectations. You will find the last item, in fact, to be the most integral to understanding Ottawa’s market.

The cost of borrowing money in order to buy property has never been so low. With slow US economic growth, weak Canadian exports, low oil prices and consumer spending, our interest rates remain attractive. As Stephen S. Poloz, Governor of the Bank of Canada has put it “For the past 18 months, the biggest issue for our forecast has been tracking how the Canadian economy is adjusting to low resource prices. In the first instance, this has meant a big drop in investment spending, especially in the oil patch. It has also meant a lower value for the Canadian dollar and two interest rate cuts during 2015.”

Historically low rates have allowed Buyers into property ownership in record numbers. Even with safeguards in place (every borrower must qualify for a 5% rate, 5 year fixed term amortized over 25 years) the demand for property is quite high. This is a definite positive for the Ottawa market and we have certainly met with an abundance of qualified buyers so far this year.

So we have one in the positive column – lots of Buyers out there looking for their first or next home. Now where are they looking? The good news is there are enough Buyers out there that all neighbourhoods are getting traction in the market. But there is certainly a lean towards the centre and west ends of the city. Given that Ottawa is a very transient town, cycling heavily through government relocations, private industry changes, new immigrant growth, as well as the normal ebbs and flows we see in real estate, the Buyers are very attentive to the fact they will at some point in their 3-5 year plan be a Seller. Therefore, they are attuned to the growth patterns in the city. With calls for sustainable building and reducing the carbon footprint the desire to live downtown in high.

In addition, the Canadian Forces are opening an enormous Campus in the west end, the RCMP already moved into their campus in the south-west of the city, Outlet shopping, sports venues and all that would appeal to folks on a day-to-day basis cropping up at incredible speed in the centre and west – those markets tend to be faster, and more expensive and have been for the last 3-5 years.

Does that mean the rest of the City is in a slump? Not at all. Buyers are shopping for the best fit – proximity to their employment, schools, activities and friends and family – so we have been shopping with them in all areas of the city.

But what is it we mean by faster or slower? Are the prices higher overall? Every area, indeed every neighbourhood, has its own market, its own flavour. We hope that this is one of the reasons you hire us – as expert guides to the investment values and personalities of those neighbourhoods. When breaking down the market into the various neighbourhoods, some are certainly hot, but as a whole the Ottawa market is nicely balanced, allowing Buyers choice in their investment.

Ottawa Market increase over time is very positive but not outrageous

The city has seen growth every single year in the residential class. Condominiums are having a rougher time, especially in the downtown area…but we think perhaps another article should explore this in greater detail.

For Sellers a balanced market can be a bit more of a trial, especially given the years from 2000-2013 were completely in their favour. Everything sold, in any condition for more than a decade! That is a difficult perception to turn around. Geographically, Sellers in many neighbourhoods are waiting longer to sell their homes. The timeframe in 2016 seems to be sitting between 60-90 days. By no means is it a tragically long time. When we became REALTORS® in the late 1990’s the market timeframe was up to a year to sell, with list to sell ratios sitting at about 90% of asking. (Folks were negotiating anywhere from $10,000 to $50,000 off the asking price.) So on the geographic point we have both positive and negative. Positive for the buyers as there is more supply, negative for the Sellers for the very same reason.

Now we come to what we think is the most important point of this Ottawa market – Expectations. Perhaps some of what we have learned will help you – whether you are a Buyer, or a Seller.

Housing Expectations vs. Reality

Let’s start with what we have seen in Sellers expectations. They have diligently watched the news, seeing reports of rising housing prices, low interest rates and competition amongst buyers for a decent home. They have also loved their homes and have deep emotional attachments (for the most part) to the place where their memories have been made. It is hard for any Seller (us included) to detach from their home and put it in the framework of a “market” of homes and how they stack up against others on their street, in the their neighbourhood and in their general area. As professional REALTORS® we are the messengers of market reality – good and bad. In a balanced market, we tend to have difficult, yet honest discussions with our Sellers about how their home presents itself to today’s Buyers. It is a testament to our passion for our clients that we bring you not only the good news, but the bad. We navigate the experience together – from pricing, to home improvements, staging, marketing, feedback….good, professional REALTORS® are there for every step. If we have one comment for our Sellers, it is that our expertise stops short of a Crystal Ball. We have no supernatural powers when it comes to the market. The day we say we have seen it all is the day we should walk away. We give you the very best we have and hope the sale doesn’t take too long.

The other part of the expectation equation are the Buyers – what do they expect? We often laugh with our first time buyers that they need to stop watching HGTV immediately upon deciding to find a home. They have been conditioned to expect the last 5 minutes of any real estate related show in every home they see OR they see a problem around every corner. Homes are imperfect things – they are made with wood, bricks, drywall, vinyl. Things that can expand, contract, break, wear down. Homes are exposed to water, wind, and sun. They sit on rocks, and sand, and clay. Each house will have a personality that reflects its owner – we see it in their choices for flooring, paint, counter top and landscaping.

We understand that today’s buyers have even less time to dedicate to a home’s overall maintenance – the very nature of employment has changed. Work commands a staggering amount of time in people’s lives, so their priorities have changed as well – seeking more balance. We try to meet those expectations, as well as educate Buyers on the nuances the TV programmes leave behind. Things like – Not every house has a problem, educating between big problems and small ones, how cosmetics of a home can change for very little, and just because it is a bit dated does not mean it doesn’t work.

It is in the analysis of the expectations of both Sellers and Buyers that we can determine the type of market Ottawa is having. When we have to help manage the expectations of BOTH sides – well, that truly is the sign of a balanced market.

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Well folks, the sun is warm across out backs, there are creeks of melting snow and we know that all of you are starting to experience the shivers of excitement that accompany the opening of Patio Season in the City of Ottawa! We have waited 5 long, cold, snowy months to feel Mother Nature’s rays of sunshine and here we are at the cusp of the new season. No doubt some of our fine establishments will be opening their patios this weekend as the weather hits the double digits!

Why are we so excited for patio season? Because we are essentially social creature, looking for connections, interactions and any opportunity to just plain old feel good. Most of us have enjoyed simply people watching on a patio, but more likely, we have laughed with friends and colleagues, had “meaning of life” discussions, and made new friends…all from quenching our thirst and absorbing some vitamin D!

We thought we would help you out with a list of some of the most popular patios around town, but we know some of you have your favourites…so from all of us at BGM Real Estate Team – go out and find a patio, invite friends, make friends, load up on those warm rays of sunshine…and let us know if you find, or know of, any other awesome patios in town.

by Chris Lakner

Find your place in the sun. Our guide to Ottawa’s best patios covers your best bets for sun, suds, sangria, vino and vitamin D.

ByWard Market

Clarendon Court: Secluded and cobblestone, its four restaurant patios feel European; discover the magic behind the shops on Sussex Drive, between George and York Streets, including spots like The Social and Courtyard Restaurant.

The Social: 537 Sussex Dr.

Courtyard Restaurant: 21 George St.

Earl of Sussex Pub: The best sun and sud combo in the market.

431 Sussex Dr.

Earl of Sussex patio.

The Highlander Pub: A place to people watch with eyes on the market’s pedestrian traffic.

115 Rideau St.

Cornerstone Bar and Grill: This market hotspot is a place to be seen.

92 Clarence St.

Murray Street: This leafy patio screams romance. And the charcuterie, cheese boards and wine list will only help matters.

110 Murray St.

Métropolitain Brasserie: Steps away from the Chateau Laurier and Parliament. Grab a table or an outdoor sofa.

700 Sussex Dr.

La Terrasse: Even the sunbeams feel more elegant at this seasonal patio.

1 Rideau St.

La Terrasse patio at Chateau Laurier. Courtesy Ottawa Tourism.

Elgin and Sparks Streets

D’Arcy McGee’s: Spot Ottawa’s who’s who at this upscale watering hole named after a Father of Confederation.

44 Sparks St.

Fox and Feather: Terrific topside patio with a bird’s-eye view of the bustling Elgin strip.

283 Elgin St.

Pancho Villa: Pancho’s margaritas, daiquiris, sangrias and pina coladas are as big in size as they are in flavour. It might not be Cancún, but close your eyes on the sunny patio and it will feel mighty close.

361 Elgin St.

Pancho Villa’s patio.

The Glebe

Feleena’s Mexican Cantina: Sangria, anyone?

742 Bank St.

Irene’s Pub: Discover the hidden courtyard patio at this live music hotspot.

885 Bank St.

Little Italy

Pub Italia: Ireland enjoys a bit of Italy’s sun.

434 Preston St.

Pub Italia patio.

Westboro/Hintonburg

Tennessy Willems: Small but sublime. Come for the pizza, stay for the sunshine.

1082 Wellington St W.

Churchills: P is for patio… and Public House.

356 Richmond Rd.

Water View

Canal Ritz patio on the Rideau Canal.

Dow’s Lake: Three restaurant patios overlook the lake’s busy birds and boaters. Choose your own adventure between Malone’s Lakeside Grill, Baja Grill and Lago.

1001 Queen Elizabeth Dr.

Canal Ritz: This classy canal-side gem is boat traffic central.

375 Queen Elizabeth Dr.

Mill Street Brew Pub: Located near the Canadian War Museum on LeBreton Flats, this historic gristmill turned brewpub is also the perfect stop along the Ottawa River bike path.

555 Wellington St. 

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Our Initial Idea about Websites

In this business, we are all expected to make decisions fairly quickly. It was no different with the decision to update the website…quick and easy move to freshen up our look. Shopped around for a website developer, decided on the look we wanted, filled out some questionnaires. Not hard, right? WRONG! We all surf the web, look at everyone’s sites, play with cool widgets – but have you really counted the layers on a website??

Reality

About 5 weeks into the project we looked around at each other and tried to stave off the need to roll under our desks and adopt the fetal position. No doubt our web developer was on the other end of the line chuckling to themselves. Design, features, widgets, text – all 90+ pages deep – which one of us was going to tackle all that AND sell homes???? Well, we hitched up our big kid pants and dove right in. 25 weeks later – TA DA! And only one of us is still looking longingly at the space under the desk. (We will let you guess who that might be.)

No one prepares you for the amount of time, or discomfort it takes to 1. talk about yourself, 2. Succinctly get your point across about real estate, 3. Find a written “voice” that is true to who you are, 4. Learn all you can about widgets, SEO (Search engine optimization for those NOT familiar), Jetpacks and WordPress and 5. Actually sit down and write out 90 pages of content!!

Creating BGM’s website

The best advice we can give to anyone out there about to “freshen up” their website – think long, think hard, and when they tell you 5 weeks – add 20 more – because if you are trying to sell homes and make your clients happy at the same time – you need breathing room!

We hope you enjoy the site and you will stay awhile and play with our phenomenal calculator, and take in some of the highlights under the resource links.

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