• 0.5% of the first $55,000
• plus 1.0% of the amount from $55,001 to $250,000
• plus 1.5% of the amount in excess of $250,001 to $400,000
• plus 2.0% of the amount in excess of $400,000

In lieu of this week’s past holiday, Valentine’s Day, I thought I would blog a little bit about ways to make your home buying/selling experience one you can truly LOVE..

Low interest rates: Mortgage rates are at an all time low and this is a great time to get locked in and loaded. Whether you are purchasing for the first time or thinking of renewing your mortgage, it is a great time to makes moves. An article from CBC news recently stated: “The Canadian Association of Accredited Mortgage Professionals estimated recently that the 1.35 million mortgage holders who renewed their mortgages in the past year saved an average of $2,000 a year in interest costs – or $2.7 billion a year in total.”

While this news is very interesting, what some people don’t understand is that a low mortgage rate isn’t good enough. Although low rates are appealing, you need more than just a rate. You need a solid financial plan that can take care of all of you individual needs. Working with someone you trust can make all the difference when it comes to purchasing a home. Luckily at OCT, we have the privilege of working with many fantastic people and we would be happy to refer you to someone you can depend on.

Organize: Purchasing or selling a home, although fun and exciting, can often be very stressful. Being organized during this process can help immensely. You can keep organized by getting the right people on your side. Get in touch with a mortgage specialist and be pre-approved before you start looking. This is important to avoid any kind of disappointments when starting to look at homes that may not even be in your budget. Having your finances in order is number one.

Find a realtor who is going to work hard for you. Although “For Sale By Owner” can be a great option for some people, it is not always realistic. Selling a home can often be chaotic especially when you have a job and life to worry about as well. Showings, appointments, phone calls, paper work, negotiations... This is all a lot of work and is very overwhelming. Being unorganized can cause you to lose a lot of money. Whether selling or buying, it is best to have someone in your corner who is going to look out for your best interests.

Value: This is an important one.

1.      Value the opinion of those working for you. Respect your realtor’s judgement and allow them to guide you in the right direction.

2.      Buy something that is worth it! Make sure the property you want to buy is valuable to you in one way or another. For example, if you are purchasing something as an investment, make sure you are shopping around and getting a great deal. This way you will see a return on your investment.

If you are on a quest to find your dream home, make sure you are choosing things that are of value to YOU. The professional opinions of others are great to consider but when it comes down to it, you need to go with what makes YOU happy.

3.      Market value is also important to understand. Do not overpay or expect someone to over pay for your property. Just because your home may be of high value to you, does not mean that is how much it is truly worth. Sometimes sentimental feelings can get in the way when selling your home. Understanding the market is vital. If your home is overpriced and isn’t getting any action it might be time to re-assess the situation. If for some reason you feel like your home is more valuable then what the market is telling you, maybe it isn’t time to sell.  It can be difficult to let go of something when you are not ready, so make sure you are ready!

Economy: Looking at what is going on in the economy at the moment is always something important to take into consideration when make large investments or purchases. It is often said that we are lucky to be living in the bubble of which is the Nation’s capital. We have a steady market in all respects and we are shielded from the frictions sometimes felt in surrounding areas. This train of thought however has often been criticized by those who believe that sooner or later our glorious bubble will indeed burst.

Luckily, recent CMHC predictions for the 2012 Market have been released leaving us with a glass half full. Mathieu Laberge, Deputy Chief Economist for CMHC reported that:

 “Despite continued uncertainty in the global economy, Canada’s economic fundamentals remain positive, particularly with respect to interest rates, employment and immigration. These factors will continue to support Canada’s housing sector in 2012,”

More specifically, Ottawa has remained stable and is expected to remain the same with little to no slippage in the housing marking over the next three years. Even with inevitable government cut backs, not much is expected to change.

Take all factors into consideration and always go with your instincts. If your current situation does not allow you to feel comfortable making a large investment, then simply don’t. But don’t allow economic pessimists to sway your decision either. The Ottawa housing marking is strong and it doesn’t seem like there is a kryptonite in sight.

In the past few months I have heard a lot of people talk about a bubble prices in the Canadian housing market. We will definitely see some major decline in prices in the Canadian real estate market but certain areas will be more affected then other (i.e. Toronto and Vancouver). Canadian Banks are predicting up to 10% price decline for these two specific cities in the next two years. The main reasons why these two cities in particular will be more affected then the rest of the country is mostly because they have seen prices go up at a faster rate than the rest of Canada. CMHC’s forecast states that the market should remain steady for 2012 and 2013. We should still expect sales and new constructions to increase for the next two years mostly due to low mortgage rates still available. As a real estate agent I am seeing a lot of people wanting to buy real estate in Ottawa knowing that the mortgage rates are not expected to remain as low as we are currently experiencing so buyers are rushing to lock down a good mortgage rate before they start to increase. I strongly believe that this will be the main factor driving the market for the next two years. That being said until an increase in mortgage rates, expected to increase during the year of 2013, I strongly believe that we still have another two years of steady prices increase in Ottawa.

Stay tune to find out my predictions for 2013 – 2014.

Quick negotiations tips

Blog off... Blog wars 2012 week #2.
After my last minute submission in week #1 I had told myself that in week two I would be prepared and get my blog done ahead of time... As per usual, this is not the case. It is 7:10 am and t minus 20 minutes until the blogs are due...

The art of making a deal is at the root of our jobs everyday. Due to this fact anyone that is busy buying and selling real estate knows or should know the 3 most important pieces of info that are needed in order to have full understanding of the target property and help identify if a deal may be available.

1) don't even consider a negotiation without this piece of info. " How much did the seller pay for the property and when did they buy it ".

2) how many days has the property been on the market for.

3) has the seller purchased another property yet or any other motivating factors.

 Thinking rationally, it should not matter what the seller bought a property for because in a perfect world market price will find itself. But since the world isn't perfect, if you are a deal seeker and you combine a property that was purchased 10 years ago for 200k that is now worth 315k and a seller that is motivated a deal COULD be on the table at 300k or north. The thought of cashing out, or moving on combined with a nice profit will typically help facilitate the transaction. Vs the exact same property except the seller just purchased it last year for 298k and would be taking a loss at 300k. This second seller may be more inclined to sit tight and wait for 315k to cover their loses.

In other words. Profits are in the details.
Sent from my iPad

This week's winner is...Krissy!

Here at Ottawa’s Condos, we are often asked the question:  “So do you just sell pre-construction?”

Well, the answer to this question is HECK NO.

It is quite obvious why someone would assume that we are restricted to selling condos since it says so right in our name! But as Shakespeare once said, “what’s in a name?”

There is much more to be offered by Jeff and the team then just pre-construction or re-sale condos. We have a vast range of clients all over the city (as well as out of the city) who have happily purchased and sold not only condos but town homes, single family homes, vacant land and waterfront properties as well.

We are also lucky to have a superior network of other professionals to refer our clients to. Whether it be a lawyer, a mortgage broker, a home inspector, a general contractor.. Basically anything you need along the way, the Ottawa's Condos Team is here to point you in the right direction. Our clients truly are the most important part of our business and we want to be able to help them in every way we can.

So take the time to spread the word and don't let a name fool you. There is much more than meets the eye.  Although we are well known as the "condo specialists", look a little deeper to see what else we have to offer. You will quickly see how good we are at all the other stuff too!

Thanks for reading!

Wow! What a whirl wind of events 2011 brought us. Not only did our family grow from 3 sales people to 5 but we also gained a new office manager.  

At the Annual Sutton Group Premier Realty (2008) Kick Off our Team was proud to take first place for Sales Team of the Year 2011. We wanted to this moment to say thank  you to all of our past clients and current clients for believing in our marketing, negotiating and communication abilities.

As Jim Watson said at the kick off, “ I would never buy or sell my home without an agent because it is the largest investment I will ever make”.  We appreciate that our loyal clients can trust their investments to be taken care of by our team of dynamic, positive and energetic salespeople.

We are looking forward to 2012 and all of our future clients that can help us make 2012 above-above average!

Much has been publicized recently about Canadian lenders offering fixed rate mortgages as low as 2.99%. The Bank of Montreal has a limited time offer for a 5 year term at 2.99% with many restrictions and conditions that adversely affect the promise of such a low rate.

In response, other major chartered lenders have launched their 4 year fixed rate terms at 2.99% without the restrictions of the BMO offer.

What does this mean to you?

If you’re in a variable rate mortgage and would consider converting your mortgage to a fixed rate term, now is a good time to inquire as to the low-rates available to you. We can help guide you through this process.

If you’re in a fixed rate mortgage currently you should examine the costs associated with breaking that term in favour of negotiating a new fixed term mortgage rate at 2.99%. We can help determine that calculation and help guide you through that process as well.

These rates present an incredible opportunity to help limit the interest costs associated with your household budget and can help you retire the mortgage faster.

What are you waiting for? Save your money!

At Ottawas Condos Team, we pride ourselves on providing great service to our clients. This is achieved by being well organized, efficient and sometimes most importantly, patient. Luckily, these are all qualities possessed by office manager, Kath Tooley.

As a realtor, you are always on the go. So many things are happening at once, it is sometimes impossible to get everything done on you own. Having a great office manager makes it possible for everyone to function efficiently and to make sure our clients are getting the quality service they deserve.

Holding a position as an office manager is not always as easy as some might expect. Kath handles a wide array of duties on a daily basis and has a great responsibility of making sure everything gets done properly and on time! It is a stressful and important position within our office and the pressure can sometimes be significant.

With Kath’s great organizational skills, she alleviates a lot of the stresses we would have to face on our own. She handles appointments, listings, agreements,filing, websites...The list could go on and on. I am pretty sure that her full name is: Kath Multitask Tooley.

The most respectful thing about Kath in my opinion is that she treats everyone fairly. No one is favoured more than another and she is always there to help out when needed. If you are a client of Jeff Mziray’s or any member of the team, you have more than likely at one time or another been in touch with Kath Tooley. Working behind the scenes, her hard work may sometimes go unrecognized but surly not unappreciated!

If you have not been lucky enough to have worked with this fine young lady, I suggest you purchase a condo from us ASAP so you can see first hand how great she truly is.

Thanks Kath!

This week's blog winner goes to...JP! Enjoy the read :)

Condo sales are higher than ever! Tired of lawn maintenance, snow removal, repainting the exterior of your home every two years or that unexpected 20,000$+  roof replacement? A growing number of your neighbors are. Condominium living is becoming our generation's trendiest lifestyle; no surprise that we're seeing new condominium developments going up across the city month after month. The demand is there – and not about to decrease.

For today's students attending post-secondary education, young professionals, empty nesters or for those who simply enjoy the convenience of a maintenance-free residence, the condominium lifestyle has become a need rather than just a want. There's a shift going on in Ottawa. In the last five years, condominium sales have driven the stability of the resale market, gaining a 10-15% increase in value for units sold year after year. 

Not only are condos great for people who don’t want to do a lot of home maintenance, their monthly fees can also be ideal for people on a limited budget or fixed income. Since maintenance is paid incrementally through condo fees, owners won’t have to suddenly come up with a large sum of money to repair the foundation, for example.

Where there's high demand for saleable product, there's investment opportunity. Why not supercharge your capital's return? – make your money go to work! As a matter of fact, many individuals with extra capital in the bank – mostly gaining under 5% in yearly return - have been flocking toward condominium investment, and I don't blame them. Why settle for a petty 5% R.O.I when you can attain a hefty 10-15% return per year by having title to a product in so much demand?

Not ready to move? Not to worry. Ottawa's rental pool is vast, providing you with the option to lease your unit if need be – often for a rental amount equal or superior to that of your monthly mortgage payment. Whereas the stock market can yield high returns in short periods of time, its medium-high risk becomes an important and almost discouraging factor to consider. Ottawa's condominium market offers much lower risk due to high and continuing demand, steady and above average income per capita(91,000$ per year) on the national spectrum,  and all while being supported by a plethora of public servants with secure employment. As mentioned by the renowned Canadian Business-Money Sense magazine, Ottawa is Canada's #1 best place to live. What are you waiting for? Join the trend. Get on the train!