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Real Estate Blog

December 2016 Ottawa real estate sales increased by 1.7 percent from December 2015, with a total of 715 residential properties sold. Of those sales, 550 of them were residential, and 165 of them were condominiums.

According to the president of the Ottawa Real Estate Board (OREB) Rick Eisert, “The listing inventory for both residential and condos trended lower all year, however units sold trended higher most months, outpacing 2015 by a fair margin. Cumulative days on market increased to 123 days in December, while the average for the year stayed steady at 91 days. Average residential sale prices remained virtually unchanged over last year, however we are seeing an increase in December compared to 2015, which could be a result of a higher concentration

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There are many up and coming neighbourhoods in Ottawa, as well as beautifully developed ones and ones that still have a lot of potential. But of course, one of the best areas of all is Parliament Hill. If you look directly across the street from the Parliament Buildings you will see the old U.S. embassy, a prime piece of real estate that has sat empty for 20 years.  

The embassy’s construction began in 1931. At the time, Canada’s foreign policy was still run out of the United Kingdom, but change was underway. The building symbolized Canada’s independence and the importance of the Canadian- U.S. relationship.

Because it’s sat empty for so long, the buildings value is difficult to determine, however other buildings in the area, such as the Lord Elgin

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November 2016 Ottawa real estate sales increased by 0.9 percent from November 2015, with a total of 995 residential properties sold. Of those sales, 765 of them were residential, and 230 of them were condominiums.

According to the president of the Ottawa Real Estate Board (OREB) Rick Eisert, “Year-to-date unit sales to the end of November have now surpassed all previous year-end totals. This year has been an exceptional year for sales for Ottawa Real Estate Board Members, and the year isn’t even over yet. The cumulative days on market have shown a steady decline for the first six months of the year, then has shown the same steady increase, so that the cumulative days on market in November (105 days) essentially mirrored that of January (110 days).”

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Do you find land transfer taxes confusing? Don’t worry, so do many others! Below are some frequently asked questions to help you start to understand land transfer taxes. If you have any additional questions you can ask one of our educated agents by clicking here.

 

Who pays land transfer taxes?

Land transfer taxes are paid to the province when a real estate transaction is completed. It is paid by the purchaser, not the seller.

How much is paid?

Typically it depends on the price of the land, however there are always exceptions. For example, if you are a first time home buyer, you may be eligible to be refunded.

Is land transfer tax the same as HST?

No, HST only applies to newly constructed homes or homes that have been renovated to the

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October 2016 Ottawa real estate sales increased by 4.7 percent from October 2015, with a total of 1,214 residential properties sold. Of those sales, 957 of them were residential, and 257 of them were condominiums.

According to the president of the Ottawa Real Estate Board (OREB) Shane Silva, “The new mortgage rules announced at the beginning of October have yet to have an effect on the Ottawa market, as the announcement only came two weeks prior to implementation. It’s too early to tell what kind of impact the new mortgage rules will have on the Ottawa market going forward. We know that right now Ottawa continues to be a desirable city to live and work, and consumer confidence and job growth remain positive.”

The sale price of residential homes has

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Purchasing a new home can get expensive. Even if you’re downsizing, you often end up buying new furniture to fit the needs of your new home. The last thing you want to worry about is spending a bunch of money on packing and the move itself. Here are some tips on how to keep the cost down when relocating to your new home.

  1.        If you’re planning on using movers, get a few different quotes from different companies and use try to negotiate a lower price. With that being said, you’re trusting these movers with all of your belongings so make sure you’re using a reputable company. Check Yelp, their Facebook Business Page and Google for reviews by other customers.
  2.        If you are doing a long distance move, consider a moving company that moves
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