OTTAWA —
“Scorching” is the word realtor Taylor Bennett of Bennett Property Shop Realty uses to describe the Ottawa real estate market.
For the past 14 months we have been a hot sellers’ market, with homes selling for tens of thousands over the asking price and bidding wars.
Bennett says this is due to low inventory, among other reasons.
“The Baby Boomers are becoming new, active, buyers, for the first time in decades as they are looking to downsize,” he says. “Public and private sector are hiring, making Ottawa the second fastest growing city in Canada.
“Buyers out there have yet to adjust their approach and expectations in this new market. This new market is like a battlefield, you have to be more prepared than ever to navigate this hectic market.”
But Bennett doesn’t want buyers to feel shut-out, or that’s it too late to get into the market. He instead offers this primer.
Ask yourself these questions:
How much can I afford?
What do I need?
When do I need it?
Bennett says this is particularly important for first time buyers: “It sounds obvious, but step one should be speaking to a mortgage specialist and get a locked-in mortgage rate while you shop. Mortgage bankers and mortgage brokers can give you very different options depending on your current financial situation.
“In this fast-paced market, it can take much longer to find what you need/want, but you also have to be ready to move quickly when the opportunity arises.”
The stats show that almost 40% of the residential buyers are looking for a home for between $400,000 and $550,000, Bennett says.
”If you are one of those buyers, what are you and your agent doing differently to get the home you want? The same tactics from years past simply do not work in today’s market, it takes a novel approach and well laid-out plan to beat out other buyers today.”
For the condo market, the most desirable price range is between $200,000 and $350,000.
“Fifty-four per cent of condo buyers are in this range. The condo market is even more competitive than the residential side of the market. As more and more Baby Boomers start evaluating condos differently, and our population continues to grow, the demand will stay high until more product is introduced to the market.”
For those buyers worried they are priced out of this market, Bennett is reassuring.
“There are still some fantastic deals out there you just have to realign your expections and make adjustments when entering into this market. The old tactics from yesterday do not work.”
Readjustment tips:
1. With inventory levels at a record low & sales happening fast and furiously, start your home search months earlier than normal.
2. Don’t use the list price as a guide. Many homes are deliberately being underpriced. Sellers have no intentions of selling at that price, like the photos & description, it’s another way of bringing in buyers.
3. Do your own research & stay within your means.
Bennett says: “When you do find that property that was the best suited for you, change your expectations, change your approach and you won’t be disappointed.”
Depending on your budget, you will have different options. Bennett has prepared these slides to give you a sense of what is available in various neighbourhoods.
HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.
Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.
Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.
The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.
Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.
They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.
The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.
This report by The Canadian Press was first published Oct. 24, 2024.
Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.
Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.
Average residential home price in B.C.: $938,500
Average price in greater Vancouver (2024 year to date): $1,304,438
Average price in greater Victoria (2024 year to date): $979,103
Average price in the Okanagan (2024 year to date): $748,015
Average two-bedroom purpose-built rental in Vancouver: $2,181
Average two-bedroom purpose-built rental in Victoria: $1,839
Average two-bedroom purpose-built rental in Canada: $1,359
Rental vacancy rate in Vancouver: 0.9 per cent
How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent
This report by The Canadian Press was first published Oct. 17, 2024.
VANCOUVER – Voters along the south coast of British Columbia who have not cast their ballots yet will have to contend with heavy rain and high winds from an incoming atmospheric river weather system on election day.
Environment Canada says the weather system will bring prolonged heavy rain to Metro Vancouver, the Sunshine Coast, Fraser Valley, Howe Sound, Whistler and Vancouver Island starting Friday.
The agency says strong winds with gusts up to 80 kilometres an hour will also develop on Saturday — the day thousands are expected to go to the polls across B.C. — in parts of Vancouver Island and Metro Vancouver.
Wednesday was the last day for advance voting, which started on Oct. 10.
More than 180,000 voters cast their votes Wednesday — the most ever on an advance voting day in B.C., beating the record set just days earlier on Oct. 10 of more than 170,000 votes.
Environment Canada says voters in the area of the atmospheric river can expect around 70 millimetres of precipitation generally and up to 100 millimetres along the coastal mountains, while parts of Vancouver Island could see as much as 200 millimetres of rainfall for the weekend.
An atmospheric river system in November 2021 created severe flooding and landslides that at one point severed most rail links between Vancouver’s port and the rest of Canada while inundating communities in the Fraser Valley and B.C. Interior.
This report by The Canadian Press was first published Oct. 17, 2024.
