April 2023 Real Estate Newsletter
Wednesday Apr 19th, 2023
Slow and Steady! The market is picking up in some pockets of the city. In my opinion, I think we have hit the bottom in terms of prices, and it looks like we are starting to see prices heading upwards. It’s slow and gradually moving as buyers are getting back into the market. Interest rates are staying put for now and we will hopefully not see any further rate hikes for the rest of the year. On March 27th, CMHC announced they have made a few amendments to the foreign buyer ban which affect work permit holders, as well as public and private corporations partially owned by foreigners. One of the changes will allow anyone in Canada with a work permit to buy a residential property while working. The permit holders must have at least 183 days left on their work permit and cannot already own a home. Visit the CHMC website for full details. CHMC is also offering a First Time Home Buyer Incentive to help first time buyers get into the market! You might be eligible to receive 5-10% of the value of your purchase towards a down payment. This will lower your monthly payments and make home buying more affordable. You must be a first-time home buyer with a minimum 5% down to qualify. Contact me for more information.
Porting is when you transfer your existing mortgage from one home to another. You may decide to do this if you have a low interest rate and want to transfer the mortgage and terms over your new home and to also avoid paying a penalty. Want to know more? Contact me to get connected to my preferred mortgage specialist.
Things to do in April
Atletico Soccer – Head over to TD Place for the ‘Pay What You Can’ home opener on April 15th. A portion of each ticket sale will be donated to CHEO, with additional funds raised from in-game events.
Kevin Hart: Reality Check – Enjoy a night of laughs at the Canadian Tire Center on April 14th! The show starts at 8pm. Get your tickets online at Ticketmaster.ca.
Lee Brice: Beer Drinking Opportunity Tour – Calling all country music fans! Don’t miss a night of live music and cold beer! Tickets are reasonably priced too! The show begins at 7:30pm on April 25th at the CT Centre. Get your tickets before they sell out!
Neighbourhood Feature – Centretown
Centretown is defined as part of Ottawa’s downtown core and features a mix of commercial and residential properties. Elgin Street offers a variety of restaurants, pubs, fast food joints and small boutique shops. You will find a mix of high-rise condos, turn of the century towns and singles, and several multi-family buildings. The Rideau Canal and Parliament Hill are both within walking distance. Schools in the area include Elgin Street Public School and Lisgar Collegiate Institute. Nightlife, busy streets, and several places to shop and eat – if that’s something that speaks to you then I would recommend checking out Centretown for your next move!
Did You Know?!
If you hire me as your Realtor to buy or sell a home, you will get FREE access to my office RE/MAX moving truck. This offer is for a limited time only! If you’re planning on buying or selling a home this month, CALL ME!
*some conditions may apply, please contact me for more details.
As always, it would be my pleasure to assist you, your friends and family with any Real Estate needs. Please don’t hesitate to reach out with any questions!