December 2023 Real Estate Newsletter

Overall sales activity for the month of November was down 1.6% from the previous year. Interest rates have dropped, and the bank of Canada has left its benchmark interest rate unchanged at 5.0%. It is anticipated that interest rates will begin to drop mid next year. The number of listings in November 2023 has increased by 2.7% over November 2022. If you are considering buying a home in the next few months, it may be a better time to start looking today. With higher inventory and less demand right now, you will find a better deal and could have the option to close in 90 days which will bring your move-in date to March/April. Rates will have improved by then and prices will go up as a result. Contact me to explore your options.

What is a Reserve-Fund?

A reserve fund is an account that condominium corporations maintain for major repairs and replacements of common elements and assets. The Condo Act requires that corporations conduct periodic reserve fund studies to determine whether the amount of money in the fund and contributions collected from owners are enough to deal with any unexpected costs of major repairs. An example would be if the condominium complex needs all new windows, or the elevators need repairs etc. The details of the reserve fund are found in the status certificate.

Things to do in December

Ottawa Christmas Market – Located in the Aberdeen Square in Lansdowne, featuring over 45 vendors offering a variety of food and drinks, several activities and performances, live music and more! Visit Ottawachristmasmarket.com for more details.

Ottawa Senators– The Sens play several home games throughout the month of December. Check out their schedule by visiting www.nhl.com/senators/schedule.

Magic of Lights – Experience a drive-through holiday lights experience at Wesley Clover Parks! New additions this year include a Holiday Barbie display, a Big Foot Monster Truck and prehistoric dinosaurs. Get your tickets online at magicoflights.com.

Neighbourhood Feature – Richmond Meadows

Richmond Meadows is a new development community in the town of Richmond. Most of the homes are built by Mattamy and Caivan. You will find a mix of large, detached homes, townhouses and 3 level village towns. The community is diverse and family oriented and plans for future schools, parks etc. are in the works. The main street offers a small town feel with several amenities you would find in a larger suburb similar to Barrhaven or Kanata. This is one of the fastest growing communities in the west end. If you are looking to for a new area of town to settle in, I highly recommend exploring Richmond Meadows! 

Did You Know?!

You might be eligible to claim a GST/HST rebate on a rental property. If you purchased a new construction home for the purpose of renting it out, you will likely have had to pay the HST up front. In order to get a rebate on this HST, there are certain requirements you must meet. Visit Canada.ca or consult a tax accountant 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!

613 262 5810
mero@merosellshomes.com
www.merosellshomes.com