February 2023 Real Estate Newsletter
Thursday Feb 09th, 2023
The Ottawa Real Estate Market continues to slow down as we enter a “balanced” market. I have noticed a large amount of rental listings on the market. The new vacant unit tax has forced owners of vacant properties to rush to get their units leased before the deadline. Will people lean towards a lease or purchase a home with a high interest mortgage? The average townhouse in the suburb’s rents for approximately $2200-$2400 a month. If you were to purchase that same property, say around 600k, with 10% down at a rate of 5.7% fixed for 3 years, your monthly payment will be approximately $3400. The benefit of buying of course is you own the home; the property value increases every year, and you can build equity. Contact me today to explore your home buying and financing options.
In a balanced market, there is an equal balance of buyers and sellers. This means there is a fair share of inventory vs the amount of amount of buyers looking for a home. In this type of market, homes don’t typically sell overnight, and the overall sold price is usually close to the list price. You will also see more traditional offers which include a conditional period, a reasonable deposit amount and negotiations on prices.
Things to do in February
Winterlude - a free exhibit for all located in the heart of Downtown, enjoy beautiful ice sculptures, skate on the Rideau Canal, and play in the snow playground called Snowflake Kingdom. Don’t forget to grab a beaver tail! Check out their website for more details - https://www.canada.ca/en/canadian-heritage/campaigns/winterlude.html
Thomas Rhett Concert – See the country music star live on February 25th at the Canadian Tire Centre! Opening for Thomas Rhett will be Jordan Davis and Kameron Marlowe. Get your tickets now at Ticketmaster.ca.
Capital Hoops Classic – Watch the Gee Gee’s Vs the Ravens February 3rd at TD Place! Get your tickets online at https://www.tdplace.ca/event/capital-hoops-classic/
Neighbourhood Feature – Playfair Park
Playfair Park and the Guildwood Estates area is one of Ottawa’s most desirable communities. Many of the homes are built in the mid 60’s and range from bungalows with carports to 2 storey singles with double car garages. Featherston Drive Public and St.Gemma are two elementary schools in the area. Kilborn Avenue and Pleasant Park Road are two of the largest roads that run parallel to one another. The main shopping plaza, located between Heron Road and Walkley Road, features a Food Basics Grocery Store, a Goodlife Fitness, McDonald’s, Leon’s, and several other shops. It’s a great family community for any home buyer!
32 Whitcomb Cres, Smiths Falls $2200/month
BRAND NEW READY TO MOVE-IN! This townhouse is located in the new Parkview sub-division called Bellamy Farms. Stunning finishes throughout, open concept kitchen/dining and living area, spacious bedrooms, a large master bedroom with an
ensuite and walk-in closet, finished basement and loads of storage space. Book a private tour today!
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
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