January 2023 Real Estate Newsletter
Thursday Jan 12th, 2023
Happy New Year to All!
2023 is off to a slow start as total sales and sold prices continue to drop. Mortgage rates will remain high for the foreseeable future. There is an abundance of inventory for sale and for rent. The median sold price vs original list price for December was approximately 90%. January so far has an 88% sold to list price ratio. My thoughts? I think the next 2-3 months will be slow moving until we get to the spring market. In the meantime, if you are looking to buy, there are some great deals out there. Contact me to find out more. If you are planning to list in the spring, get in touch with me! Its always an excellent idea to start prepping early and personalizing a plan to sell your home for top dollar!
What is Bridge Financing?
‘Bridge financing’ or a ‘bridge loan’ is designed to help bridge the gap between closing on your current house and your new property by allowing you to carry two mortgages for a short period of time. This is a very helpful option If you want to move into your new home a few days or weeks earlier and close on your existing home at a later date.
Things to do in January
Ottawa Home and Remodelling Show – A marketplace for all your home design and renovation needs. The show starts from January 19th-22nd at the EY Centre. Brian Baeumler from “Island of Brian” will be there live as well. Visit https://www.ottawahomeandremodellingshow.com/ for more information
Skating at the Rideau Canal – Go skating at the worlds largest skating rink! The Rideau Canal transforms to a 7.8-kilometer skating rink for all to enjoy! It typically opens from January to March, weather depending. Visit https://ncc-ccn.gc.ca/places/rideau-canal-skateway for more details on when the rink opens.
Ottawa Senators – Watch a Sens game at the Canadian Tire Center. Visit https://www.nhl.com/senators/team/schedule to see their home schedule.
Neighbourhood Feature – South Keys
South Keys is a neighbourhood in Gloucester-Southgate Ward in the south end of Ottawa. The main shopping complex is South Keys Shopping Centre which offers several retailers, restaurants, a movie theatre, and a transit station. The Ottawa airport is a 5-minute drive away. Homes in the area are a mix of high-rise condos, townhouse condos and singles – typically built in the late 60’s and 70’s. Bank Street and Hunt Club Road are the two major intersections in the area. Bayview Public School and Dunlop Public School are just two of the many schools in the area. South Keys is a great community to buy a home and has much to offer!
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!