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Today’s real estate market has taken a turn from being a hot seller’s market in the first quarter, to a market where homes are selling for list price or under, some staying on the market for several weeks. Current interest rates hovering over 4% and the abundance of inventory – especially when it comes to townhomes – has cooled the market down. I think this trend will continue into the fall; however, interest rates will continue to rise. With less competition in the market and more homes to pick from, this is a great opportunity for buyers to get a good deal and not settle for just any home.
Ontario Staycation Tax Credit
The Ontario government has created a temporary tax credit program to encourage Ontarians to vacation in the province. Ontario residents can claim 20% of their eligible accommodation expenses for 2022 when filling your income tax return. Some examples of eligible expenses include:
- Hotel
- Motel
- Bed and breakfast
- Resort
- Campground
- Vacation rental property
- Cottage
The credit only applies to leisure use from Jan.1-Dec.31,2022. You can claim eligible expenses of up to $1,000 as an individual or $2,000 if you have a spouse, common-law partner, or eligible children, to get back up to $200 as an individual or $400 as a family.
For more details visit https://www.ontario.ca/page/ontario-staycation-tax-credit
Hot Neighbourhoods in Ottawa
After 2 years of living with lockdowns and working remotely from home, many families have outgrown their homes. The demand for large lots, privacy and home office spaces has increased. Home prices in small rural towns have increased 30-40% on average. Here are some neighbourhoods that have seen the incredible growth in the past 24 months.
Greely – In June 2020, the average house price was $709, 100. 2 years later, the average house price is now $1,085,300. That’s a 53% increase in price!
Manotick Mahogany – The average house price was $819,900 in June 2020, $1,211,500 is the new average price for June 2022 – 47% higher!
Richmond - $602,000 was your average house price back in June 2020. A 51% increase over the past 24 months and now you are looking at an average price of $908,500!
Russell – House price were quite affordable in June of 2020 with the average price around $494,600. June 2022, the average price is now $800,800. That’s a staggering 62% increase!
Embrun – You will see a similar pattern to Russell – a 60% increase from June 2020 – June 2022. The average price was $446,300 and now its $714,300.
Arnprior – A whopping 68% increase in price over 2 years! The average house price in June 2020 was $394,100, fast forward 2 years later, the average price is now $661,900.
Other rural communities such as Metcalfe, Carleton Place, Osgoode, Winchester, Rockland and more have all seen a significant increase in price. The demand will continue I believe as most of these areas offer bungalows on large lots and are typically within a 30–40-minute drive to downtown Ottawa.
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
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