July 2023 Real Estate Newsletter
Thursday Aug 10th, 2023
June was a similar month to May in terms of number of sales, listings inventory and overall days on market. There seems to be a large increase in sales of properties under 400k as buyers are getting lower mortgage approvals due to high interest rates. Rates may go up again this month by .25% or more to continue to battle inflation. Will this have an impact on the real estate market? The only impact I think it will make is to reduce the mortgage qualification amounts for buyers. The market will likely continue to move forward, however, at a slow and steady pace. For buyers who are still on the fence – marry the house, date the rate! The current state of mortgage rates is temporary, they will go down in a year or so. The house prices are low because of the high rates. Take advantage of the opportunity to get a good deal on a house today, lock in a fixed mortgage for 3 years and by the time your mortgage is up for a renewal, rates will drop, and real estate prices will go up. If you or someone you know is looking to buy or sell, get in touch with me today!
What does Equity mean?
The difference between a home’s market value and the amount owing on the mortgage. This is the portion of the home that has been paid for and is officially “owned.”
Things to do in July
Rideau Canal Cruise – Enjoy a relaxed cruise ride from Dow’s Lake to the Rideau River. The ride is 1.5 hours and features live commentary from your guide. Tickets can be purchased online at https://www.getyourguide.com/ottawa-boat-cruise-s152642/
Lansdowne Farmer’s Market – Support local farmers! Get your fresh produce, baked goods, hot meals, crafts, pantry items and more from over 75 vendors. The market takes place on Sundays from 9am-3pm at Aberdeen Square from July 2nd to October 29th.
Football season is back! Ottawa Redblacks play on July 15 and July 28! Get your tickets online at https://www.ottawaredblacks.com/tickets/
Neighbourhood Feature – Little Italy
One of Ottawa’s most vibrant neighbourhoods, Little Italy offers a variety of speciality shops, top rated restaurants, cafes, luxury condos and so much more. Preston is the main street where you will find the majority of businesses. Homes in the area are typically built in the early 1900’s and vary from Detached homes to multi-family units, with a few high-rise condos throughout. The Claridge Icon is a new 45 storey high-rise condo at the corner of Carling and Preston that offers amazing views of the Dow’s Lake and Centertown. Every year during the month of June, the Italian Festival takes place offering live music, a variety of Italian food vendors, Ferrari’s, vintage cars and more. Absolute Comedy on Preston Street offers “Dinner and Show” with showtimes typically starting at 8:00pm. Schools in the area include St. Anthony’s School and The Adult High School. If you are looking to make a move to a lively and vibrant community that offers several amenities in walking distance, I highly recommend checking out Little Italy!
Did You Know?!
You can use your RRSP’s towards a down payment on your first home? The Home Buyer’s Plan allows first time home buyers to use funds from your RRSP’s towards buying or building a home. You must be a Resident of Canada, intend to live in the home as a primary residence within one year and you must have a written agreement of purchase. If you would like to explore this option, contact me for further information.
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!