June 2023 Real Estate Newsletter
Monday Jun 19th, 2023
The month of May saw an increase in sales for the first time since February 2022. I noticed a lot more activity across the board from condos to singles, many of which were selling in a few days. Offer hold outs are becoming more common again and some homes are selling over list price. Rental transactions have also increased by 22% compared to the previous year. The new rate hike announced on June 7th might slow the market down moving forward, however, it is too early to tell. If you are looking to get a pre-approval, contact me today and I will put you in touch with my preferred mortgage specialist.
If yu have questions about the market, feel free to contact me anytime!
What does Amortization mean?
Amortization refers to the length of time allotted for paying off a loan – in home-buying terms, the mortgage. Most maximum amortization periods in Canada are 25 years, but sometimes they are higher or lower depending on the mortgage terms you have in place.
Things to do in June
Atlético Ottawa vs. Vancouver FC – Head over to TD place on June 17th to watch Ottawa take on Vancouver. Tickets start at around $25 each. Visit Ticketmaster.ca for more details.
Cirque Du Soleil: Corteo – Enjoy a one of kind theatrical show involving acrobatic feats, comedy and acting that will keep you on the edge of your seat!
Visit https://www.canadiantirecentre.com/event/cirque-du-soleil-corteo/ for ticket pricing.
Football season is back! Ottawa Redblacks play on June 30th vs the Elks. Get your tickets online at https://www.ottawaredblacks.com/tickets/
Neighbourhood Feature – Wellington West
Situated just west of downtown, Wellington West is a thriving hub known for its trendy shops, diverse culinary scene, and lively atmosphere. Wellington West offers a diverse range of cafes, restaurants, specialty shops, bistros and several other small businesses. Homes in the area range from high-rise condos to modern semi-detached or detached homes. Prices range anywhere from the $400,000’s for condos to 1.5 million for larger singles family homes.
Beyond its vibrant commercial scene, Wellington West also exudes a sense of history, with charming heritage buildings and tree-lined streets that add character and charm to the neighborhood. From its lively street festivals to its friendly community vibe, Wellington West in Ottawa is a fabulous location for everyone.
Did You Know?!
You can get a mortgage and addition funding to renovate your home? The program is called Purchase Plus Improvements. It allows you to borrow the cost of renovations and add it to the home price and into one mortgage payment. The program works for both new construction and resale, must be a maximum of four units and at lease one of the units must be owner occupied. To find out if you are eligible, contact me 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!