May 2023 Real Estate Newsletter
Monday Jun 19th, 2023
The spring market is in full swing! Home sales have begun to pickup as buyers are getting back into the market. Prices are lower compared to this time last year however they are beginning to increase as the inventory expands throughout the city. Interest rates are remaining stable for now and many banks and lenders are offering 4.5% on average for a 5-year fixed mortgage. More listings on MLS are popping up with offer hold outs again, with many selling over asking. Will we return to a seller’s market? I personally don’t think it will happen right away, however if the inventory dries up and rates go down, you never know!
If you have questions about the market, feel free to contact me anytime!
What is a Deposit?
When an offer has been accepted on a property, the buyer is required to provide a deposit. The exact amount is written out in the agreement and accepted by both parties. There is no standard amount that is required however, to show a seller that you are a serious and motivated buyer, a higher deposit is recommended. The deposit will be held in trust by the listing agent or lawyer until the deal closes, at which point it is applied to the purchase price. If your deal is terminated for any reason during your conditional period, your deposit would be returned in full or as otherwise specified within in your purchase agreement.
Things to do in May
Ottawa BlackJacks Basketball – Watch the Blackjacks play against The Brampton Honey Badgers on May 24th at 7:30pm. Check out the BlackJacks site for more details - https://www.theblackjacks.ca/schedule
Live Horse Racing – Place your bets at The Rideau Carleton Casino! Live Horse Races are held two to three times a week. Visit their website to see the full schedule for 2023. https://www.rideaucarletoncasino.com/racing-calendar.htm
Tulip Festival – The largest Tulip Festival in the world kicks off on May 12th! The event takes place at Commissioners Park, where over 300,000 tulips are showcased along Dows Lake. May 22nd is the final day – don’t miss it!
Neighbourhood Feature – Stittsville
Stittsville Main is one of the most versatile streets in the Ottawa area. It features several coffee shops, restaurants, yoga studios and many fitness options. There are grocery stores and shopping nearby. Many of the amenities are walking distance to the various communities within the Stittsville area.
The community is diverse and popular amongst all age groups. There is a type of home for everyone: condos, townhomes, both small and large single homes and retirement homes.
Throughout the year, several community events take place, such as the annual Canada Day parade and fireworks, the Stittsville Farmers' Market, and the Christmas Parade of Lights as well as Artisan markets.
Stittsville Main Street is a vibrant and welcoming destination for both locals and visitors, offering a unique blend of small-town charm and big city amenities.
Did You Know?!
As a first-time home buyer, you may be eligible for refund on land transfer tax up to a maximum of $4000. You must be at least 18 years old and must occupy the home as your primary residence within nine months of the date of transfer. Contact me to for more 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!