Monthly Archives August 2013

Ontario moves to license condo managers

Things appear to be starting to turn around. Following a year-long review by government and industry officials and condo owner representatives, Queen’s Park recently proposed improving Ontario’s 15-year-old Condominium Act in order to offer condo owners, tenants and buyers greater protection. About 10 per cent of Ontario’s population lives in condominiums and condos represent around 50 per cent of all new homes built in Ontario. There are almost 600,000 condominium units in the province and 9,000 condominium corporations, according to the provincial government. The first of several changes now being proposed to the Condominium Act involves introducing mandatory qualifications for
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Jennifer & Dean Foster

“Thanks for your extensive efforts – including countless phone calls and emails – to help make the sale of our home happen. Your expertise, guidance, and hard work throughout the whole process were very much appreciated.”
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Antoine & Laura Sioufi

“We do so much value your help in the sale of the house. We have enjoyed working with you; your patience and understanding along the way were tremendously appreciated.”
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St. Claire Gardens – $359,000

Charming and cozy 2+ bedroom bungalow nestled on a mature and private 50′ x 90′ lot in desirable area, with nearby shops, services, and OC Transpo. Features include hardwood floors, a fully finished and versatile lower level, 4 car parking, and more! 60 day/TBA possession. Great beginnings @ 12 Starwood Road! (more info)
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CMHC cools mortgage market with new cap for banks

Canada Mortgage and Housing Corp. is putting a cap on the amount of mortgage-backed securities sold by banks that it is willing to guarantee. A spokesperson with CMHC confirmed media reports Monday that the national housing agency will, effective immediately, limit banks and other mortgage lenders to $350 million worth of new mortgage-backed securities per month. The decision comes in the wake of “unexpected demand” for the guarantees, a spokeswoman for CMHC said in an emailed statement. The move takes some of the air out of the housing market by forcing banks and other lenders to be responsible for the
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Applewood Acres – $517,000

All brick 4 bedroom, 3 bathroom home on a mature & private 60′ x 120′ lot! This spacious family home features a large family room addition, new roof shingles in 2011, and new gas furnace & A/C in 2008. Endless renovation possibilities! Original owner! Immediate possession. (more inf0)
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Ottawa Real Estate Statistics

The Ottawa Real Estate Board reported 1,339 unit sales in July, a decrease of 2.7% compared with July 2012. The five year average for sales in the month of July is 1,347 units. New listings taken in the month increased slightly by 3.9% compared with July 2012.  The average sale price in July was at $359,551 an increase of 6.6% over 2012.  The listing inventory continues to grow up 14.5% over levels in July 2012.  The sales to listing inventory ratio was at 18% which indicates a balanced market. Properties are taking longer to sell evidenced by the average days on market
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Steady as she goes – No major fluctuations for Ottawa resales.

Members of the Ottawa Real Estate Board sold 1,339 residential properties in July through the Board’s Multiple Listing Service® system, compared with 1,376 in July 2012, a decrease of 2.7 per cent. July’s sales are just below the five-year average of 1,347. “Although the number of residential properties, including condominiums, is down since last year, residential-class units sold increased 0.5 per cent from this time last year,” says Tim Lee, President of the Ottawa Real Estate Board. “The market has definitely cooled down since last year, as a result of the introduction of new mortgage rules by the Government. However,
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