Beth & Andrew Home Team : Blog : Latest Blog Posts

Bank of Canada Holds Policy Rate at 2.25% Amid Ongoing Economic Uncertainty

Wed, 10 Dec 2025 15:00:00 GMT

The Bank of Canada today held its target for the overnight rate at 2.25%, maintaining the Bank Rate at 2.5% and the deposit rate at 2.20%. The decision reflects the Bank’s view that current monetary policy remains appropriately calibrated as inflation stays close to target and the economy continues to adjust to global and domestic pressures.

Global Economic Conditions

Major economies worldwide continue to demonstrate resilience to US trade protectionism, although uncertainty remains elevated. In the United States, economic growth is being supported by strong consumer spending and a surge in investment related to artificial intelligence. However, the recent US government shutdown contributed to volatility in quarterly growth figures and delayed the release of key economic data, while tariffs have created some upward pressure on US inflation.

In the euro area, economic growth has been stronger than anticipated, with the services sector showing particular resilience. In contrast, China’s growth is being weighed down by soft domestic demand, including continued weakness in the housing market. Overall, global financial conditions, oil prices, and the Canadian dollar remain roughly unchanged since the Bank’s October Monetary Policy Report (MPR).

Canadian Economic Outlook

Canada’s economy recorded a surprisingly strong 2.6% growth in the third quarter, despite flat final domestic demand. This increase in GDP largely reflected volatility in trade activity. Looking ahead, the Bank expects final domestic demand to strengthen in the fourth quarter; however, an anticipated decline in net exports means overall GDP growth is likely to remain weak in the near term. Growth is forecast to pick up in 2026, though uncertainty remains high and significant swings in trade may continue to generate quarterly volatility.

Labour Market Conditions

The Canadian labour market is showing early signs of improvement. Employment has posted solid gains over the past three months, and the unemployment rate declined to 6.5% in November. That said, conditions remain uneven. Job markets in trade-sensitive sectors continue to face challenges, and hiring intentions across the broader economy remain subdued.

Inflation Trends

CPI inflation slowed to 2.2% in October, driven by declining gasoline prices and more moderate increases in food prices. Inflation has been close to the 2% target for more than a year, while measures of core inflation remain within a 2½% to 3% range. The Bank assesses that underlying inflation is still around 2½%.

In the near term, CPI inflation is expected to move higher due to the temporary effects of last year’s GST/HST holiday on the prices of certain goods and services. Looking beyond these short-term fluctuations, the Bank expects ongoing economic slack to largely offset cost pressures associated with the reconfiguration of trade, keeping CPI inflation close to the 2% target.

Policy Outlook

If inflation and economic activity evolve broadly in line with the October projection, the Governing Council views the current policy rate as “about the right level” to keep inflation near 2% while supporting the economy through this period of structural adjustment. Uncertainty remains elevated, and the Bank has reiterated that it is prepared to respond should the outlook change.

Above all, the Bank of Canada remains focused on ensuring that Canadians continue to have confidence in price stability during this period of global upheaval.

Ottawa’s Housing Market Holds Steady Amid Economic Uncertainty – Balanced Conditions Continue into Year-End

Thu, 06 Nov 2025 15:00:00 GMT

Sales and prices show steady growth as inventory eases and buyer confidence strengthens heading into the winter season.

The Bank of Canada Reduces Policy Interest Rate to 2.25%

Wed, 29 Oct 2025 13:45:00 GMT

The Bank of Canada has lowered its overnight rate by 25 basis points to 2.25%, citing global trade tensions, soft labour conditions, and modest growth. Inflation remains near 2%, with gradual economic recovery expected through 2026.

Ottawa Market Shows Resilience in September Amid Rising Inventory and Stable Prices

Fri, 03 Oct 2025 14:00:00 GMT

In September 2025, Ottawa saw 1,089 homes sold, up 2.4% from last year, with stable prices, rising inventory, and balanced conditions. Townhouses lead gains while apartments dip slightly.

The Bank of Canada Cuts Policy Rate to 2.5% Amid Global Trade Pressures

Wed, 17 Sep 2025 13:45:00 GMT

The Bank of Canada lowered its overnight rate by 25bps to 2.5%, citing global trade pressures, softer employment, and moderate growth. Inflation remains near 2%, with careful monitoring of trade impacts on the economy.

Open House. Open House on Sunday, August 17, 2025 2:00PM - 4:00PM

Thu, 14 Aug 2025 09:11:21 GMT

Please visit our Open House at 22 Avonhurst Avenue in Ottawa. See details here

Open House on Sunday, August 17, 2025 2:00PM - 4:00PM

Welcome to 22 Avonhurst Avenue – A Meticulously Maintained Detached Home in the Heart of Longfields, Barrhaven Set on a quiet, family-friendly street in one of Barrhaven’s most desirable communities, this charming and extensively updated single-family home offers a perfect blend of comfort, functionality, and modern style. From the moment you arrive, the property exudes warmth and pride of ownership. The front exterior is inviting and well cared for, featuring an interlock walkway bordered by lush, established perennial gardens and a quaint covered front porch—perfect for morning coffee or relaxing evenings. Step through the front door into a spacious, tiled foyer complete with a generous closet and access to an updated 2-piece powder room, ideal for guests. The main level boasts rich hardwood flooring throughout and a well-designed layout that maximizes both light and space. The living and dining areas are bathed in natural light, thanks to large windows on two sides, and feature a stylish shiplap accent wall and contemporary lighting that add a modern yet cozy aesthetic. The heart of the home is the expanded gourmet kitchen—a dream for home chefs and entertainers alike. Appointed with granite countertops, high-end stainless steel appliances (fridge & stove 2021, dishwasher 2025), and comfortable cork flooring, the space also includes a built-in office nook, ideal for working from home or supervising homework. With abundant cabinetry and counter space, this kitchen offers both style and substance. The breakfast bar provides a seamless connection to the adjacent family room, where a gas fireplace creates a warm, welcoming focal point. Expansive windows overlook the professionally landscaped backyard, inviting nature and light indoors. Upstairs, you'll find three generously sized bedrooms, all featuring hardwood flooring and ample closet space. The primary suite is a true retreat, offering cathedral ceilings, a walk-in closet, and a fully renovated ensuite bathroom with heated tile flooring, granite vanity, and a custom glass shower. The two secondary bedrooms are serviced by a renovated main bathroom (2021), beautifully updated to match the home’s elevated design. The finished lower level offers incredible flexibility, with space for a recreation room, home office, fitness studio, or children’s play area. A dedicated laundry area and abundant storage space add to the home’s functionality. Step outside to your own private, fully fenced backyard oasis. Ideal for hosting or relaxing, the yard features mature trees, vibrant perennial gardens, and interlock patio areas with room for dining, lounging, and play. Notable updates that ensure long-term peace of mind include: ✔ Furnace (2017) ✔ Roof Shingles (2014) ✔ Central Air (2021) ✔ Windows (2022–2024) Ideally situated just moments from top-rated schools, parks, shopping, restaurants, and public transit, this move-in-ready home checks all the boxes for today’s discerning buyer. 📍 Don’t miss your chance to own this truly special property in a well-established and highly sought-after Barrhaven neighbourhood.

Open House. Open House on Sunday, August 10, 2025 2:00PM - 4:00PM

Sat, 09 Aug 2025 09:12:05 GMT

Please visit our Open House at 22 Avonhurst Avenue in Ottawa. See details here

Open House on Sunday, August 10, 2025 2:00PM - 4:00PM

Ottawa Housing Market Shows Resilience with Steady Prices and Balanced Supply in July

Thu, 07 Aug 2025 14:00:00 GMT

In July 2025, Ottawa saw 1,318 homes sold, up 4.9% from last year, with steady prices, balanced inventory, and moderate growth. Townhouses lead gains, while apartments experience slight declines.

BoC Holds Key Interest Rate at 2.75%

Wed, 30 Jul 2025 14:00:00 GMT

The Bank of Canada holds its rate at 2.75% amid ongoing global trade uncertainty and inflation risks tied to shifting U.S. tariff policies.

Ottawa Real Estate Market Shows Stable Prices and Rising Inventory in June

Mon, 07 Jul 2025 14:00:00 GMT

In June 2025, Ottawa saw 1,602 homes sold, up 10.6% from last year, with rising inventory and steady prices. Apartments lag behind, but overall, the market remains stable with a stronger fall expected.

Ottawa Housing Market Sees Strong May Sales and Steady Prices

Fri, 06 Jun 2025 14:00:00 GMT

In May 2025, Ottawa saw 1,807 homes sold—up 14.9% from last year—with steady prices and rising inventory. Buyers are returning to the market, while sellers face the need for competitive pricing and strong presentation.

BoC Stands Firm at 2.75%—What It Means for Canada’s Economy and Housing Market

Wed, 04 Jun 2025 14:00:00 GMT

Bank of Canada holds interest rate at 2.75%, balancing inflation risks and economic growth amid global trade uncertainty and housing market shifts.

Ottawa Real Estate Market Snapshot – April 2025

Wed, 07 May 2025 14:00:00 GMT

The spring market is gaining momentum in Ottawa, with notable shifts in both buyer and seller behaviour. According to the Ottawa Real Estate Board (OREB), a total of 1,306 homes were sold through the MLS® System in April 2025. While this represents a significant 18.4% increase over March 2025, it also marks an 11.2% decline compared to April 2024.

Sales activity for the month came in 17.6% below the five-year average and 16.2% below the 10-year average, indicating a slower pace when viewed from a longer-term perspective.

“While April sales were down year-over-year, we saw a healthy month-over-month increase—an encouraging sign of growing momentum as we move through the spring market,” says OREB President Paul Czan. “Inventory remains at higher levels compared to previous years, indicating a gradual move towards a balanced market.”

As market conditions shift, both buyers and sellers are adjusting their strategies.

“With more certainty following the federal election, buyers are returning with greater confidence—but they're proceeding cautiously, taking their time, including conditions in their offers, and being more selective,” adds Czan. “Sellers, meanwhile, are adjusting to longer days on market, which makes strategic pricing and thoughtful home preparation more important than ever. If the listing is priced well, shows well, it's moving—and in some cases, it’s even getting multiple offers. Looking ahead, we’ll be watching how the federal government’s recent housing commitments translate into action. Policies aimed at increasing supply, improving affordability, and supporting first-time buyers are welcome steps toward meaningful impact here in Ottawa.”

By the Numbers – Prices

The MLS® Home Price Index (HPI) provides a more accurate reflection of market trends than traditional average or median price measurements.

The overall MLS® HPI composite benchmark price was $631,200 in April 2025 — a 1.1% increase from April 2024.
The benchmark price for single-family homes reached $703,200, rising 1.0% year-over-year.
Townhouses/row units saw a more notable price gain, with a benchmark of $440,000, up 4.4% compared to April 2024.
Apartment-style properties experienced a decline, with the benchmark price at $404,000, down 2.8% from the previous year.

Meanwhile, the average sale price across all property types in April 2025 stood at $707,180, reflecting a modest 0.4% increase compared to April 2024. The total dollar volume of home sales amounted to $923.5 million, which represents a 10.8% decline year-over-year.

By the Numbers – Inventory and New Listings

Market supply continued to expand in April, offering more options for prospective buyers.

New listings totalled 2,589 residential properties, a 3.8% decrease compared to April 2024. However, this figure remains 2.8% above the five-year average and 5.6% above the 10-year average for April.
Active listings reached 4,878 units by the end of the month, a surge of 54.2% over last year. Inventory levels were 86.9% higher than the five-year average and 51.3% above the 10-year average.
The months of inventory—which measures how long it would take to sell all current listings at the current sales pace—stood at 3.7, up from 2.2 months in April 2024.

As Ottawa’s real estate market continues its transition toward more balanced conditions, buyers and sellers alike will benefit from working closely with knowledgeable REALTORS® who can help navigate pricing strategies, property preparation, and offer negotiations.

Stay tuned for more insights as we monitor how upcoming policy implementations and evolving market dynamics shape the remainder of the 2025 real estate landscape.

Source:OREB.ca

Bank of Canada Holds Policy Rate Steady at 2.75%

Wed, 16 Apr 2025 13:45:33 GMT

Stable rates support buyer confidence and market activity as Canada navigates global uncertainty—encouraging news for both buyers and sellers.

Is It Time to Downsize? Signs You May Be Ready for a Change

Wed, 26 Mar 2025 14:00:00 GMT

Considering a move to a smaller home? Discover key signs that it might be time for a change to simplify your lifestyle and finances.

Bank of Canada Lowers Interest Rate to 2.75% Amid Economic Uncertainty

Wed, 12 Mar 2025 14:00:00 GMT

The Bank of Canada lowers its key rate to 2.75%, aiming to boost stability and support growth amid shifting economic conditions.

Ottawa Real Estate: February Sales Decline as Inventory Rises and Prices Hold Steady

Mon, 10 Mar 2025 14:00:00 GMT

Fewer homes changed hands in February, but more choices hit the market. Prices stayed steady, with shifts in different property types.

Council Approves Fire Station Expansions in Manotick and Greely

Fri, 28 Feb 2025 15:00:00 GMT

Ottawa City Council approved fire station expansions in Manotick & Greely to support growth & improve emergency response times. These upgrades enhance coverage for surrounding communities. Learn more about the plans, funding, and other key updates.

Ottawa’s Market Heats Up with Increased Listings and Cautious Buyers

Fri, 07 Feb 2025 15:00:00 GMT

Ottawa’s real estate market is heating up! More listings, cautious buyers, and shifting trends—stay ahead of the curve. Whether you're buying or selling, get the latest insights to make informed decisions. Read the full update now!

Transform Your Bathroom on a Budget: Easy Updates That Make a Big Impact

Thu, 30 Jan 2025 15:00:00 GMT

Ready to make your bathroom stand out? Small updates can lead to BIG results! Whether you're swapping hardware, refreshing grout, or adding a stylish touch, these budget-friendly ideas will help you impress potential buyers without breaking the bank.

Bank of Canada Lowers Interest Rate to 3%: Economic Growth and Stability on the Horizon

Wed, 29 Jan 2025 15:00:00 GMT

The Bank of Canada has cut its policy rate to 3%, signalling relief for borrowers and a boost to the economy. What does this mean for housing, inflation, and future growth? Read on!

Framing Your Home’s Best Features: Enhancing Window Views to Impress Buyers

Wed, 22 Jan 2025 15:00:00 GMT

Not every window has a perfect view, but with clever tricks like stunning window treatments and creative staging, you can turn any view into a selling point. Discover simple ways to make your windows shine and impress potential buyers!

Flexible Showings: Why Adjusting Your Schedule Can Help Sell Your Home Faster

Mon, 20 Jan 2025 15:00:00 GMT

Are rigid showing times limiting your home’s potential? Flexibility—like using a lock box or offering weekday evening slots—can attract more buyers and help you sell faster. Discover simple tips to boost your chances of a top-dollar sale. Read more now!

Protect Yourself from Mortgage Scams

Mon, 13 Jan 2025 15:00:00 GMT

Learn how to spot and avoid mortgage scams, safeguard your home, and make informed decisions with these essential tips.

December 2024 Market Recap

Fri, 10 Jan 2025 15:00:31 GMT

Home sales rose 7.9% YOY, with year-to-date sales up 11.8%. Inventory grew, offering opportunities as market conditions improve.

Canadian Housing Market 2025: Stability Returns Amid Evolving Lending Rules & Political Changes

Mon, 06 Jan 2025 15:00:00 GMT

In recent years, the Canadian housing market has experienced significant disruptions. A global pandemic, surging interest rates, and economic challenges caused the market to deviate from typical patterns. However, 2025 is anticipated to see a return to conditions more aligned with long-term historical trends.

The Royal LePage Market Survey Forecast projects that the aggregate price of a home in Canada will rise by 6.0% year-over-year, reaching $856,692 in the fourth quarter of 2025. The median price of a single-family detached home is expected to grow by 7.0% to $900,833, while condominiums are forecasted to see a 3.5% increase, reaching $605,993.

“After several years of unusual volatility in the real estate market, key indicators point to a return to stability in 2025. The backlog of willing and able buyers continues to grow, and upcoming changes to mortgage lending rules will further enhance Canadians’ borrowing power,” said Phil Soper, president and chief executive officer, Royal LePage. “Most notably, the Bank of Canada’s shift from ‘inflation fighter’ to ‘economy booster’ has taken time to influence buyer behaviour. We saw a marked increase in market activity at the start of the fourth quarter, following the Bank of Canada’s 50-basis-point rate cut. Buyers now believe home prices have hit bottom and are eager to act before competition intensifies.”

New Lending Rules to Enhance Borrowing Power

New lending regulations taking effect this month will provide improved accessibility for first-time buyers and existing homeowners. Starting December 15th, eligibility for 30-year amortizations on insured mortgages will expand to include all first-time buyers and purchasers of new construction homes, an increase from the current 25-year limit. Additionally, the mortgage insurance cap will rise from $1 million to $1.5 million, enabling buyers with less than a 20% down payment to consider higher-value properties. These changes will be especially impactful in Canada’s most expensive real estate markets, where average home prices often exceed $1 million.

“Improved lending conditions, combined with declining interest rates, will unlock new housing opportunities for many Canadians in the new year. First-time buyers will be the primary beneficiaries of these initiatives, as their ability to borrow more for less with a smaller down payment will help bring them closer to their first home purchase,” said Soper. “We believe the return of buyers to the market will encourage builders and trigger a wave of new supply, which is very much needed.

“Addressing Canada’s critical housing shortage must remain a top priority for policymakers at every level of government. With our population growing rapidly through both natural increases and immigration, it is essential to stay focused on supporting the development of new homes if we hope to address housing affordability, be it for purchase or rent.”

Shifting Political Landscapes and Potential Housing Impacts

The year 2025 is expected to bring political changes in both Canada and the United States, with potential implications for the housing market. In Canada, a federal election may introduce new housing policies that could temporarily influence market activity in the latter half of the year.

“With an election approaching in Ottawa and a new administration preparing to take office in Washington, the housing market faces potential disruptions. Here at home, a federal election will see new housing policies that may temporarily impact market activity in the second half of 2025,” said Soper. “Meanwhile, south of the border, the incoming Trump administration’s trade policies and broader economic agenda have the potential to create ripple effects for Canada’s economy and housing market. While these impacts may take time to unfold, they could eventually affect consumer confidence and market dynamics on both sides of the border.”

Highlights from the 2025 Forecast

Greater Montreal Area is expected to lead with aggregate home price growth of 6.5%, outpacing Greater Toronto (5.0%) and Vancouver (4.0%).
Quebec City is forecasted to see the largest increase among major regions, with an 11.0% rise in aggregate home prices, followed by Edmonton and Regina at 9.0%.
Calgary, along with Ottawa, Halifax, and Winnipeg, is projected to experience a moderate 4.0% home price increase, following significant appreciation over the last two years.
The median price of a condominium in the Greater Toronto Area is anticipated to decline by 1.0%, reflecting the addition of thousands of new units to an already surplus supply.

Bank of Canada reduces policy rate by 50 basis points to 3.25%

Wed, 11 Dec 2024 15:50:00 GMT

December 11, 2024 - The Bank of Canada has reduced its key interest rate to 3.25%, creating opportunities for the real estate market. Lower rates can make mortgages more affordable and boost housing demand, making now a great time to buy or refinance.

2024 Holiday Décor Trends: A Fresh Take on Festive Magic

Tue, 10 Dec 2024 15:00:00 GMT

Transform your home this holiday season with 2024's top décor trends! From muted luxe and vintage charm to natural elegance and cozy textures, find inspiration to create a festive, stylish space perfect for celebrating and making memories.

Hidden Costs of Buying a Home in Ontario: What You Need to Know

Thu, 05 Dec 2024 15:00:00 GMT

Avoid hidden surprises when buying a home in Ontario! Learn about extra costs like taxes, legal fees, and moving expenses to budget smarter and ensure a smooth closing day.

Bank of Canada Cuts Interest Rates Amid Optimistic Economic Outlook

Wed, 23 Oct 2024 14:00:00 GMT

The Bank of Canada lowers interest rates to support economic growth as inflation cools and the global economy shows signs of steady improvement. Discover what the updated forecast means for Canada's financial future.

Ottawa Home Sales See Steady Growth Amid Market Adjustments in September 2024

Mon, 07 Oct 2024 14:00:00 GMT

Ottawa’s housing market saw an 11.4% increase in sales for September 2024, with prices steady. Despite the growth, sales remain below long-term averages, and housing supply struggles continue amid low construction rates.

Understanding Carbon Monoxide: The Silent Killer and How to Stay Safe

Fri, 27 Sep 2024 14:00:00 GMT

Are you aware of the dangers of carbon monoxide, the "silent killer"? Learn how faulty equipment can release this invisible gas, recognize the symptoms of CO poisoning, and discover essential tips on installing alarms and keeping your family safe.

Home Maintenance Tips for the Fall Season

Mon, 23 Sep 2024 14:00:00 GMT

3 Simple Winterization Steps for Your Lawn Tractor

Before putting your tractor away for the winter, take a few quick steps to avoid issues in the spring:

Prevent Engine Corrosion: Moisture in an idle engine can cause rust. To stop this, "fog" the engine by spraying an oily mist into each cylinder. Just remove the spark plugs, spray some aerosol fogging oil (available at auto parts stores), and reinstall the plugs.
Protect the Battery: A battery that isn’t fully charged can suffer permanent damage, especially in cold weather. Hook the battery up to a charger and charge it until the voltage reads 12.7 volts.
Stabilize the Fuel: Gas left sitting in the tank can clog the fuel system, leading to costly repairs. Add a fuel stabilizer like STA-BIL or Seafoam before storing the tractor. (It’s also a good idea to use a stabilizer year-round.) Stabilizers don’t work well with ethanol-blended gas, so if you’re unsure about the fuel, run the engine until the tank is empty.

Winterizing Your Gas Grill

If you don’t plan to grill during the winter, now’s the time to store your grill before it's buried under snow. After giving it a thorough cleaning to remove grease and food residue, follow these steps to ensure a hassle-free grilling season next spring:

Shut off the gas at the LP tank, detach the burner, remove the gas tubes, and take out the unit. Apply a layer of cooking oil to the burners and other metal parts to protect them from moisture and rust. Wrap the burner unit in a plastic bag to prevent spiders and insects from nesting in the gas tubes—a common issue that can cause poor starts, uneven flames, or even fires.
If you're storing your grill outdoors, leave the propane tank connected (but turned off) and cover the grill with a protective cover once cleaned. If storing indoors, disconnect the propane tank and leave it outside, upright, away from vents or play areas. Never store the tank indoors, as even a small leak can lead to a dangerous explosion. Finally, cover the grill’s gas line opening with a plastic bag to keep bugs out.

How to Winterize Your Sprinkler System

You can either hire a professional to blow out your sprinkler system each year or tackle it yourself with an air compressor. The key is ensuring no water remains in the lines, as any leftover moisture can freeze and cause pipes to burst. Keep in mind that even the largest home compressors can’t handle the entire system at once, so you’ll need to blow it out zone by zone.

If you have your original irrigation layout, you can calculate the cubic feet per minute (cfm) needed to blow out each zone. Divide the total gallons per minute (gpm) of the zone by 7.5 to find the cfm. If you don't have this information, just rent a 10-cfm compressor and hose from a local tool rental shop.

Set the compressor’s air pressure to a maximum of 80 psi for rigid PVC systems or 50 psi for flexible black polyethylene systems. Turn off the water supply and set the timer to open one zone at a time. If there's a manual drain valve at the end of the zone, open it as well.

Next, close both valves on the backflow preventer and remove the plug on the blow-out port. Attach a quick-connect hose adapter, connect the air hose, and blow out the zone. Once the sprinkler heads pop up and expel water, disconnect the hose immediately.

Avoid overdoing it, as the plastic gears inside the heads can melt in less than a minute without water to cool them. Move to the next zone and allow the heads to cool before repeating the process. For good measure, blow out each zone twice.

Winterize Your Pressure Washer or Risk Ice Damage

I once had an electric pressure washer—emphasis on had. A few years ago, I left it in the garage over winter without draining the pump. The water inside froze and expanded, and when I tried to use it the following spring, water sprayed out from everywhere except the nozzle. I learned the hard way that I should have disconnected the hoses and used a pump antifreeze/lubricant like Pump Saver from Briggs & Stratton. This product pushes out the water and replaces it with antifreeze and lubricant to protect the pump. You can find pump antifreeze/lubricants at most home improvement stores.

Protect Your A/C Compressor From Falling Icicles

There's no need to completely wrap your air conditioner for the winter—many manufacturers actually discourage it, as it can attract rodents and trap moisture, leading to premature corrosion. However, placing a piece of plywood on top of the unit is a smart way to shield it from potential damage caused by falling icicles.

Drain Your Garden Hoses or End Up Replacing Them

I’ll admit, I’ve occasionally been too lazy to drain my garden hoses before winter. Most of the time, it’s fine, but every now and then, frozen water splits a hose wide open. I’ve lost a few cheap ones this way, and even an expensive one (ouch!). It’s a needless expense because draining hoses is quick and simple: either blow out the water with an air compressor or stretch them out on a sloped yard or driveway to let the water drain out.

Gutter Cleaner Tip

An old plastic spatula works perfectly for cleaning debris from gutters! It won't scratch the surface, and you can easily trim it with snips to match the gutter’s shape. Plus, grime wipes off easily, making cleanup quick and simple. Not in the mood for all that effort?

Unlocking Homeownership: Bold New Mortgage Reforms for a New Generation

Tue, 17 Sep 2024 14:00:00 GMT

Ready to buy your first home? Canada’s new mortgage reforms aim to help Millennials and Gen Z unlock homeownership with longer amortizations, higher mortgage caps, and added protections. Find out how these changes can make your dream home a reality!

Discover the Goldmine: Ottawa's Year-Round Real Estate Market

Mon, 09 Sep 2024 14:00:00 GMT

Discover how the city's booming economy, diverse housing options, and exceptional quality of life create endless opportunities. Learn tips for savvy investments and finding your dream home.

Bank of Canada Lowers Interest Rate Amid Easing Inflation and Economic Uncertainty

Wed, 04 Sep 2024 16:53:00 GMT

The Bank of Canada cut its key rate to 4.25% due to easing inflation and mixed economic signals. Despite steady global growth and strong Q2 results, Canada’s economy is slowing with inflation at 2.5% and high shelter costs.

Elevate Your Home's Exterior: 5 Easy Ways to Boost Curb Appeal

Thu, 15 Aug 2024 14:00:00 GMT

Discover five easy ways to boost curb appeal and make your home stand out this summer. Whether you're selling or want to impress, these tips will help you create a welcoming and stunning exterior. Start today!

Ottawa’s Real Estate Market Gathers Momentum in July 2024

Wed, 07 Aug 2024 14:00:00 GMT

Wondering what's happening in Ottawa’s real estate market? July 2024 saw a notable increase in home sales and new listings, with prices holding steady. Discover how these trends could affect your next move in our full blog!

Uncovering the Hidden Costs of Home Buying: Essential Financial Tips for Your Next Move

Tue, 06 Aug 2024 14:00:00 GMT

Are you ready to make your dream move? Don't let unexpected expenses catch you off guard! From utility bills and mortgage penalties to moving costs and legal fees, we've got you covered with expert tips and insights.

Exciting Activities in Ottawa this Weekend | July 31-August 5

Thu, 01 Aug 2024 19:49:27 GMT

Get ready for an incredible weekend in Ottawa! From fireworks to buskers, ribs, and poutine, there's something for everyone. Check out this list of events and share it with your friends. Know of any other events? Share them in the comments!

12 Must-See Events in Ottawa

Casino Lac-Leamy Fireworks Experience world-class pyromusical performances, culinary delights, artistic showcases, and multimedia art installations. Tickets start at $16. Watch from various points along the Ottawa shoreline, including Major’s Hill Park. Fireworks at 9:15pm.

When: July 31 and Aug 3, 7, 10, 14, 17
Where: Canadian Museum of History grounds, Laurier St, Gatineau
Details:feux.qc.ca

Ottawa International Buskerfest Enjoy world-class performances, free workshops, strolling acts, and food vendors. Free entry.

When: August 2-5
Where: Sparks St
Details: ottawabuskerfestival.com

Capital Ribfest & Poutine Savor the best ribs and poutine, along with live music, games, and drinks. Free entry.

When: August 2-5, 12-9pm (Mon, 12-6pm)
Where: City Hall, 110 Laurier St W
Details: capitalribfest.ca

Ottawa Chamberfest The largest and one of the oldest chamber music festivals in the world celebrates its 30th anniversary. Enjoy free and paid concerts in beautiful venues.

When: July 25-Aug 8
Where: Various venues
Details: chamberfest.com

Capital Pop Up Cinema Watch a free outdoor screening of "The Wedding Singer." Approx. 8:45pm.

When: Friday, Aug 2
Where: Beachwood Cemetery, 280 Beechwood Ave
Details: IG @capitalpopupcinema

613 Flea Shop from over 150 vendors offering eclectic goods, handmade items, antiques, vintage clothing, food, and more. Free entry.

When: Saturday, Aug 3, 10am-4pm
Where: Aberdeen Pavilion, Lansdowne Park, 1015 Bank St
Details: @613flea

Atletico Ottawa vs Cavalry FC Support Ottawa’s professional soccer team against Cavalry FC from Calgary.

When: Saturday, Aug 3, 7pm
Where: TD Place, 1015 Bank St

Colonel By Days Explore Ottawa’s rich history and the canal builder’s legacy with live tours, period costumes, and workshops. Free entry.

When: Saturday, Aug 3-Monday, Aug 5, various times
Where: Ottawa Locks Bytown Museum, 1 Canal Lane, Ottawa
Details: ottawamuseumnetwork.ca

Open Doors at Rideau Hall Tour the grounds, state rooms, gardens, and greenhouses of the Governor General's residence. Free entry.

When: Saturday, Aug 3-Monday, Aug 5, 10am-4pm
Where: Rideau Hall, 1 Sussex Dr, Ottawa
Details: gg.ca

Company of Fools: Macbeth Enjoy Shakespeare’s Macbeth with an all-female/non-binary cast. Pay-what-you-can ($20 suggested).

When: Friday, Aug 2-Monday, Aug 5 (and beyond), 7pm-8:30pm
Where: Aug 2nd Alexander Grove (Stittsville), Aug 3rd Fairmont Park (Civic Hospital), Aug 5th Strathcona Park (Sandy Hill)
Details: fools.ca

Glengarry Highland Games Experience Scottish heritage with over 60 pipe bands, 200 Highland dancers, and traditional sports. Tickets: $30 (children 12 and under free).

When: Friday, Aug 2, 8am-2am; Saturday, Aug 3, 8am-10pm
Where: 34 Fair St, Maxville
Details: glengarryhighlandgames.com

Festival Country du Grand Gatineau Celebrate the 32nd edition of the Grand Gatineau Country Festival with performances by over 40 country music artists. Tickets: $26.85 & up.

When: Aug 1-4; Friday from 7pm, other days from 1pm
Where: Father Arthur Guertin Center, 16 Rue Bériault, Gatineau
Details: countrygatineau.com

Saturday

Crush: The Bon Jovi Experience Enjoy Bon Jovi's greatest hits with Crush. Tickets: $25.57-$31.59 incl tax.
When: Saturday, Aug 3, 8pm-11pm
Where: Rideau Carleton Casino, 4837 Albion Road

Major League Quad Watch the Ottawa Black Bears face the Boston Forge in the 2024 MLQ finale. Pay-what-you-can (min. $5).
When: Saturday, Aug 3, 2pm-5pm
Where: 140 Main St, Ottawa
Details: mlquadball.ticketleap.com

Urban Art Collective Saturday Themed Markets Discover unique treasures at the Antique & Vintage Market. Free entry.
When: Saturday, Aug 3, 12pm-5pm
Where: 1088 Somerset St. W, Ottawa

Sunday

Salsa Sundays Join this free weekly dance class led by instructors from the University of Ottawa’s Salsa Club. No partner is needed, and the instructors will have you dancing with Latin flair in no time! Every Sunday from June 9 to September 1, 3pm to 5pm at George Street Plaza, 55 Byward Market Square.

Zumba on the Hill Get your groove on at Parliament Hill with certified Zumba instructors. This lively Zumba Party is free to attend. Sundays from 4pm to 5:15pm. Location: Parliament Hill. Details: Zumba on the Hill Facebook

Lansdowne Market Explore over 75 vendors offering a variety of local produce, baked goods, crafts, hot meals, and more. Pets are welcome. Every Sunday from 9am to 3pm at the Aberdeen Pavilion, 1000 Exhibition Way, Ottawa.

Monday

Bring the Kids! Enjoy a classic and chamber music recital at the National Arts Centre, designed to keep kids engaged with short attention spans. Free admission. Monday, August 5 at 12pm. Location: 1 Elgin Street, Ottawa, ON K1P.

Meet & Greet with Sesame Street Meet Elmo, Abby, and the Cookie Monster at Tanger Outlet. Enjoy face painting, games, and treats with your little ones. Free event. Monday, August 5 from 11am to 3pm. Location: 8555 Campeau Drive, Ottawa.

Source: Ottawaisnotboring.com

New 30-Year Mortgage Amortization: A Game Changer for First-Time Homebuyers in Canada

Thu, 01 Aug 2024 17:29:05 GMT

Discover how Canada's new 30-year mortgage amortization for first-time buyers of new construction homes is set to lower monthly payments, making homeownership more accessible and affordable for young Canadians.

Transform Your Small Outdoor Space

Sat, 20 Jul 2024 16:54:00 GMT

Stylish and Functional Ideas for Every Budget

Where was the Spring Market?

Fri, 19 Jul 2024 15:41:48 GMT

Homebuyers remain on the sidelines despite the highly anticipated first rate cut by the Bank of Canada. Nationally, home prices increased by 1.5% quarterly in Q2, despite a slowdown in major markets.

Navigating Mortgage Renewal: Key Considerations for Canadian Homeowners

Thu, 11 Jul 2024 15:32:05 GMT

More than half of Canadian mortgages are set to renew before the end of 2026. With the Bank of Canada reducing its key interest rate from 5.0% to 4.75% on June 5th, many homeowners are now contemplating whether to choose a fixed or variable rate upon renewal. Understanding the available options and anticipating changes is crucial to effectively managing today's dynamic mortgage landscape.

Current Situation

During the pandemic real estate boom, variable rates were historically lower, but this trend has reversed recently. Currently, the average five-year variable interest rate offered by mortgage lenders is around 6.7%, while fixed rates are typically at 5.6%. Variable mortgage rates depend on various economic factors, including the key overnight lending rate set by the Bank of Canada. Although the central bank recently cut its key rate for the first time in four years, it could change course if inflation rises in the coming months. Economists expect further cuts by the end of 2024, continuing into 2025 unless economic conditions shift significantly. Despite declining rates, the historically low rates of the past two decades are no longer expected.

Considerations for Variable Rates

For variable-rate mortgages, an increase in the prime rate, influenced by the Bank of Canada's overnight lending rate, leads to higher mortgage payments. However, variable loans with fixed-payment options keep monthly payments unchanged, adjusting the mortgage amortization period instead. This results in a smaller proportion of each payment going towards repaying the principal.

Understanding Your Needs

Choosing between a fixed- and variable-rate mortgage depends largely on the borrower's risk tolerance and personal situation. Variable rates fluctuate, so consider if your lifestyle can accommodate these changes. Even if interest rates begin to fall, numerous economic factors influence their direction throughout your mortgage term. The right mortgage product depends on your short- and medium-term situation. If you're in a period of transition (career change, separation, etc.), a fixed rate might offer more stability.

Strategic Options for Borrowers

Fixed-Rate Mortgage with a Shorter Term: Amid economic uncertainty, many borrowers are opting for shorter-term fixed-rate mortgages (one, two, or three years). This approach allows borrowers to lock in predictable monthly payments without committing to the same rate long-term.
Hybrid-Rate Mortgage: This option combines features of both variable and fixed rates — part of the mortgage has a fixed interest rate, and the other has a variable rate. This allows borrowers to benefit from both stability and potential rate decreases.
Convertible Mortgage: This loan allows borrowers to convert a variable interest rate into a fixed-rate mortgage, or vice versa, before maturity. This flexibility helps adapt mortgage strategies to changing market conditions.

Consult a Professional

Ready to navigate your mortgage renewal with confidence? Contact us today! We can connect you with one of our trusted and experienced mortgage professionals who are ready to help you explore your options and find the best solution tailored to your needs. Whether you're considering a fixed or variable rate, they will provide personalized guidance to ensure you make an informed decision.

Source: CBD

Your Exclusive Real Estate Market Update

Thu, 06 Jun 2024 14:00:00 GMT

In May 2024, the Ottawa Real Estate Board (OREB) reported a total of 1,545 homes sold through the MLS® System, marking a 9.2% decrease compared to May 2023. This figure was 3.7% lower than the five-year average and 13.2% below the ten-year average for May. Year-to-date, home sales reached 5,673 units over the first five months of the year, reflecting a 5.2% increase from the same period in 2023.

OREB President Curtis Fillier noted that Ottawa's early spring market remained steady, with an increase in new listings indicating growing seller confidence. However, some sellers may have awaited the Bank of Canada's interest rate announcement before making decisions, as the first interest rate cut in four years occurred. Nevertheless, supply issues and high home prices persist as challenges despite positive economic indicators.

By the Numbers – Prices:

The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures.

The overall MLS® HPI composite benchmark price was $651,300 in May 2024, a marginal gain of 1.2% from May 2023.
- The benchmark price for single-family homes was $736,000, up 1.1% on a year-over-year basis in May.
- By comparison, the benchmark price for a townhouse/row unit was $517,500, up 2.1% compared to a year earlier.
- The benchmark apartment price was $425,000, up 2.0% from year-ago levels.
The average price of homes sold in May 2024 was $690,683 increasing 0.8% from May 2023. The more comprehensive year-to-date average price was $679,862, increasing by 1.8% from the first five months of 2023.
The dollar volume of all home sales in May 2024 was $1.06 billion, down 8.5% from the same month in 2023.

OREB cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Prices will vary from neighbourhood to neighbourhood.

By the Numbers – Inventory & New Listings

The number of new listings saw an increase of 26.2% from May 2023. There were 3,034 new residential listings in May 2024. New listings were 23.2% above the five-year average and 10.2% above the 10-year average for the month of May.
Active residential listings numbered 3,552 units on the market at the end of May 2024, a gain of 59.4% from May 2023. Active listings were 72.2% above the five-year average and 2.9% below the 10-year average for the month of May.
Months of inventory numbered 2.3 at the end of May 2024, up from 1.3 in May 2023. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

Bank of Canada Cuts Rates: Impact on Housing Market

Wed, 05 Jun 2024 20:10:33 GMT

After maintaining the overnight lending rate at a two-decade high of 5% for 11 months, the Bank of Canada has now reduced its policy rate. In its scheduled June announcement, Canada’s central bank lowered the target for the overnight rate by 25 basis points to 4.75%.

Despite inflation remaining slightly above the BoC’s target of 2%, the overall consumer price index has decreased over the past year, indicating a slowdown in core inflation which is expected to continue.

“Governing Council decided monetary policy no longer needs to be as restrictive and lowered the policy interest rate by 25 basis points to 4.75%,” said Tiff Macklem, Governor of the Bank of Canada, in a statement to reporters following the announcement. “We’ve come a long way in the fight against inflation. And our confidence that inflation will continue to move closer to the 2% target has increased over recent months. The considerable progress we’ve made to restore price stability is welcome news for Canadians.”

Impact on Canada’s Housing Market: With the anticipated interest rate cut now in effect, many rate-sensitive homebuyers are likely to see this as a cue to re-enter the housing market.

A recent Royal LePage survey conducted by Leger found that 51% of Canadians who had postponed their home buying plans in the past two years would return to the market once the Bank of Canada reduced its key lending rate. Specifically, 10% of respondents said a 25-basis-point drop would prompt them to re-enter the market, 18% would wait for a cut of 50 to 100 basis points, and 23% would need to see a cut of more than 100 basis points before resuming their search.

“The long-awaited cut to the overnight lending rate has arrived. The Bank of Canada held its key lending rate at 5% for the past 11 months, and it has been more than four years since the rate was last reduced,” commented Phil Soper, president and CEO of Royal LePage. “Our research shows that half of sidelined homebuyers in Canada plan to resume their home search once the bank rate starts to decline. This will likely spark activity and put upward pressure on home prices in the latter half of the year.”

The Bank of Canada will make its next announcement on Wednesday, July 24th.

Spring 2024 Canadian Real Estate Market: Balanced Conditions Amid Rising Inventory and Cautious Buyers

Thu, 23 May 2024 16:35:40 GMT

Despite increasing inventory levels, many of Canada’s homebuyers have remained cautious this spring, leading to more balanced and less intense market conditions in the past month.

The latest report from the Canadian Real Estate Association (CREA) shows that home sales across Canadian MLS Systems decreased by 1.7% from March to April 2024. However, actual sales activity was 10.1% higher than in April of the previous year.

Meanwhile, newly listed homes saw a 2.8% increase in April 2024 compared to March. With slower sales and more new listings, the total number of homes on the market surged by 6.5%, reaching its highest point since just before the COVID-19 pandemic. This represents one of the largest monthly increases on record, second only to the market slowdown in early 2022.

James Mabey, Chair of CREA’s 2024-2025 Board of Directors, commented in the monthly report, "After a long hibernation, the spring market is now officially underway. The increase in listings is resulting in the most balanced market conditions we’ve seen at the national level since before the pandemic. Mortgage rates are still high, and it remains challenging for many to enter the market, but for those who can, it’s the first spring market in some time where they can shop around, take their time, and exercise some bargaining power. Given the demand, it's uncertain how long this will last."

With sales declining and new listings increasing in April, the national sales-to-new listings ratio dropped to 53.4%, slightly below the long-term average of 55%. By the end of April, there were 4.2 months of inventory nationwide, up from 3.9 months at the end of March. This is the highest level since the pandemic began and exceeds the long-term average of five months.

Shaun Cathcart, CREA’s Senior Economist, noted, "April 2023 saw a surge of buyers re-entering a market with new listings at 20-year lows, whereas this spring has been the opposite, with a healthier number of properties to choose from but less enthusiasm on the demand side."

The national average home price in April 2024 was $703,446, down 1.8% from April 2023. The National Composite MLS Home Price Index (HPI) remained unchanged from March to April, marking the third consecutive month of stable prices. Regionally, prices are mostly stable across the country, except in Calgary, Edmonton, and Saskatoon, where they have been steadily rising since the beginning of last year.

Source:https://blog.royallepage.ca

Spring Prep: A Comprehensive Checklist for Opening Your Cottage or Cabin

Wed, 08 May 2024 16:34:34 GMT

Preparing your cottage or cabin for the spring season is an eagerly anticipated task for many homeowners. As summer approaches swiftly, it's time to gear up for another season of relaxation and enjoyment away from urban life. Ensuring a smooth transition requires meticulous planning and execution. Here's a comprehensive checklist of the top 10 tasks to complete before opening your recreational property for the season.

Utility Restoration: Before your arrival, contact utility providers to reinstate electricity, gas, internet, and any other essential services after the winter hiatus.
Insurance Review: Ensure that your property, boats, ATVs, and trailers are adequately insured for the summer season to avoid any coverage gaps in case of accidents or natural calamities.
Property Inspection: Conduct a thorough inspection upon arrival, checking for weather damage such as missing shingles, clogged gutters, leaks, and debris from fallen branches.
Deck and Siding Assessment: Examine the condition of your deck and siding, cleaning outdoor areas and inspecting recreational equipment like barbecues and hammocks.
Interior Check: Upon entering, watch for signs of moisture, pest infestation, and unpleasant odors.
Ventilation: Open doors and windows to freshen up the interior and consider adding fragrances to combat stale odors. Laundering bedding can also help freshen up the space.
Mold Inspection: Check window sills and door frames for any mold growth due to moisture and condensation.
Water and Electricity Reinstatement: After thorough checks, restore water and electricity, ensuring pipes are free of leaks or frost damage.
Appliance and Electrical System Testing: Verify the functionality of all appliances and electrical systems once power is restored.
Replenish Supplies: Replace batteries in smoke and carbon monoxide detectors, clean or replace central ventilation filters, refill fire extinguishers, and restock first-aid kits.

By adhering to this comprehensive checklist, you can ensure your cottage or cabin is primed and ready for the summer season ahead!

Interested in learning more about the recreational market in Canada? Read the latest market trends and insights in Unveiling Opportunities: Spring 2024 Outlook for Canada’s Recreational Property Market

Ottawa Real Estate Market: A Resilient Spring Amidst Changing Dynamics

Mon, 06 May 2024 20:53:01 GMT

In April 2024, Ottawa Real Estate Board (OREB) reported 1,456 homes sold via the MLS® System, marking an 8.9% increase from the same period in 2023. However, sales were slightly below both the five and ten-year averages for April.

Year-to-date figures showed a promising 11.5% increase in home sales compared to the same period in 2023. OREB President Curtis Fillier described the current market as typical for spring, noting a restored confidence among buyers and sellers. Sellers are more confident due to recent sales activity, leading to an uptick in listings, while buyers feel less pressure in the post-pandemic market and are taking their time to find suitable properties.

Fillier emphasized the importance of looking closely at sales details, noting changing buyer demographics and a shift towards townhomes becoming a seller's market due to shrinking supply. Single-family homes remain the most active segment, influencing average sale prices.

Regarding prices, the MLS® Home Price Index (HPI) indicated marginal gains, with the overall benchmark price reaching $643,700 in April 2024. Single-family homes saw a 1.6% increase in benchmark price, while townhouses and apartments also experienced slight increases.

New listings surged by 40.5% compared to April 2023, with active listings increasing by 36.6%. However, months of inventory remained relatively stable, suggesting sustained market activity.

Navigating the Pros and Cons of Adjustable-Rate Mortgages: A Comprehensive Guide

Mon, 06 May 2024 18:25:00 GMT

Adjustable-rate mortgages (ARMs) present borrowers with a distinctive opportunity to leverage fluctuating interest rates, offering flexibility and potential cost savings over the loan's duration. Nevertheless, ARMs also entail inherent risks and uncertainties that borrowers should carefully weigh before opting for this mortgage type. This article delves into the advantages and disadvantages of adjustable-rate mortgages, aiding you in discerning whether an ARM suits your homeownership requirements.

Understanding Adjustable-Rate Mortgages (ARMs)

An adjustable-rate mortgage (ARM) is a home loan type wherein the interest rate remains unfixed for the loan's entirety. Instead, it fluctuates periodically based on changes in an index, such as the prime rate or the London Interbank Offered Rate (LIBOR). Typically, ARMs commence with an initial fixed-rate period, succeeded by adjustable-rate intervals where the interest rate can vary annually or at specified intervals.

The Pros of Adjustable-Rate Mortgages

Lower Initial Interest Rates: ARMs often initiate with lower interest rates compared to fixed-rate mortgages, appealing to borrowers seeking reduced monthly payments and potential savings during the initial fixed-rate phase.
Potential for Lower Payments: Should interest rates decrease or remain stable, ARM borrowers may experience decreased monthly payments during adjustable-rate periods, enhancing affordability and cash flow flexibility.
Short-Term Ownership Benefits: ARMs can prove advantageous for borrowers planning to sell or refinance their homes within a few years, allowing them to capitalize on the lower initial interest rates while avoiding prolonged exposure to interest rate fluctuations.
Rate Caps and Limits: Most ARMs incorporate rate caps and limits, constraining the extent to which the interest rate can fluctuate during each adjustment period and throughout the loan's lifespan. This provision offers borrowers a level of protection against significant rate changes.

The Cons of Adjustable-Rate Mortgages

Interest Rate Risk: The primary drawback of ARMs lies in the uncertainty surrounding future interest rate movements. If interest rates surge substantially during the adjustable-rate periods, borrowers may face heightened monthly payments and increased financial strain.
Payment Shock: Swift increases in interest rates can result in payment shock for ARM borrowers, causing a sudden and substantial rise in monthly mortgage payments that may prove challenging to afford, particularly for borrowers with fixed incomes.
Budgeting Challenges: The variable nature of ARM payments can pose challenges in budgeting and financial planning, necessitating borrowers to accommodate potential changes in housing expenses over time.
Long-Term Costs: While ARMs may offer lower initial interest rates, borrowers holding onto their mortgages for extended durations might end up paying more in interest over the loan's lifespan if interest rates soar during adjustable-rate periods.

Is an ARM Right for You?

Determining whether an adjustable-rate mortgage aligns with your homeownership needs hinges on various factors, including your financial situation, risk tolerance, and future plans. Reflect on the following questions:

Are you comfortable with the possibility of fluctuating interest rates and payments?
Do you intend to reside in your home for an extended period or consider selling/refinancing within a few years?
How do prevailing interest rate trends and economic conditions influence your decision?
Have you thoroughly assessed and comprehended the terms, features, and risks associated with the ARM product?

Ultimately, reaching out to a qualified mortgage advisor or financial planner can provide invaluable support in assessing your options and deciding whether an ARM aligns with your financial goals and preferences. Don't hesitate to contact us for a list of our trusted mortgage advisors and financial planners who can assist you further.