Though the market has cooled considerably in recent months following a sizzling hot streak, home prices remain relatively high. However, there has been talk of a possible recession in 2023, which is making some homeowners nervous about the future of their investment.

As you look to the months ahead, one question you might be grappling with is, “Should I sell my home this year?” 

Unless you must sell — due to a work relocation, for example — then making that decision can be difficult. 

A technique that may make it easier is to ask yourself these questions:

• How much can we get for our property on today’s market? 
• Is there a dream area or neighbourhood we’d like to live in someday? (Maybe “someday” is sometime this year!) 
• Does our current property no longer meet our needs? (For example, we need another bedroom.) 
• Do we want to live closer to something? (For example, we want to be closer to relatives.) 
• Do we want to get away from something? (For example, we’d like to move somewhere quieter.) 
• How will moving make our lives better?

Asking those questions will give you a clearer picture of the benefits of moving versus staying. That, in turn, will make the decision a lot easier. Typically, you should consider selling now if the circumstances provide favorable selling scenarios. Each scenario in our list below can count as a positive point towards your decision to sell. 

The right situation might include:

1. If mortgage interest rates are low

Historically, sellers will find the greatest success when interest rates are low and more buyers are on the hunt. So, today’s higher rates will likely play a role in your decision of whether to sell your house now or wait. 

By the Numbers – Inventory & New Listings:

• Months of Inventory for the freehold-class properties has increased to 3.8 months from 0.9 months in January 2022.
• Months of Inventory for condominium-class properties has increased to 3.8 months from 0.8 months in January 2022.
• January’s new listings (1,324) were 16% higher than 2022 (1,142) and up 89% from December 2022 (699). The 5-year average for new listings in January is 1,233.
  
  

2. If housing inventory is low

When supply is low and demand is high, selling your home can be more profitable. The total inventory of for-sale homes in Ottawa shows an increase in comparison to December 2022 however, overall the housing inventory is still relatively low. 

By the Numbers – Inventory & New Listings:

• Months of Inventory for the freehold-class properties has increased to 3.8 months in February 2023 from 0.9 months in January 2022.
• Months of inventory for condominium-class properties has increased to 3.8 months in February from 0.8 months in January 2022.
• January’s new listings (1,324) were 16% higher than 2022 (1,142) and up 89% from December 2022 (699). The 5-year average for new listings in January is 1,233.

A 6-months supply is representative of a balanced market.

3. If you need to relocate for a job or other life change

If the hand of change is knocking at your life’s front door, selling your home may be unavoidable. You may need to move for a job, a family medical crisis, or divorce.

For example, if you discover that your lifestyle will be much better in a new home — because of an extra bedroom, faster commute to work, or quieter neighbourhood — then selling this year makes sense. Why wait? In fact, you should start the process right now to get an early start.

4. If your home’s value has grown

If you have lived in your current home a long time, or if property values in your neighborhood have increased to the point where you have earned a significant amount of home equity, now might be a good time to sell and cash out.

5. If you are ready to downsize

For many older homeowners, downsizing may be more than a desire; it may be a necessity, either for financial, mobility, or other health reasons. If maintaining your home has become difficult, now might be a good time to sell.

6. If you need to upsize

Perhaps you need more room because your family is growing. Or maybe an elderly relative or child will come to live with you. Maybe your employment has changed and you need a home office. The need to upsize can play a big role in your decision to sell now.

7. If you’re selling a second or inherited home

Now may be an optimal window to be a seller who isn’t also trying to buy a home.

If, on the other hand, you see no good reason to move this year, then not selling might be the right decision for you. 

When to consider waiting to sell a home:

1. If mortgage interest rates are going up

When interest rates go up, home values and offer prices can come down. That doesn’t necessarily mean it’s a bad time to sell; it just means you will want to carefully evaluate your selling objectives and consider if you might benefit from waiting.

2. If your move isn’t crucial

Yes, upsizing can be on both the “sell now” list and the “wait to sell” list. Is your desire to upsize based on a crucial need, or just because you think it would be nice to have the extra space? The cost of purchasing a larger home now may become a burden, especially if other factors will add additional costs, such as higher interest rates or a lack of equity.

3. If you haven’t built much equity

Similar to evaluating your home equity when you’re considering trading up, you don’t want to move when your home is considered “upside down,” i.e., you owe more than the property is worth.

Keep in mind, however, that you don’t necessarily need a tangible reason to move. Simply “wanting a change” is enough.

4. If housing inventory is rising

When supply is high and demand is low, selling your home may not be as profitable as you would like. Keep an eye on what’s happening in your market.

5. If you’re happy with your current home

If you are content with your existing home, and it fits your needs and budget, waiting to sell might be the best decision

Homeownership is a natural hedge against inflation. While rents continue to go up at an unusually fast rate, you can rest easy knowing that your mortgage payments will remain predictable.

6. If you recently refinanced your home

Because mortgage rates hit record lows between 2020 and 2021, many people opted to refinance their higher mortgage rates instead of opting to buy a new home. Now, as mortgage rates are higher heading into 2023, if you’re one of the many homeowners who refinanced in 2020, you will likely want to hold off on selling for now.

7. If you can’t afford to move

The recent rise in home prices can be a double-edged sword. It’s great when you’re on the sell side, but is it worth cashing out now if you’ll have to sacrifice those profits to buy high?

If you are not in a financial position to make your next home purchase, or if the cost of transitional housing is beyond your current reach, now may not be the best time to sell.

8. If you have no clear game plan or objective

Moving is a big decision. It’s even bigger when it involves selling what is likely the largest financial asset you have. To avoid seller’s remorse, you’ll want to map out exactly what you’re going to do as soon as the home is sold; whether that’s immediately buying a new home, moving into a family member’s casita, or committing to full time RV living.

9. You aren’t mentally ready to sell

Even if you keep pace with up-to-date information about the housing market and your equity situation, deciding whether to sell now or wait often comes down to a battle between your heart and mind.

There are numerous reasons why you might need to sell early in the year. Perhaps you even need to sell this month! Whatever your reasons, preparation is key. Make the right moves now and your sale is likely to go smoothly and successfully. 

Follow these tips: 

1. Make a list of what needs to be done around the property to prepare it for listing. That includes decluttering, cleaning, getting needed repairs done, and so forth. 

2. Schedule those tasks. On a calendar or planner, block out ample time to do everything on your list. Give yourself a time buffer because things can often take longer to do than expected. 

3. Get help. You don’t need to do everything yourself. Consider hiring a painter, contractor, cleaning service, and other professionals. Outsourcing can reduce a lot of the stress of selling while ensuring your property is prepared in time.

4. Dispose of unwanted items that may have accumulated over the years in the garage, basement, and closets. You can have a yard sale, sell stuff online, donate items to charity, or take them to your local recycling centre. 

5. Free up your schedule during the period you expect your property to be on the market. You want your home to be accessible for showings as often as possible, giving prospective buyers a lot of flexibility when scheduling. 

The idea is to get your property as “sales-ready” as possible — as early in the year as possible. That way, when it comes time to list your home, you won’t have to scramble to get it ready. The hard work will be done and you’ll be able to focus on selling your property quickly and for the best price. 

Want more tips on preparing your home for sale?  Call Us Today!

Imagine you want to take the “trip of a lifetime” this fall. Would you leave it until the summer to start planning, booking dates, and generally getting ready? Probably not. A trip like that is a big deal. You’d want to start making arrangements now, so by the time you’re ready to go to the airport, everything will be set for you and your family to have a great time.

The same is true when selling your home. If you intend on listing your property later in the year, now is the time to start making plans. 

Starting the process early in the year gives you four significant advantages: 

• Ample time to prepare your home. Starting now gives you time to declutter your property, get needed repairs done, and otherwise make your home ready to be seen by buyers
• Less stress. Unless you enjoy scrambling to get things done within a tight timeline, you want to give yourself as much time as possible to prepare for your home sale without the stress of a tight timeline. Starting early gives you that.
• Listing date flexibility. Starting now means you’ll get you and your property prepared. Sure, your plan might be to list in the summer or maybe later in the fall. But, if the market changes or some other opportunity presents itself, you’ll be able to list sooner. Your home will be ready.
• More time to find your next home. If you’ll also be looking for a new home, starting the process now will give you more time to explore neighbourhoods, get financing arranged, and determine the ideal type of home for you. 

Want more tips on preparing your home for sale?  Call Us Today!

Are you thinking about selling your home this spring? If so, one factor that may be holding you back is time. You might be worried that you won’t find the time in your busy schedule to sell your property successfully. If so, here are four strategies that will help: 

1. Understand what needs to be done 

Do you know what you’ll need to do to sell your home? Do you understand the steps involved? Do you have a clear idea of how long it will take to complete various tasks, like getting repairs done and doing some “staging”? The more accurately you can anticipate your tasks and how long it will take to complete them, the better you’ll be able to plan and schedule. 

2. Keep a “moving” calendar 

It’s a known time management fact that using a calendar and blocking out time for tasks will ultimately save you time. So, use your calendar, or create a new one just for moving-related items. With an up-to-date calendar in place, you’ll always have a view of what needs to be done and how those tasks fit into your weekly schedule. Maintaining a moving calendar also reduces stress.

3. Ask for advice

How should you stage your main floor? Should you make any home improvements? How should you prepare for a buyer coming to view your property? You don’t need to guess or Google. Get professional advice. Doing so will expose you to the most current best practices and will save you time. 

4. Hire help

 You don’t need to do everything on your own. Instead, consider hiring professionals to do at least some of the work for you. For example, hire a painter, a lawn mowing service or a dog walker. 

Hiring professionals during the selling period can save you countless hours. And, those costs may be offset by the sale of your home.

Imagine you've been waiting for the right moment to sell your home and you're finally ready to pull the trigger and list it. But, just as you're about to put up the sign, you notice that a few other FOR SALE signs have unexpectedly popped up in the neighbourhood.

Oh no! Now there are competing listings. Does that mean you should put your plan to sell your property on hold?

Not necessarily.

Just because comparable homes are for sale in the area doesn't mean it's not a good time to make your move. In fact, even if there is a sharp increase in local listings, active buyers might still outnumber properties available. In that scenario, you'd likely get several interested buyers.

And, even in the case of a buyer's market, now might still be the ideal time to sell. Don't forget, your home might have desirable features that some buyers are eagerly looking for, giving your home the advantage over others on the market.

In addition, a large part of a successful sale is in how a property is marketed and promoted. With effective marketing, your home is more likely to be noticed by the right type of buyers... buyers who are actively looking for a property like yours.

So, waiting for the perfect moment to sell your home rarely makes sense. In most cases, the best time to list is now.

That being said, it is helpful to find out exactly what to expect should you list your property in today's market. To find that out, call today.

Did you know all residential property owners (rental properties or principal residences) in Ottawa will be required to submit a declaration of their property’s occupancy status for the previous year, even if you live in your home? Failure to do so may result in being subject to additional tax.

In an effort to increase the supply of housing, the City of Ottawa has implemented an annual tax to be levied on vacant Ottawa residences. The Ottawa Vacant Home Tax now requires residential property owners to submit a declaration of their property’s status for the previous year. Homeowners who choose to keep their properties vacant will be subject to this tax.

Though all homeowners are required to submit a declaration of occupancy status, the tax does not apply to:

• properties that are the principal residence of the owner
• properties that are the principal residence of a permitted occupant or tenant
• properties that qualify for an exemption

The deadline to declare a property’s 2022 occupancy status is March 16, 2023. 

Mandatory Declaration of Occupancy Status

All residential property owners in Ottawa  will be required to declare the status of their property(s) annually, even if they live there. Declarations must be made by the homeowner or someone acting on behalf of the owner. The declaration will determine whether the Vacant Home Tax applies and is payable.

Principal residences may be left unoccupied for periods of up to a total of six months throughout the taxation year without being subject to the tax.

Vacant Home Tax Calculation

A Vacant Home Tax of one percent of the Current Value Assessment (CVA) will be imposed on all Ottawa residences that are declared, deemed or determined vacant for more than six months during the previous year. For example, if the CVA of your property is $1,000,000, the tax amount billed would be $10,000 (1% x $1,000,000).

The tax is based on the property’s occupancy status for the previous year. For example, if the home is vacant in 2022 the tax will become payable in 2023.

How to Declare

• To make a declaration, you will need your 21-digit assessment roll number and customer number from your tax bill or property tax account statement.
• Declarations of occupancy status should be made through the City’s secure online declaration portal that will open in mid-December 2022. If required, homeowners can receive a paper declaration form by contacting 311. The paper form must be completed in full and received by the City of Ottawa before the deadline to avoid being issued a fine and having your property deemed vacant. Incomplete forms will not be accepted. Please be aware of Canada Post delivery times.
• For residential properties declared as vacant for six months or more during the taxation year and without an eligible exemption, owners will be required to pay the Vacant Home Tax.
• Owners of properties subject to the tax will be issued a Vacant Home Tax Notice in March/April and payment will be due on May 1.
• Residential properties will be deemed vacant if the owner fails to make the annual declaration by the deadline and/or provide supporting documentation.

If there is an error in the declaration you submitted, you can:

• submit a new declaration prior to the March 16th declaration deadline
• file a Notice of Complaint if it’s after the declaration deadline

Failure to declare or making a false declaration may result in a fine of $250 to $10,000.

Will the Vacant Unit Tax apply to you?

 Click here to find out!

Keeping the kids active and entertained during Family Day long weekend can seem like a challenge, but not in the Ottawa area! Family-friendly experiences are endless, including free outdoor activities, sports, dining, museums and even animal attractions.

Many local attractions also offer special programming during this weekend (February 18-20, 2023), which is also a great time to experience the Winterlude festival. Be inspired by the itinerary below to start planning the perfect family getaway or staycation in Canada’s capital region!

Museums and historical treasures

Why not start Family Day weekend with some live creatures and fascinating history?

Head to the castle-esque Canadian Museum of Nature and witness birds of prey like owls and an eagle in a specially-designed habitat. Enjoy artwork from Nunavick artists in the Our Land, Our Art exhibition. And explore the rest of the museum to learn about Canadian fossils, minerals and even dinosaurs!

Visit Canada’s most popular museum, the Canadian Museum of History, located just across from downtown Ottawa in Gatineau, Quebec. Admire the breathtaking collection of totem poles in the Grand Hall and walk through history in the Canadian History Hall and enjoy special Spring Break activities. Younger kids love the cultural treasure hunt at the Canadian Children’s Museum, located inside. And no visit is complete without catching an entertaining film in the Ciné+ theatre!

When hunger sets in, choose from the many Family-friendly restaurants and places to eat which are within strolling distance of most Ottawa hotels. Between pizza, burritos, burgers and milkshakes, everyone will be happy and full!

Science or art, who can choose?

The Canada Science and Technology Museum is known for interactive learning and fun. Enjoy classic favourites like the real locomotives and the Crazy Kitchen, as well as newer hits like the ZOOOM – Children’s Innovation Zone and the Exploratek maker studio. The museum is full of hands-on opportunities for all ages!

Creative kids have lots of options in Ottawa, too!

The National Gallery of Canada’s Artissimo programming offers a range of art activities and games, including the chance to hang your creations in the actual museum. Hands-on artsy fun also awaits at the beautiful Ottawa Art Gallery – where admission is always free!

For lunch, shopping or browsing, visit the historic ByWard Market area. There are treats to discover around every corner, cute courtyards and urban art. This is just one of many vibrant neighbourhoods worth exploring in Ottawa.

What kid isn’t crazy about animals?

Spend half a day at Parc Omega where you can take a Canadian safari through the natural habitat of animals like deer, elk, bison, caribou and wolves. You can also walk or snowshoe the First Nations trail. This impressive wildlife park feels a world away, but it’s only a 45-minute drive from downtown Ottawa to Montebello, Quebec!

If you prefer to stay in the city, visit the Canada Agriculture and Food Museum. Kids go crazy for the special daily programming, including encounters with farm animals, kitchen demonstrations, maple taffy on snow, children’s story time and creative crafts. It’s all free with the price of museum admission!

For some mental stimulation and family bonding, why not get locked up in a room and work together to escape? Ottawa company Escape Manor has various experiences to choose from at locations throughout the city.

Slopes and skates

Explore the great outdoors! The Ottawa region is full of cross-country skiing as well as downhill skiing and snowboarding options. Ski within the city or head just 15-minutes to Gatineau Park or the surrounding Greenbelt in the nearby countryside to hit the slopes (or the flats).

Experience the last weekend of the annual Winterlude festival. With ice sculptures, interactive art installations, a Chinook slide, and more, it’s never a dull moment. Then, strap on a pair of skates and skate along the Rideau Canal Skateway, a UNESCO World Heritage Site. Don’t forget to grab a BeaverTail at one of the locations located along the skateway!

The winter fun doesn’t stop there. Bring your family on an hour Cobblestone winter tour of the National Capital Region. With a tour guide on board, you’ll learn about all the best places in the area. All the best places in the area.

And last but not least, consider one of Ottawa’s must-sees: iconic Parliament Hill. While the Centre Block undergoes a decade-long rehabilitation, you can enjoy two new (free!) guided tours of other historic interior spaces: The House of Commons in Parliament Hill’s West Block, and the Senate in the Senate of Canada Building (Ottawa’s original train station). You can now conveniently reserve tickets online!

Source: ottawatourism.ca

Looking for what is on trend for kitchen cabinet colors in 2023, you are in the right place! Cabinet colors don’t radically change each year, but instead shift and expand. So don’t worry, you can still paint your cabinets white. The colors don’t change all that much from year to year because kitchen and bathroom remodels, renovations, and new home builds are long-lasting. Interior designers keep up with the color trends and it’s fun as a home owner to know what is in and out each year.

The changes as we move into 2023 are subtle at the core, but there are some BRAND NEW COLORS! As a reminder, cabinet colors are far fewer and typically more conservative than the trend options for interior walls. Not to worry, these colors can be used in the bathroom too.

So whether you are planning a total renovation, build or a simple remodel we've got the 2023 colors for you to consider as you plan. 

This year it’s a VERY neutral heavy palette using color as an accent. Let’s dig into the mix and see how these colors all work together.

2023 KITCHEN CABINET PAINT COLOR TRENDS

1. White has all but disappeared and been replaced with new neutrals, greige, beige, mushroom and taupe.

2. Jewel tones are a big trend for cabinets paired with whiskey-colored stained cabinets for warmth.

3. Forest greens reign and are becoming a staple in kitchens from light to dark with yellow and gray undertones.

4. Black is back! But it’s soft and warm, not cool and dark.

5. Deep and moody browns, blues and grays are a new neutral staple for a cozy vibe.

6. Cinnamon and spicy reds plus vibrant blues are the hot new accent colors.

Those honey-colored cabinets that we ditched from the early 2000’s, but it’s been 20 years so they are making a reentry. What is MUCH better now is how honey-stained cabinets are being mixed with beautiful jewel tones and deep dark shades. If you have honey cabinets, just paint PART of the kitchen cabinets a new color to update it instantly.

POPULAR 2023 CABINET PAINT COLOURS

Now let’s look at the 2023 cabinet paint colors by group. Dividing them into 4 sections, to make it a little easy to follow and understand.

1. White and Neutral Cabinet Paint Colors

2. Light and Dark Green Cabinet Paint Color

3. Jewel Toned Cabinet Paint Colors

4. Dark Toned Cabinet Paint Colors

BEST NEUTRAL CABINET COLORS IN 2023

You will never go wrong choosing white as the base for your kitchen cabinets. They never go out of style, just shift in tone. If you want a warmer feel to your kitchen, try one of the newer shades in taupe or mushroom. If you can afford to update your brown toned granite counters, you could instead update your cabinets with a new shade of beige instead!

BEST GREEN CABINET COLORS IN 2023

Ah, nature inspired greens from light to dark! There’s something about the pandemic and the stay at home movement that solidified-bringing nature-based colors indoors. Green is an easy color to use in a kitchen paired with ANY wood tone and mixed with white for a fresh new look. Mother nature uses green as a base and you can too. 

BEST JEWEL TONED CABINET COLORS IN 2023

On the opposite end, bringing nature indoors is brightening our mood and living spaces. Bring on the pops of vibrant jewel tones or spicy reds to liven our mood instantly. Level set these dopamine-inducing colors with rich wood stains and black to anchor them.

BEST DARK CABINET COLORS IN 2023

This dark palette has very little to no light reflecting value. Our advice for anyone and everyone considering using dark and moody paint colors is to use WHITE as your balancing point to offset the dark colors and bring more light into your kitchen. Add wood tones in furniture, accessories, shelving or with beams to complement these deep colors.

That was a lot to cover and I sure hope you found all of my detailed trend color analysis helpful on your kitchen design journey. Colors have shifted dramatically, so consider your decision carefully.

Our advice? Don’t follow the trends and choose what you love and can LIVE with so you are happy.

Think of the entryway, or foyer, as a preview of the rest of your home. It gives people an idea of who you are, where you like to travel, what kind of art you like, and your favorite colors. As  it's the first space people see when they enter our home, the entryway design probably deserves more attention than you may think. Here are some great design ideas to make your entryway a bit more inviting.

If you’d like to make your entryway feel more cohesive, try to think of the foyer as a glimpse into your personality.  Start with a color, pattern, or style you love, then add in some art, accents, and furnishings that bring that idea to life. 

 Creating a beautiful and functional entryway that also reflects your style and personality isn’t hard to do.  It just involves paying attention to a few basics, then adding your own unique touch.

If you’re looking for ideas for decorating your entryway, scroll through the entryway inspo photos below, taking note of what you love about each space.

Is it the console table or cabinet? The lighting? The rug or artwork? The color scheme? The entryway decor ideas? The creative storage solutions? Or maybe a little bit of everything?  

Take a look at these 8 simple steps to how to bring your entryway to life.

1. Keep it light

First of all, since the front entrance sets the tone for the rest of your home, try to keep it bright, well-lit and clutter-free so visitors aren’t tripping over things as they come in!  

2. Add a place to hang coats, hats & scarves

One thing to remember to do before we have people over is make sure there’s room in the coat closet for their coats.  We also have a coat rack attached to the wall in our entryway, and I try to keep a few hooks open for guests to hang purses and scarves. 

3. Make your foyer functional

Foyers often get completely lost in piles of coats, shoes, and backpacks.  To help keep clutter to a minimum, try to think of everything you want to keep in the entryway and then decide what kind of storage options you’ll need.

The spaces below show more ideas for incorporating storage in a small entryway.

Adding a couple of tall baskets to the entryway is a wonderful way to provide hidden storage for shoes, etc.

4. Welcome warmth with a rug

If you have tile or wood flooring in your front entryway, a rug can soften the space, add color and texture, and pick up the dirt that’s tracked in.

The floor in our entryway tends to get very dirty, especially when it rains or snows, so I like to use rugs that can be thrown in the washing machine when they start looking a little dingy.  

Just make sure your rug lays nice and flat so it’s not a tripping hazard.

5. Don’t forget a mirror

Mirrors are a wonderful addition to the foyer.  Not only do they brighten and lighten an often-dark space, they make it easy to take a quick look at your makeup and hair before you head out the door!

6. Provide a spot to sit

Another thing to include in the foyer is some type of seating so guests can sit while they remove their shoes or boots. Folding stools or upholstered cubes provide the perfect seating solution in a small entryway or modern foyer design.

As a bonus, by making it easy for your guests to take off their shoes when they arrive, your floors will stay cleaner!

7. Add some personality

When thinking of foyer decor, add in the colors, patterns, or styles you love and that reflect your personality.  Find modern entryway art, accents, and furniture that speak to you and express the look and feeling you want your home to convey.

8. Include a spot to stash things:

If you have the space, a sideboard or console table offers a spot to set mail and keys.  A decorative dresser can also be a beautiful addition to your foyer decor — and it has the bonus benefit of extra storage space!

A couple of decorative baskets placed under a console table help hide blank wall space and provide a place to stash small items like dog leashes.

Dual purpose foyer decor: a pretty bowl or beautiful boxes are perfect for holding keys and wallets and other small items you need to keep track of.

Whether you have a small entryway or something more grand, the most important thing is to create a welcoming and positive feeling when you and your guests enter your home!

Source: https://jane-athome.com/stylish-entryway-ideas/