Don’t forget that this Sunday (January 31,2010) is the deadline for eligible expenses under the Home Renovation Tax Credit (HRTC).
You don’t have to have the work completed to claim for goods purchased – but you can only claim labour costs for work actually completed by the deadline.
If you would like more detail, visit www.cra-arc.gc.ca/hrtc/
Start to gather your supporting documentation – it will be tax reporting time before you know it!
Archive for January, 2010
Home Renovation Tax Credit (HRTC)
Another timely Blog!
In my capacity as a Real Estate Agent, I always get the question, “how’s the market?”
Well, I’m happy to share my thoughts, so here they are. With the warmer winter weather, continued low interest rates and low inventory of homes for sale, it has been a week of growing feuds over homes and growing sales as motivated buyers gear up to beat the spring market.
Last week, 182 homes sold which rivals the sales activity we were seeing at the beginning of December 2009. Right now there are 2505 homes listed for sale in the Ottawa real estate board and 257 (10%) of those are already under contract or conditionally sold. So far January continues to bring multiple offers on well priced, well staged homes, some selling in just a few days. On average compared to last year, the number of days on market has decreased by 25% from from 42 days down to 32 days.
Condominiums continue to be a hot commodity as 1 in 5 condos on the market right now are conditionally sold (20%).
Another indicator that that market is hot, is the percent of properties not selling (Cancelled, Withdrawn or Expired). I think the general public believes that every home listed on MLS, actually sells, but this is not the case. In a traditional market, approximately 65% of the homes listed, don’t sell. This may mean that the homes are re listed with a different MLS number, possibly with a different agent and with a new, reduced price. I like to look at this “expiry rate” from time to time as it indicates what a buyer may be willing to pay. In today’s market, the Cancel/expiry rate is down by almost 35% compared to last year at the same time. This means that homes that may not have sold in previous years are now selling before “adjustments” are made. This is most likely due to the lower inventory, giving sellers a much higher chance to sell due to less competition.
With all this in mind, this is the best time to sell a home!
Home Inspection
One of my readers requested an article on Home Inspections. I’m happy to oblige. Feel free to identify anything else you’d like to hear about!!
HOME INSPECTIONS:
They cost money – so why do we need them??
Buying real estate is a huge life event and all buyers should be equipped with the information necessary to make an informed decision. There is no money-back guarantee or return policy if you’re not satisfied with your recently purchased home. Once you buy a home, you’re on your own to maintain it, repair it, anticipate problems and pay the bills. This is why it is so important to know everything you can about potential problems before you make that commitment to buy. This applies to new homes as well as resale homes.
A home inspection is also of value if you are planning to list your home for sale. Issues are identified and dealt with up front allowing you to list your home with peace of mind.
A home inspection is a visual inspection of accessible components and systems of a property. It should cover the exterior (roofing, flashing, chimneys, gutters, downspouts, wall surfaces, windows, doors, the foundation and the grading around it), and the interior (electrical, heating, air conditioning, ventilation, plumbing, insulation, flooring, ceiling and walls, windows and doors). The inspector will determine the components that are not performing properly as well as any items that need replacing and/or are unsafe. They will identify areas where repairs may be needed or where there may have been problems in the past.
The seller is normally NOT present but a good home inspector will encourage the buyer to attend, follow him around and ask lots of questions. One should budget 2 to 4 hours at the site and the buyer should expect a “big picture summary” immediately after the inspection and a written report within 24-48 hours. The cost is in the $400-$500 range.
To find a reliable and qualified home inspector, ask friends or family members. Your real estate agent may also make a suggestion. Look for people who belong to a provincial association and who have taken inspection courses. Check to make sure the inspector has successfully completed the association’s certification process. You can also ask for references and check with the Better Business Bureau.
Some of the above information came from the CMHC website.
Market Update Jan 2010
Members of the Ottawa Real Estate Board sold 689 residential properties in December through the Board’s MLS system compared with 467 in December 2008, an increase of 47.5%. Of these sales, 185 were in the condominium property class, while 504 were in the residential class. Ottawa’s housing market bounced back very strongly after its brief downturn. The total number of residential properties sold in 2009 was 14,742, up 7.4% from 2008 and setting a new record. The average price for all of 2009 was $303,888 – an increase of 4.9% over 2008.
The average price of residential properties, including condominiums, sold in December in the Ottawa area was $307,807, an increase of 13.1% over December 2008. The average price for a condominium class property was $246,062, an increase of 17.9% over December 2008. The average price of a residential class property was $330,471 an increase of 12.8% over December 2008. Each area, however, shows slightly different trends. If you would like to see what’s happening in your neighbourhood, contact me and I can send you the recent sales, average prices and any other additional information that you may wish to have.
So now I'm Blogging!!
Hi folks!
I’m hoping this blog will be useful to all of my clients (past, current and future). The plan is to provide information I think will be of interest to you regarding real estate in Ottawa and any related topics. I will count on you to let me know if there is something you wish to hear about – and I welcome your comments – both positive and “constructive”.
About Kris Sherry
A resident of Ottawa since 1975, Kris has intimate knowledge of the city she has always loved and called home. Pleased to be able to share her knowledge of neighborhoods, history, restaurants, shops and points of interest, she understands the extreme importance, responsibility and integrity of helping to find the right home for the right person.