Monday, September 28, 2020 / by Suad Osman
Originally posted on remax.ca
5 Frequently Asked Questions About Real Estate Agreements During COVID-19*
*This article was written by Mark Weisleder of RealEstateLawyers.ca LLP
In the wake of COVID-19, there has been a lot of uncertainty—this fragility has extended to the housing market as many were either mid-deal, planning on buying or selling, or had a project underway. As real estate professionals, we have received a lot of questions regarding the pandemic and the housing market, frequently around real estate agreements and how COVID-19 has impacted such agreements. In this blog, we will answer our most frequently asked questions from both clients and Realtors, about how the pandemic has affected real estate agreements:
1. Can a buyer cancel an agreement due to COVID-19? The simple answer is no. If a buyer cannot obtain a mortgage, goes into quarantine or the value of the property decreases, these are not acceptable excuses to cancel a real estate agreement. Either ...
Monday, September 21, 2020 / by Suad Osman
Originally posted on Porch.com
Whether you've recently purchased a new construction house or you happen to live in a historic home, there are several things you can do to make your home more technologically advanced. From unique features on kitchen appliances to the latest security accessories, where do you begin when it comes to upgrading to a smart home? Read on for some tips, tricks, and easy hacks that will help you discover how to make your housework harder and smarter for you.
Smart Home Trends and New Technologies
If you're thinking about creating a smart home, there's certainly no shortage of incredible technologies available. One of the most tried-and-true products that can make your home more efficient is smart lighting. These modern light bulbs, lighting systems, and accessories have been around for years, and they're an easy way to upgrade any space to make it more modern. Smart lighting can change colors, turn on and off, and do a variety of othe ...
Thursday, September 3, 2020 / by Suad Osman
August 2020 market stats are here!
Members of the Ottawa Real Estate Board sold 2,017 residential properties in August through the Board's Multiple Listing Service® (MLS) System, compared with 1,725 in August 2019, an increase of 17%.
"August's resale numbers were undoubtedly driven by the considerable increase in new listings that came onto the market in both July and August," states Ottawa Real Estate Board President Deb Burgoyne. "There were at least 300 more residential and 175 more condo listings added to inventory than we saw last year at this time. In fact, we have not seen new listing numbers like this since August 2015," she adds.
In addition to residential and condominium sales, OREB Members assisted clients with renting 2,232 properties since the beginning of the year compared to 1,906 at this time last year.
Here's a breakdown of the average sale prices & year & over-year increases/de ...
Monday, August 10, 2020 / by Suad Osman
July 2020 market stats are here!
Members of the Ottawa Real Estate Board sold 2,189 residential properties in July through the Board's Multiple Listing Service® (MLS) System, compared with 1,838 in July 2019, an increase of 19%.
"The resale market is not only holding its own but has surpassed 2019 figures by a significant margin,” states Ottawa Real Estate President Deborah Burgoyne. "Summer usually slows down; however, after the pandemic curtailed the spring market this year, we have rebounded well beyond expectations. It is somewhat surprising given continuing inventory shortages and the extra diligence and precautions being taken by our Members and their clients to ensure everyone's safety in the process."
In addition to residential and condominium sales, OREB Members assisted clients with renting 1,883 properties since the beginning of the year compared to 1,619 at this time last year.
Here's a breakdown ...
Tuesday, July 28, 2020 / by Suad Osman
Buying a home is a huge commitment and one of the biggest financial investments you’ll ever make. If you’ve never done this before, you can expect to get hit with a barrage of real estate terms and jargon that might leave your head spinning. Your RE/MAX agent is there to guide you through the process, but for the keeners who want to hit the books before you hit the streets, below is a list of some common real estate terms. Read them, learn them. By familiarizing yourself with these home-buying basics, you’ll be better equipped to make informed decisions and a wise investment.
Homebuyer’s Glossary: 28 Real Estate Terms to Know
AmortizationThe length of time allotted to paying off a loan – in home-buying terms, the mortgage. Most maximum amortization periods in Canada are 25 years.
Balanced MarketIn a balanced market, there is an equal balance of buyers and sellers in the market, which means reasonable offers are of ...