George Pop, Remax Hallmark Realty Group

01/27/2023

HIGHLIGHTS FROM THE OTTAWA RENTAL MARKET REPORT RELEASED TODAY BY CMHC:


-The vacancy rate in the Ontario part of the Ottawa-Gatineau census metropolitan area (CMA) was 2.1%.
-The rate has declined from October 2021 (3.4%) and returned to pre-pandemic levels.
-International migration continues to recover, with a record number of immigrants and non-permanent residents settling in Ontario.
-Net interprovincial migration is less negative than it was in 2021-2022 for at least 50 years.
-Employment among youth aged 15 to 24 has continued to rise over the past 12 months.
-Rapidly rising prices and higher mortgage rates may have slowed the transition to homeownership for some renter households who had considered buying in 2022.
-The rental rate in the 25-to-44 age group rose from 39% to 46% over the last 10 years.
-A considerable number of units were added to the rental stock.
-Commercial buildings are being converted into rental housing projects, particularly in the downtown area.
-Returning students contribute to lowering vacancy rates in central neighbourhoods.
-Rent growth has accelerated over the past 12 months, with the same-sample average rent for a 2-bedroom apartment rising by 4.8%.

01/25/2023

Bank of Canada increases policy interest rate by 25 basis points.
Here is a summary of today's rate hike announcement by BOC:
· The Bank of Canada increased its target for the overnight rate to 4½%.
· The Bank is continuing its policy of quantitative tightening.
· Global inflation is coming down, but there is a risk of an upward revision to China's growth forecast and uncertainty due to Russia's war on Ukraine.
· Canada's economic growth has been stronger than expected, and the economy remains in excess demand, but restrictive monetary policy is slowing activity, especially household spending.
· Inflation has declined from 8.1% in June to 6.3% in December, but Canadians are still feeling the hardship of high inflation in essential household expenses.
· Inflation is projected to come down significantly this year; lower energy prices and improvements in global supply conditions are expected to bring CPI inflation down to around 3% in the middle of this year and back to the 2% target in 2024.
· The next scheduled date for announcing the overnight rate target is March 8, 2023. The Bank will publish its next full outlook for the economy and inflation in the MPR on April 12, 2023.
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01/19/2023

The annual income required to buy a home in Ottawa

George Pop is a real estate agent with RE/MAX Hallmark Realty Ltd. Check out George Pop's listings or office listings.

01/19/2023

01/15/2023

OPEN HOUSE! Be sure to stop by today between 2pm to 4pm.

01/14/2023

Ottawa Was Ranked As The 2nd Most Family-Friendly City In Canada & It Beat This Ontario Spot
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Some of the most family-friendly cities in the country are found right here in Ontario and the capital is near the top of the list. The ten factors were ranked individually per city and the numbers indicate that Ottawa's best draw for families with kids is its number of parks, which got a ranking of...

01/13/2023

RE/MAX Canada real estate agents and teams dominate top-list for 2022 from RankMyAgent.com, evaluating quality, ranking and online reviews.

01/13/2023

OPEN HOUSE! Sunday, Jan. 15th from 2-4pm

INCREDIBLE OPPORTUNITY! For sale for the first time! A de...

01/10/2023

For rent This 1400 square foot apartment home has 2 bedrooms and 2.0 bathrooms. It is located at 927 W Agatite Ave Chicago, Illinois.

01/08/2023

Ottawa offers details on new federal ban on foreigners buying homes in Canada
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They include a narrow set of exemptions for foreigners to buy residential real estate such as recreational properties and housing with a minimum of four units. “The government has put forward reasonable exceptions to the prohibition which will enable temporary residents and other individuals build...

01/07/2023

Canada's $10,000 Tax Credit for First-Time Home Buyers
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The First-Time Home Buyers’ Tax Credit, also known as the HBTC, is a federal government initiative to make homeownership more affordable for some Canadians. After the passage of new legislation in December of 2022, eligible first-time home buyers can claim a $10,000 non-refundable income tax credi...

01/03/2023

National average rent was over a record $2,000 in November says Rentals.ca
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https://www.roomvu.com/nws/1nKwsQ47FEhjNei

MONTREAL — The average monthly cost to rent a home in Canada rose to a record $2,024 in November, new data shows, and experts say this trend is showing no signs of stopping. The National Rental Report published Tuesday said the average price for rent in November was up 2.5 per cent compared with t...