03/03/2021
March 2021
REAL ESTATE NEWS
Brought to you by Ralph Hewitt
Your way-too-eager, probably over-the-top early spring checklist
Let's face it – it's been a long winter, but brighter and warmer days are upon us. If you're the type of person who likes to be prepared, it isn't too early to gear up for lawn and garden season. Here are some tips to help you hit the ground running this spring:
Test the content of your soil with a kit. Soil test kits are designed to determine levels of PH, nitrogen, potassium, phosphorous, and other micro/macronutrients in your soil. An accurate test will tell you how to amend your soil for optimum growing.
Disinfect any tools that will touch vegetation to prevent the spread of bacteria, fungi, and soil pathogens. Soak lawnmower blades, shovels, trowels, rakes, and pruners for 30 minutes in a solution of 10% bleach and 90% water.
Tune up your lawnmower. If you didn't already do it in the fall, drain your lawnmower of old fuel. Add fresh fuel, replace the spark plugs, clean/replace the air filter, change the oil, and sharpen the blades.
Don't ignore the supporting cast. Service your leaf blower and trimmer according to the manufacturer's guidelines. Stock up on trimmer line.
Hand tools need love too. Sharpen the edges on your pruners, clippers, and digging tools. Lubricate any hand tools that have moving metal parts, then lightly coat the metal with mineral oil to prevent rust. Sand any rough patches on wooden handles. Use linseed oil to seal the wood and prevent shrinking.
Check fittings and filters on irrigation systems. Check the rubber washers on your hoses, sprinklers, and nozzles for cracking and replace if necessary.
Clean pots and planters to remove mold, fungi, and tiny pests. Use a brush and mild soap to clean, then rinse and let dry.
Inspect lawn furniture. Check wood parts for splintering, pests, rot, and other damage. Sand and repaint/restain these parts if necessary. Inspect cushions and covers and wash if possible.
Maintain fencing, gates, and other wood features. Replace warped or rotting pieces and repaint/restain where needed.
Some of these tasks may seem over the top, but knocking them out now while the weather is still less-than-ideal will give you more time to relax during the warmer days ahead.
Saving on kitchen cabinets
When it comes to home renovations, a kitchen remodel is on the higher end of the price spectrum. One of the biggest line items in any kitchen remodel is cabinetry, which can account for up to 40% of your total budget. If you're willing to think outside the box a little, you can save yourself some money and still make a solid long-term cabinet choice.
As always: do your research
Take time to learn about the materials that separate budget cabinets from premium options.
Particleboard is the cheapest option, but it's not incredibly durable and degrades easily if it comes in contact with water.
Medium-density fiberboard has a slightly higher price tag but boasts superior quality without breaking the bank. MDF is very water-resistant and actually resists warping and expansion better than expensive hardwoods.
Solid wood cabinets are beautiful and durable when cared for properly, but they're expensive, heavy, and just as susceptible to damage from moisture and fluctuations in temperature as some cheaper options.
Consider pre-built boxes with premium doors
If you want the high-end look without the price tag, a creative option is to use premade boxes from IKEA, Lowes, or Home Depot, but order custom doors. You'll get the outward look of custom cabinets at a fraction of the cost. This is an especially smart option if the sides of your cabinets are mostly concealed by walls.
Get unfinished cabinets
You'll save money by purchasing unfinished cabinets, but you'll still have to paint or stain them. Stain is something you can do on your own, but achieving a clean paint job is tricky and may require the help of a professional. You'll have to compare costs to decide if it's worth it.
Use open shelving
If you want a new look for your kitchen but the numbers still aren't lining up, consider open shelving. When executed well, open shelves can look great, and you'll save thousands not buying cabinet uppers. Your kitchen will feel brighter and more open, but just keep in mind this option may not appeal to every potential buyer when it comes time to sell.
February Resales Snapped up Quickly
OTTAWA, March 3, 2021 - Members of the Ottawa Real Estate Board sold 1,390 residential properties in February through the Board’s Multiple Listing Service® System, compared with 1,134 in February 2020, an increase of 23 per cent. February’s sales included 1,028 in the residential-property class, up 24 per cent from a year ago, and 362 in the condominium-property category, an increase of 19 per cent from February 2020. The five-year average for total unit sales in February is 1,101.
“Resale properties are virtually flying off the shelves,” states Ottawa Real Estate Board President Debra Wright. “Even though our inventory is significantly lower than 2020 - a combined 46% decrease in housing stock for residential and condos – we witnessed a record number of sales in February 2021. How is that possible? Simply put, properties that come onto the market are selling very quickly.”
“With less than a month’s supply in both categories, residential homes, in particular, are experiencing the quickest turnarounds. This is evidenced in the sharp decline of Days on Market (DOM) from 30 days in February 2020 to 14 days last month. Interestingly, DOM for the condo market has gone up slightly from 19 to 22 days, likely due to the fact that the condo market was thriving and moving very quickly prior to the pandemic spread in Canada. We saw Buyer desire for more house space dampen that market temporarily; however, it is clear the condo market has stabilized and is starting to rebound with a 19% increase in transactions compared to last year at this time.”
February’s average sale price for a condominium-class property was $407,671, an increase of 17 per cent from last year, while the average sale price of a residential-class property was $717,914, an increase of 27 per cent from a year ago. With year-to-date average sale prices at $701,778 for residential and $395,496 for condominiums, these values represent a 29 per cent and 15 percent increase over 2020, respectively.*
“With supply constraints continuing to place upward pressure on pricing, there is no doubt that this economic fundamental is driving the price increases. This is also reflected in February’s total sales volume for residential and condos, which combined was at $885,592,105, 54% higher than the same month in 2020. There is no denying that scarcity is leading to a more rapid price acceleration. This scarcity combined with Buyers’ willingness to pay and compete in this market will continue to drive up the sales prices,” Wright asserts.
“The upcoming spring market will bring more listings and increased inventory; however, the question is whether it will be enough to meet demand. Having a sound strategy, whether you are buying or selling, is the key to success. In this complex and fast-paced market, it is essential to utilize the skills and experience of a REALTOR® with negotiation skills and the market knowledge to act quickly on your behalf.”
“Did you know they also help tenants locate rental accommodations in addition to assisting landlords in finding tenants? Ottawa's vacancy rates have soared due to the lack of immigration, visiting student populations, decline in Airbnb, etc. There are many good quality rentals out there, and a REALTOR® can help you find one whether you are selling and prefer to rent or searching for a different location,” Wright concludes.
OREB Members assisted clients with renting 674 properties since the beginning of the year compared to 498 at this time last year.
* The Board 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. Price and conditions will vary from neighbourhood to neighbourhood.
