Kathy Walker & Traci Polak

Broker & Sales Representative

Direct: 613.721.5330
info@smartmoveteam.ca
Keller Williams VIP Realty 100-245 Stafford Road W, Ottawa, ON K2H 9E8

On the Real Estate Front.....

Extra day in leap year causes jump in sales for February
Members of the Ottawa Real Estate
Board sold 911 residential properties in
February through the Boards Multiple
Listing Service system, compared with
850 in February 2015, an increase of
7.2 per cent. The five-year average for
February sales is 908.
Although the weather was very unpredictable this month, with many highs
and lows and several winter storms, the
Ottawa resale market only saw activity
pick up, says President of the Ottawa
Real Estate Board, Shane Silva.
Residential and condo sales combined
increased by 52.3 per cent since last
month. However, we need to factor in
the leap year, which added an extra day
to the month of February, and 46 sales
on that day alone.
Februarys sales included 199 in the
condominium property class, and 712 in

the residential property class.

In February, 2,312 homes were listed, up
26.6 per cent since January, and inventory
on hand at the end of February rose by
10.7 per cent since January, says Silva.
Were starting to see more homes coming
onto the market in preparation for the
busy spring selling season. If youre thinking of putting your home on the market,
this is a great time to do so. The average
sale price of a residential-class property
sold in February in the Ottawa area was
$384,632, an increase of 1.2 per cent
over February 2015. The average sale
price for a condominium-class property
was $249,727, a decrease of 6.8 per cent
over February 2015. The Board cautions
that average sale price information can be
useful in establishing trends over time but
should not be used as an indicator that
specific properties have increased or de-

Special points of interest March 2016

Real estate stats for Ottawa

Avoiding Rental Scams
Ottawa area events.

Changes to minimum downpayments

creased in value. The average sale price

is calculated based on the total dollar
volume of all properties sold.
The highest concentration of properties
sold continues to be in the $300,000 to
$400,000 price range, followed by the
$200,000 to $300,000 range, says
Silva. These price ranges continue to
have the highest concentration of properties sold residential and condo
while two-storey, bungalow, and onelevel condos have the highest concentration of buyers. In addition to residential and condominium sales, OREB
Members assisted clients with renting
414 properties since the beginning of
the year.

Avoiding Rental Scams- Two Ontario strangers made headlines after an online rental went wrong this week. According
to Nikki Wilson, the alleged caper began when she tried to rent a house advertised on Kijiji. But it turns out that somebody already
lived there and the Ottawa house certainly wasn't available for rent. In the end, Wilson was out $900 and the real owner got
a mountainous pile of someone else's stuff dumped on the driveway of his home. Rental scams aren't new, but as more of these
deals move online, would-be renters need to be especially vigilant. "There's an awful lot of this going on," says Daniel Williams, senior
fraud specialist with the Canadian Anti-Fraud Centre in Ottawa. There have been 139 reports of online rental scams to the centre
since Jan. 1. That figure likely reflects only a fraction of all the incidents occurring across the country, he adds. The U.S. Federal Trade
Commission calls the use of fraudulent ads for rental properties a "hijacked ad" scam when a fraudster offers a rental property
that, in reality, they have no connection to. The other most common type is "phantom rentals," which as you can probably guess involve a property that doesn't exist.
So here are a few tips to keep your cash away from crooks:
1."Our main mantra here is verify, verify, verify. Really understand who you're dealing with," says Williams.
2. Keep your cash close Scammers will almost always ask for money up front, like a security deposit or first and last month's rent. If
you're not sure about where it's going, don't send it. Money sent via wire service or e-transfers will be as good as gone.
Whenever possible, try to make payments with a credit card. This isn't always realistic, but there are scenarios where it makes sense,
like with many vacation rentals.
3.Check the place out if you can. It's always a good idea to physically see a property before any money changes hands. This isn't
always possible, though, and sometimes it's still not enough to know you're being scammed.
4. Ask a Real Estate Agent for help. We can help match you with genuine rental properties and ensure all paperwork is in order
before money changes hands!

Ottawa Area Events:

2016 Mortgage News

Royal Bank of Canada

Recently, the Government announced a change to

the eligibility rules for new government-backed insured mortgages, affecting new purchases of insured properties priced above $500,000.
Effective February 15, 2016, the minimum down payment requirement for mortgage loan insurance depends
on the purchase price of the home. For a purchase price
of $500,000 or less, the minimum down payment is 5%.
When the purchase price is above $500,000, the minimum down payment is 5% for the first $500,000 and
10% for the remaining portion.

Mortgage loan insurance is available only for properties with a purchase price or as-improved/renovated
value below $1,000,000.

Nancy DAngelo, AMP

RBC Mobile Mortgage Rep

nancy.dangelo@rbc.com
613-285-9705

* This newsletter is not intended to solicit anyone already under agency contract.

The Outdoor & Adventure Travel Show soars into its 5th year
in Ottawa-Gatineau! A show hosted by 2 magazines, dozens
of writers, presenters and exhibitors in 1 large 30,000sf hall
makes for 1 great outdoor show!
Exhibitors & presentations on:
Canoeing, kayaking, and Stand-Up Paddleboarding (SUPs)
Road cycling & Mountain biking
Whitewater in rafts, canoes and kayaks
Camping and Expedition Trips
Hiking & trekking
Fish, game and lodge outfitters
Racing Events (running, triathlons, obstacle courses, adventure racing, cycling, paddling and more)
Sailing, scuba diving, snorkelling, kite surfing, windsurfing
and more!
Rock climbing & rappelling
Wilderness survival skills
PLUS: Kids activities, pool demonstrations and a rock climbing wall!
Admission
At the door: General Admission $12.00 CASH
Online: $8 (receive free draw for whitewater rafting trip for
two) AND save $8/couple, which is like FREE PARKING.
Kids 17 + under FREE
Parking: $8.00
Event Website: http://www.adventureottawa.ca

March Break Viking Adventure Visit the museum and

head to its iconic Grand Hall to participate in several
Viking-themed activities. Craft your own Viking helmet,
help build a 30,000-piece Mega Bloks Viking ship and
more! These activities are related to the museums special Vikings exhibit, which is on until April 17, 2016.
The Viking-themed activities are FREE with museum admission.
Handmade Fun: Build a Viking Vessel This activity
takes place in the Canadian Childrens Museum o ver
March Break. Work together with your little one to create
a unique Viking vessel out of several craft materials. You
can also learn about the techniques Vikings used that
earned them the reputation of being skilled seafarers and
shipbuilders. This activity is FREE with museum admission.