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We are 4 women realtors chatting about all things Real Estate, Home & Community and showing our support of local business'. When some might think we should be competitors, we are friends collaborating & showing support sharing our take on the Ottawa Market. Get 4 different but similar views.
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Sonya Crites (00:00)
Welcome to She Sells Ottawa, your go -to podcast for all things real estate and beyond. Featuring your hosts, Sonya Crites, Tamara Vallati, Cori Kugler and Tara Kugler. Fun fact, we're not just colleagues who work on different teams, we're amazing friends with a passion for real estate and uplifting our local Ottawa community. Join us for each episode as we dive into the local market trends, share insider tips and provide invaluable insights.
Whether you're a seasoned investor or a first -time homebuyer, SheSells Ottawa is your one -stop shop for useful takeaways and entertaining conversations. So grab your coffee and get ready to be inspired.
Sonya, Tara, Tamara & Cori (00:38)
Welcome to another episode of She Sells Ottawa. In today's episode, we will be discussing hot topics of what we are seeing in this current market as we jump into June. Lots of home closings are happening and we discuss those here with stories and insights from the four of us. We will zero in on one of Ottawa's neighborhoods, Findlay Creek.
talk about the market in Findlay Creek, new builds and resale, and a few things our clients love about that area. And of course, we are always excited to tell you about a local business we enjoyed there.
Sonya, Tara, Tamara & Cori (01:10)
So let's kick this episode off. I'm one of your hosts, Sonya Crites, Ottawa Property Gals with Right at Home Realty and my lovely host here beside me. Hi, I'm Tara Kugler with Right at Home Realty as well and part of the Kugler team. Hi, I'm Tamara Vallati and I'm with EXP Realty. And hi, I'm Cori Kugler. I'm with Right at Home Realty and also part of the Kugler team.
So ladies, let's start off with a very funny story that we can pretty much all relate to at some time or another, especially as realtors who were always trying to juggle our own lives along with all of our clients. Tamara, you had a bit of a situation recently this past week, we heard.
Sonya, Tara, Tamara & Cori (01:50)
yes, I did. Please tell me I'm not alone here. Do you ever have one of those days where you're driving around on autopilot? yes. Well, you know, those days where you get from point A to point B, but you've completely zoned out because you have a million things going on.
Well that happened to me this week leaving the gym. I noticed I needed gas so I pulled into the gas station and I opened up the gas cap and tried to get my card to get my card out to pay for the gas. I was having problems at the pump so I went into the gas station and paid to the gas attendant and I got my receipt. I'm back into the car and drove home and went about my day. Got ready for my day.
And now I'm leaving for my first appointment. I get back into my car and I look down and I'm wondering where is all my gas. What? Yeah. There was no gas in the car and I look out my side mirror and I see my gas cap waving in the air as I'm driving down Hunt Club. So I do need gas. So I gotta go back to the gas station. I'm running back to the gas station, pull up to the gas station, run inside.
And I really don't have to say much before the gas attendant recognizes me. And he saw me actually pull away without putting the gas in. So I paid and left. And so he immediately refunded it. This was my lucky day, to be honest. He refunded it without me even knowing it. I went back. I ended up...
buying more gas, but thankfully just shows how autopilot we are that we just yes. Go go go hashtag realtor life. That's a good story. Well, just like keeping our gas tanks full, staying informed about the local real estate market is crucial, especially with the way things have been changing lately. So.
Let's shift gears a little and take a closer look at what's been happening in your Ottawa real estate market this past week. Yeah so there's a lot coming up this week and I guess the big one that most people are looking at anxiously is if there's going to be a rate drop sooner rather than later. As you know the inflation rate has dropped to 2 .7 percent so there is a stronger chance that this could happen.
So ladies, why don't we place a we back to see if the Bank of Canada drops their rate in June or not. Good idea. So do you think it will happen? And if so, by how much? So Sonya, what do you think? I've been predicting that I think we're going to have our first small drop in June.
Sonya, Tara, Tamara & Cori (04:41)
So I do think it's going to happen just by a quarter point.
Sonya, Tara, Tamara & Cori (04:46)
Tamara, what do you think? Well, I vote that the Bank of Canada will keep its overnight rate at 5%, so no change. I think the Bank of Canada would prefer the inflation to sit around 2 % and yeah, right now it's sitting at 2 .7%. And you know, while Canada did add many jobs in April, the unemployment rate held steady at 6 .1%. So my prediction is that the first rate decrease is going to be by 25 basis points in July.
Okay, interesting. And Tara, what are your thoughts on
Sonya, Tara, Tamara & Cori (05:19)
Yeah, so at first I was with Sonya and thinking that it's probably going to come down in June. The inflation rates did come down and that was definitely helping me decide that June just might be the month that that's going to happen. But now the more I think about it, I'm pretty certain it's going to be 100 % in July.
Yeah, so I'm saying quarter point in July. In July, that's your final answer. That is my final answer. Okay, well I'm going to go with Sonya. I think that there's a strong possibility that it could happen as early as June. So four answers locked in. So we have two for June and two for July. And what are we betting on?
What's the what's the win here? Obviously a drink. What are we drinking ladies? losers pay. Sounds good. We'll soon find out. Yeah, stay tuned. let's just talk about if the Bank of Canada lending rate remains the same, and it doesn't go down. People with a variable rate mortgage won't have any immediate financial relief. So the variable rate mortgage is really looking for this.
this rate decrease. However, if the bank of Canada signals that a rate cut is coming, the bond market could react and this would impact fixed mortgage rates. So if someone has a mortgage that's coming up for renewal or a home buyer wanting to purchase a home and looking to understand how these rate changes would impact their mortgage options, they really should go and contact a mortgage specialist as early as possible. Yeah, we have a few we can recommend.
if you need one. I'm kind of seeing some buyers holding off, maybe waiting for the rate drop, which may not be such a great idea. We did see a bit of a lull between Mother's Day and Long Weekend. It did kind of quiet down. I don't know if you saw that as well. I noticed that. It did. But now we're seeing a bit of a jump in showings since then. I don't know if, you know, there's still hesitation, though, on submitting an offer and going through with an offer, but showings are up. Yeah, and we're working with some buyers right now and they ask us if now is a good time to buy.
And yes, because we had to advise them that there is an imminent rate drop happening and it's not significant and it won't change very much, but psychologically, once the headlines come out that there's a rate drop, it will increase the buyer's confidence and get them back into the market. So, with low inventory, we know what that means. So we advise our clients right to be shopping right now ahead of that.
shop right now there's still pretty much of a balanced market I'm seeing things are picking up a bit but you can still get your conditions in and we're dealing with a few offers and they've gone into multiples but only with one other yeah so it hasn't been you know five six seven it's not a frenzy just yet so the rates haven't come down yet but I still say if you can buy now I I
real estate agents, I think would advise that at the moment. Yeah, I totally agree because we've actually been even advising our buyers to buy now, put in an offer, but just do a later closing date. And then you're still, you know, even whatever rate you're locked in now, if it does lower, you'll get that lower rate. So it's, you know, if you could do even an August closing or end of July, you could take advantage of that.
Sonya, Tara, Tamara & Cori (08:47)
Such a good point, Sonya. Well, let's close one topic and walk into the next.
How's that segway? So today we're going to be discussing all about closing and the procedure there. And the first thing we want to discuss about that is the final walkthrough, which is one of the steps before closing. So final walkthrough usually happens right before the closing date and often within 24 hours to catch any last minute issues. I just want to preface, it's not a home inspection. It's more like a last minute check to make sure everything's as agreed to in the purchase deal.
Yeah, so time to negotiate. It's not a time to negotiate exactly. It's just, you know, checking things out, making sure everything is as agreed to. So what you want to look out for on a final walkthrough, some people, you know, just walk in and say, What am I doing here? I'm just visiting the property one more time. Well, there's a few things that you could look out for in a final walkthrough. So check the property condition, make sure the place is in the same condition as when you made the offer with no new damages or problems.
You can verify repairs. So if you agree to any repairs in your contract, make sure that the repairs have been done and to a satisfactory job. Test systems and appliances. So if it's close to the closing date, you can turn on the heater, make sure it's working, turn on an element of a stove, make sure that's working as well. You can also do that on closing day and we'll bring that up afterwards. And then confirm any inclusions and exclusions are still at the listing. So whatever you discussed in your offer,
Sonya, Tara, Tamara & Cori (10:16)
Yeah, speaking of inclusions and exclusions, we have a really funny story. There's apparently nothing that we won't negotiate. So yesterday I get a text from the listing agent of a property that we just sold and there were a number of inclusions and exclusions in the deal. But apparently there was a bidet attachment in the en suite bathroom and it was really cool and my buyers were like going crazy over this. It was like the coolest thing.
It was like, yeah, we were just talking about it. And it wasn't anywhere in the agreement, right? So she said, well, my sellers were hoping to keep it. I hope your sellers, your buyers were not hoping to have it. So I said, well, I really can't speak for them. So I get in touch with our buyer clients and I asked them, how important is this bidet?
attachment to you. Right? I mean, it's crazy. So what does it do? So I don't know. But it's remote control. It's a remote control. I'm not going to say more. Anyway, they said, well, actually, we think it's a really cool feature. So we would like to have it. So I get back to the listing agent and say, well, you know what, they would actually like to have it. So seeing as you didn't list it as an exclusion.
and it is sort of part of the toilet. You know, I'm hoping it's there on closing is all I can say. You won that negotiation. I won that. Yes, exactly. That's the first bidet negotiation I've done. Congratulations. Enjoy that bidet.
Sonya, Tara, Tamara & Cori (11:59)
So you just want to make sure that everything that you did agree to in the offer is still there. So use that time wisely. You typically get an hour and sometimes buyers get two final walkthroughs and that could be negotiated in the offer.
Right after they make the offer and then they come back into the house Maybe you know a week or two afterwards with their measuring tape and they're measuring the rooms and they're trying to pre -order furniture for closing day so that's the typically the Reason to have two walkthroughs is the first one is to order furniture You
And also another thing to note is that the home, when you come into a final walkthrough, the home does not look the same way as it did when you purchased it. Yes. Right? So we have a lot of buyers come in, sometimes a little deflated because they bought that shiny staged home. The pictures were gorgeous. They came in, they purchased it. Everything was just as so. And then they come in to, you know.
Seller's living their normal life, it's not staged anymore. Packing boxes. You know, they're not staging their house every day, you know, after the home is sold. So you're going to walk into a normal circumstance or like you guys just said, packed in boxes and a little bit of a mess. So just, you know, keep that expectation there. It's not going to be that picture perfect home, but.
it is the home that you saw in the pictures, so you can still make it that way afterwards. Exactly. Yeah. And another thing that we recommend is that the seller remain out of the house for the final walkthrough. Usually when you book that final walkthrough for your buyers, usually you go there and you have the house to yourself, right? So that they can imagine themselves there. They can just poke around to their heart's content, really get acquainted with the house. And it's like, this is a really exciting day for them.
Sonya, Tara, Tamara & Cori (13:46)
So what can we expect, Cori, leading up to closing day?
Sonya, Tara, Tamara & Cori (13:51)
when we're discussing closing with our buyers, it's a very very exciting time but there's things that they actually have to do you know to get themselves ready to move and one of them is to remember to forward their mail, notify all parties where they're moving, get their utilities set up at the new place, make sure that they're you know canceled in the old place, set up your lawyer's appointment for closing day. So those are important things.
And then maybe let's factor in what some of the closing costs could be. So what are we looking at in terms of closing costs? There are several things that are important. There's land transfer tax, a biggie. There's your legal fees. There's title insurance. Yes, title insurance is so important. It's optional, but very important. So.
Yeah, we actually had a client that thankfully they had title insurance. They moved into their beautiful new home. It had two sheds in the back. One of them was a gorgeous large she shed. I was so jealous. I've always wanted one. Anyway, so they had they had moved in. They didn't actually install that shed, but they had bylaw come by and slapped them with a fine because it was too close to the fence.
Thankfully they had title insurance so they were able to go back to the lawyer and use that and lift and move the shed. So thank goodness. Yeah.
So basically I think you need to budget between one and a half to two and a half percent of the purchase price of your home for closing costs. Do you think that's about accurate? Yeah, I think that's a really good general rule of thumb to follow for closing costs. And so let's talk about actually closing day. Yes. We've got to the closing day.
It's sort of like your wedding day, I have to say. It's a journey. It's a journey. You get lots of anticipation, lots of checklists. It's true. Lots of money. I like that association. yes, the money. And you're always praying for a great day of weather. It's very true. A sunny closing day is the best. Yeah. So we're going off to our lawyer's office. It's closing day. We're excited. We're going to get the keys to our new home. What do we bring with us to the lawyer's office? Well, we're going to gather our documents.
and everybody that is on the agreement needs to bring some valid ID. So driver's license or a passport. And then once all the documents are signed and the funds are transferred, you receive the keys to your new home. So you're getting, I know this is exciting. Congratulations. So the, and then you'll be able to either receive the keys right there from the lawyer or sometimes they're located in a lock box at the property for you.
Sonya, Tara, Tamara & Cori (16:39)
So take your keys, unlock the door, and take a moment to celebrate the significant milestone. Woohoo!
I actually just received a text while we were sitting here ladies. No way! Yeah, so our buyers, I just got a text saying, Kara got the call that we closed, she's on her way to get the keys. that's so exciting. That's the best text to get.
Sonya, Tara, Tamara & Cori (17:04)
just to reiterate, when you get your keys and you're entering your new home for the first time as homeowners, don't forget to check your appliances that were included in the agreement purchase and sale if they're included, but make sure that they're in working condition. And if for some reason there's something wrong at that time, you only have that day to contact your lawyer and let them know that there's a problem with one of the appliances.
This actually happened to one of our buyers very recently and the dishwasher was not working. It had been listed on the MLS as new. So I told them to write the lawyer right away and let them know that there was a problem and the lawyer wasn't going to receive this until the Monday, but it was like time dated for the Friday, which is when they closed. So the bottom line is to make the story short, the sellers did have to provide a new dishwasher.
to the buyers. So it all did work out, but it wouldn't have had we let it go longer. So I guess provided it's not stipulated in the contract that it's an as -is condition. Yes. In that case, then you know, you purchased the home as -is, but if it was supposed to be working on the day of close, then absolutely. Yeah. Check everything. Another thing is, you know, our choice is to maybe not have closings on Friday. Friday's for that reason. So yeah, we tend to like,
closings that are like Tuesday, Wednesday, Thursday. Yeah. Yeah. Because if there's any problem, it's easier to reach the lawyer. Yeah. And check that it's not a holiday. Yes. Or one of the new holidays. Yes. Very true. Exactly. Very true. That's how they sneak up on you. Yeah.
Sonya, Tara, Tamara & Cori (18:41)
Home closings, they mark the excitement of the home buying journey. And once those keys are in your hand, you're officially part of the community. Speaking of communities, let's shift our focus to our local spotlight, Findlay Creek. Let's dive into the most recent sales in Findlay Creek, as well as what makes this neighborhood so special. We're going to discuss a great local restaurant that we really enjoyed this week and some other wonderful amenities to be found in Findlay Creek.
Yeah, so Findlay Creek is located in Ottawa South and it's one of Ottawa's newest communities with development beginning in the early 2000s. Yeah, the community has large property sizes, nice wide streets and lots of parks making it a very family friendly place to live. There's a mixture, a good mixture of single family homes, semi -detached homes, town homes and even small condo buildings.
And there's lots of things to do in Findlay Creek. There's this incredible boardwalk. It's picturesque. It's a great place to walk or run and to enjoy nature. There's also a fantastic dog park. we like that. That's important. And Findlay Creek is tucked away in a quiet corner of the city. So you may just suddenly stumble across it, but it still provides easy access to all the amenities that make Ottawa such a great place to live. So speaking of a great place to live, let's look at what
has sold and is for sale there right now. Yeah, let's dive into that. Yeah, so I basically looked at the month of May for residential. So there are 23 solds. And it's funny, they are all very proud of their builders there. Yes. So only three of them actually didn't list the builder. I thought that was really interesting because as real estate agents, we're always looking on MLS to see who the builder is. And yes, I'm never there. Anyway, so I was very happy about that.
There are 43 actives right now and six that are conditionally sold. So definitely some things to buy. Out of detached, there were nine that sold and their average price was 981 ,777. Wow. With average days on market, 66. Okay. So again, those newer homes that are built, there are a lot of great modern features and amenities. And then for Row and well,
Town Homes, Semis and Stacked Homes. 14 of those sold this past month with the average of 654 ,834 and the average was 40 days on market. So it seems to take a little bit of time for these to sell, but they definitely do. Then condos, there's 10 that are active right now, two conditionally sold and then six sold with an average of 369 ,000 and the average days on market were 16.
So much shorter. Yeah. Affordability. Yeah. And then rentals, well there's seven actives, eight rented at an average of $2 ,744 a month over as the average. And days on market were nine. Wow. And then right now I looked, you can buy a really cute bungalow at 133 Steadman. It's three bedrooms for $819 ,000.
days on market so far are 14 so run and grab that. Or a brand new townhome with a garage three story on corpora private for $518 ,000.
Sonya, Tara, Tamara & Cori (22:03)
you can also buy a corner unit condo on wood acres for $364 ,800. So there's some really great homes and deals here. Yes, some inventory. That's great. Yeah.
And then some of the builders that are there because everyone is, you know, looking, there's still some new builds that are happening. We have Tartan, Tamarack, Claridge, Urbandale, Phoenix, and EQ. Great builders. Mega custom homes, Richcraft. And interestingly, EQ right now is offering an incentive of 3 .99 % as a rate on a three -year mortgage subject to terms and conditions and only on the select move -in ready homes. That's a great deal. That is good. I know everyone's so concerned about rates, but you can get a brand new one there.
Tamarack has dropped their prices on lots of immediate occupancy in current homes. Phoenix Homes has Ottawa's first line of homes with income generating suites called Income Series. I love the sound of that. I know. So this is what we've all been waiting for, I feel. It's an exclusive line up of homes with income earning basement suites and it's happening right here in Findlay Creek.
Sonya, Tara, Tamara & Cori (23:09)
And did you know that your Realtor can help you with purchasing a new build? Yeah, they're working with Realtors again. Which is great. That's right. So contact your Realtor for your home journey
Sonya, Tara, Tamara & Cori (23:21)
And did you know that they're starting the widening of Bank Street to four lanes in the Findlay Creek area starting at the end of this month actually, June 2024? I think that's really gonna help alleviate some of the traffic congestion there. Yeah, that's great. It means everything is growing. Absolutely.
Sonya, Tara, Tamara & Cori (23:40)
Yes, all this growth and development naturally leads to a thriving local scene. With new homes comes new residents and new residents brings demand for great places to eat and socialize. Look no further than Findlay Creek's very own Hunter's Public House. This local family run and owned favorite has been making waves since 2016. Owner Charles McGinnis has created a modern,
inviting food focused pub featuring innovative meals, local craft brews, live music and one of the best patios in the city, Hunter's Public House, 4750 Bank Street. It's a must try even if you don't live in the area.
Sonya, Tara, Tamara & Cori (24:22)
Yeah, we all visited this restaurant and it was amazing. I think we can all agree on that. Yeah, the vibe is so great there. The food was amazing. We took some pictures of what we ate and it's so cute in there.
And we have to give a shout out to our server, Kaylee. She was embarrassed. I don't know what she wanted, let's just shout her out. Hey Kaylee. She wants us to go back. We'll be back to see you. Yeah, she was fantastic. And I'm sure Pol's, my husband's golf buddies would love it there, especially Bart, Brandon and Berry. Yeah. Just had to mention them, apparently they are listening. I love it. We'll find it. I love it.
Sonya, Tara, Tamara & Cori (25:04)
This just in. I actually just received an email from our clients that live in Findlay Creek and I'd asked them what they love about the area and so this is really interesting and great. So basically Matt says that they love the walking trails and the pond behind their house.
The tennis courts by us are also quite great and Conroy Pitt is one of the best dog parks in the city. The close proximity to the highway is super convenient. For food, they like All Out Burger, Schwarm a Palace and Hunter's as our go -to.
Sonya, Tara, Tamara & Cori (25:41)
We really appreciate your input. We look forward to seeing you at Hunter's. Yeah.
Sonya, Tara, Tamara & Cori (25:47)
ladies, I think we've covered quite a variety of topics today. Thanks for tuning in to another episode of the She Sells Ottawa podcast. Remember, in the world of Pinterest, perfect home, it's essential to embrace authenticity. So be real, not perfect. Until next time, happy house hunting and remember, your perfect home is the one that reflects the real you. Don't forget to subscribe, share and leave us a review. We love hearing from our community.
Sonya, Tara, Tamara & Cori (26:15)
And stay tuned for our next episode as we answer one of our followers questions regarding your best ROI for improvements to the exterior of your home to help you sell in the future. Are decks, pools, enclosed sunrooms, extensive landscaping worth it? We'll discuss all this and more in the next episode. Thanks for tuning in. Thank you. Thank you.
Sonya, Tara, Tamara & Cori (26:37)
And that's a wrap. There we go. And that's a wrap. And that's a wrap. And that's a wrap. And to wrap it up.
Sonya, Tara, Tamara & Cori (26:46)
Thank you for tuning in to She Sells Ottawa. Remember, manifesting your dream home starts with believing it's possible and taking those steps towards making it a reality. If you enjoyed today's show, don't forget to hit the like button, follow us for more great content, and subscribe to stay updated with all our latest episodes. Until next time, keep dreaming big and happy house hunting!