Chris Smith Real Estate Blog

So, the other day, I had to tell someone that he lost $100,000 of equity on the multi-unit investment property he purchased in January 2022. You might remember that back in the early spring of that year, inflation started creeping in, and the Bank of Canada began raising the prime rate. In 5 months, the rate increased 4 times for a total increase of 2.25%. Everyone who purchased recently was on a variable rate, and their mortgage payments spiked. That's right when this person bought the property. $100k is a significant loss on a $600,000 property in only 2 years. I've been seeing a lot of investment properties lately. Precovid, before 2020, the Ottawa Real Estate Board would average about 750 multi-unit listings for sale every year. But since then, there have been about 900 a year, with a massive spike in 2021 with 1100. Why the increase? The Covid Market. People saw homes were selling for record amounts, so they put theirs up for sale, too. Knowing a good opportunity, people s...

You may have heard about Toronto's proposed 10% plus hike in property taxes. A scary proposition for residents, especially ones on a fixed income. CBC News: The National- Property Taxes on the Rise Across Canada Could this happen in Ottawa?  Not this year, but it's definitely a possibility in the future.  Ottawa passed its 2024 budget with a 2.5% increase in property taxes.  That's a small increase compared to other major cities across Ontario.  The average urban Ottawa tax bill will increase by about $105 in 2024.    Cities need more funding to help with the crushing burden of inflation. The costs of everything it takes to keep a city running have increased over the last few years. An increase to your property tax bill is how the City pays for it.        Another scary situation is what could happen in the future with your MPAC property assessment.  Homes have been taxed at assessed values from 2016; the most recent assessment was p...

  Ottawa is known for its numerous outdoor rinks that offer residents and visitors the opportunity to enjoy ice skating during the winter months.  The city has over 40 outdoor rink locations across Kanata and Stittsville alone.  The larger facilities have dressing rooms, lights, and washrooms. The majority of these rinks are run and maintained by volunteers who put countless hours into making sure the ice is in great condition for residents.     Check out the interactive map I've prepared showing the location of each rink: https://www.google.com/maps/d/viewer?mid=1C1Zk35D7imG4G5BzfQ2VLnZjVPvNiiA&ll=45.301470161002904%2C-75.89988373542482&z=13 The City of Ottawa website has a list of all the rinks in the city, including info on booking ice surfaces, rules, and how to volunteer.  https://ottawa.ca/en/recreation-and-parks/facilities/parks-and-green-space/outdoor-rinks#section-27fecdf9-ddf9-46bb-8e64-8218a96f068f Another great outdoor rink resource...