ELISABETH & JIM HAMILTON
Full-Service Consultative REALTORS®
Elisabeth: 613.276.1675
Jim: 613.867.1675 Jim@ElisabethHamilton.ca
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Elisabeth & Jim Hamilton
September 2021
THE MARKET INSIDER
Market Trends - A Traditional August
Affordable Housing & The Election | Making Your Home EV Ready
Affordable Housing & The Election
With limited inventory and rapidly rising house prices, affordable housing is an issue that affects us all. To help you vote this September, here are each of the major parties’ positions on the issue:
Liberals:
- Add 1.4M new homes over the next 4 years
- Double the first-time home buyers tax credit and create a tax-free first home savings account up to $40K
- Criminalize blind bidding and establish the right to a home inspection
- Impose a ban on new foreign ownership for the next 2 years
Conservatives:
- Build 1M new homes and convert 15% of government owned buildings to rental properties
- Increase housing density around public transit
- Incentivize developers by extending the ability to defer capital gains
- Encourage a new market in 7-10 year mortgages and eliminate stress tests
- Impose a ban on new foreign ownership for the next 2 years
New Democrats
- Create 500K affordable housing units over the next 10 years with half in place within 5
- Preserve 1.7M homes over the next 4 years
- Re-introduce 30 year mortgage on CMHC insured mortgages
- Double the existing home buyers tax credit to $1,500 and offer $5,000 a year in rent subsidies
- Impose a 20% tax on foreign home ownership
Consult the Bloc Québécois and Green Party websites for their platforms.
While we don’t all agree on politics, we can all agree that a housing market that is accessible to as many people as possible is a good thing. We welcome the focus on this important topic in 2021.
Market Trends
A Traditional August
Ottawa’s housing market returned to its traditional patterns in August with 1,572 sales, down 22% from August 2020, but very much on par with sales in 2019 and 2018. The year-over-year decrease is attributed primarily to last year’s spring market shift to summer and fall as a result of pandemic lockdowns. Prices also retracted slightly with an average condo selling for $407,148 and an average residential home selling for $674,449. While this is down slightly from
average prices in the spring, it still reflects a 6% and 14% year-over-year growth.
Supply in the market continues to be scarce down 500 units from August last year and below the 5-year average with only 1.5 months worth of supply on hand. A balanced market typically sees 4-6.5 months of supply. Not surprisingly, affordable housing is a significant theme in this year’s election, which we vigorously applaud. For more information on where each party stands on this important issue, see our article in this edition entitled “Affordable Housing & the Election".
OREB | Rina@oreb.ca
Making Your Home EV Ready
Whether or not you are considering purchasing an EV in the near future, making your home EV ready is a good idea for flexibility and resale. Here are a few things to consider:
- Hire a licensed electrician. EV charging is not as simple as plugging into a spare outlet. A licensed electrician can help you make good choices and ensure that any work is properly inspected.
- Ensure your home has the needed capacity to support the additional load of an EV. This includes a minimum 100 amp service to your home and spare capacity within your electrical panel.
- Different EVs have different needs, so be sure to consult with your manufacturer. In general a 240 volt, 30 amp outlet will meet most needs. For fastest charging, consider a 50 amp outlet.
- Locate the outlet in an optimal location taking into account how you park your car, the length of your charging cable and whether you will be charing indoors or outdoors.
- Many EVs rely on a good WiFi connection for system updates and the latest navigation data. Make sure your home WiFi is strong wherever you park your car.
A Note from Us
September is a time of new beginnings bringing with it the start of school, and often, job transitions and new homes. Add to this an election and it all adds up to a busy season. We wish you and your family well as you embark on whatever fall 2021 brings your way.
Elisabeth
(613) 276-1675 | Elisabeth@ElisabethHamilton.ca
Jim
(613) 867-1675 | Jim@ElisabethHamilton.ca
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Elisabeth & Jim Hamilton
REALTORS®
Sutton Group - Ottawa
4-1130 Wellington St W
Ottawa, ON K11
Elisabeth: 613.276.1675
Jim: 613.867.1675
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