Monica & Chris Hollands' Home Trends

Monica & Chris' Monthly E-newsletter

HOLLANDS Monica & Chris SERVICE YOU DESERVE

101-2255 Carling Ave Ottawa, ON K2B 7Z5 Office: 613.596.5353 Hallmark Realty Group Brokerage. Each Office Independently Owned and Operated

Monica: 613.864.7975 monica@remaxottawa.com

Chris: 613.797.3977 chris@remaxottawa.com

MonicaAndChrisHollands.com

Monica Direct: 613.864.7975

Chris Direct: 613.797.3977

More often than not, the rooms in our home have multiple functions. For instance, a home office can double as a guest bedroom or even playroom during non-work hours or a master bedroom can moonlight as a hobby room and home gym during the day. A key component to making rooms work for multiple purposes is having functional and convertible furniture. We're probably all familiar with Murphy Beds and chairs or sofas that extend into beds, but many furniture manufacturers are creating more innovative products. For instance, coffee tables that store pieces within to transform it into a small table with chairs or desk for work or studying, desks that fold into themselves and end up taking up the space of a dresser or even wall shelves that fold down into small tables are just a few of the new innovative products hitting the market. As we spend more time in our homes and think of new ways to utilize our spaces, convertible furniture is going to become more prominent and necessary so take a look at what's available on the market the next time you're looking to update a room in your home. CONVERTIBLE FURNITURE

MonicaAndChrisHollands.com

Monica Direct: 613.864.7975

Chris Direct: 613.797.3977

CALL BEFORE YOU DIG

Below every home, apartment building or commercial space is a network of underground utilities that make everything above ground run smoothly. Before you proceed to disturb the ground in or around your home, you need to contact your local utility authority to locate any underground wires you need to be aware of. The names of the companies vary across Canada, but if you do an internet search of “call before you dig” and your province, you will find the hotline or website you need. The service should be free and take a few days to be completed, but that timeframe will obviously vary based on the number of requests submitted. Some projects you need to call before you dig include: installing posts for fences, building desks, patios, etc., planting

The underground lines will be marked with a variety of coloured flags or spray paint to show where it is and is not safe to dig. The colours represent the following: • White – proposed excavation • Pink – temporary survey markings • Red – electrical, lighting cables • Yellow – gas, oil, steam • Orange – telephone, cable, TB, signals, alarms • Blue – potable water • Green – sanitary and storm severs, culverts • Purple – reclaimed water, irrigation, slurry lines

a tree or digging a garden or even installing playground equipment.

MonicaAndChrisHollands.com

Monica Direct: 613.864.7975

Chris Direct: 613.797.3977

BASIC FLOOD FIXES One of the downsides of spring is the possibility of having water leak into your basement, main floor, shed, garage, outbuildings, etc. If you happen to find water where it doesn’t belong this spring here's what you need to do. 1. Turn off the power (or call an electrician if it's unsafe to do so yourself.) You don't want the water to get into an electrical outlet or into an appliance that is plugged in. 2. Remove the water. Use buckets, towels, mops, a shop vacuum, etc. to remove as much of the standing water as possible. If there is less than two feet of standing water, you may be able to clean it up yourself, but it is recommended that you contact a professional to remove the water if there's more than two feet of water. 3. Remove as much from the floor as possible. All the water-logged furniture, boxes, toys, carpets, flooring, etc. should be removed to be dried (if possible). This will prevent mildew from forming. 4. Dry the flooded area with industrial fans and dehumidifiers. Again, this will prevent mildew and mould from growing which can lead to health issues. You may also want to contact your insurance company to see if any damaged items can be replaced or even the cost of the clean up covered. Once the area is dry, you can fix whatever caused the water to flood in the first place so you don't have to go through the process again the following spring.

MonicaAndChrisHollands.com

Monica Direct: 613.864.7975

Chris Direct: 613.797.3977

THE BANK OF MOM AND DAD With house prices and interest rates as high as they are across the country, many home buyers are looking to their family (parents, aunts, grandparents, siblings, etc.) for help in obtaining a downpayment for a home. This gift is not a loan and will often be accompanied with an agreement stating the money is in fact a gift and is not expected to be repaid. The money (typically being about a 20% downpayment) goes toward the purchase of the home and helps many younger home buyers get into the market. Parents (or gift givers) can use borrowed funds as the gift - such as a line of credit - but it's not common practice. Furthermore, there shouldn't be any tax ramifications for either the lending party or the receiving party, but one should check with a tax professional prior to arranging such a gift just to confirm. There are a few rules around the funds regarding how long they need to be in the buyer's bank prior to closing and whether or not they are subject to Canada's anti-money laundering laws, but your real estate agent, mortgage broker and lending bank should be aware of those rules and help you navigate them.

MonicaAndChrisHollands.com

Monica Direct: 613.864.7975

Chris Direct: 613.797.3977

Ottawa’s MLS® Market Activity Shows Strong Start to the Year

AVG. SALE PRICE Single Family $708,500

AVG. SALE PRICE Apartment $417,500

SOLD LISTINGS Overall 886

NEW LISTINGS Overall 1,539

OTTAWA, March 6, 2024 - The number of homes sold through the MLS® System of the Ottawa Real Estate Board totaled 886 units in February 2024. “Even with higher prices and the interest rate holding steady, Ottawa is a strong, active market,” says OREB President Curtis Fillier. “With metrics across the board up from last year, it’s clear both buyers and sellers are making moves. The metrics, however, don’t tell us about all the people relegated to the sidelines because affordability remains out of reach for many.” The overall MLS® HPI composite benchmark price was $628,500 in February 2024, a gain of 2.8% from February 2023. The benchmark price for single-family homes was $708,500, up 3.1% on a year-over-year basis in February. By comparison, the benchmark price for a townhouse/row unit was $495,000, up slightly at 0.6% compared to a year earlier. The benchmark apartment price was $417,000, up 2.7% from year-ago levels. There were 1,539 new residential listings in February 2024. Active residential listings numbered 2,158 units on the market at the end of February 2024. Months of inventory numbered 2.4 at the end of February 2024. Source: Ottawa Real Estate Board | Market values stated are of the average of Ottawa and surrounding region. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home.

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