Month: October 2024

Thought Process - THOUGHT PROVOKING

Multi-Generational Living doesn’t mean be a Loser.

If your adult child is still living in your house, and it’s causing them to miss out on major life milestones and delay their development of basic life skills – that’s YOUR FAULT.

I get it – it’s a Hard Knock Life, but that’s no excuse to not properly develop as a functioning adult.

I’m fortunate enough to see a LOT of different living arrangements, including multi generational ones, and I’ve seen at last 10 different cultures do their best at it. The ONE common denominator for those that seemed to have done it properly and raised their adult children like functioning members of society is GOOD PARENTING. I’ve seen some parents ensure their kids are responsible, they work, they study, the help around the house and at least carry their weight – and I’ve seen parents let their kids freeload.

Believe me – letting them live at home is NOT the problem.

Bad parenting is.

According to recent reports from CMHC, millennials are having a tougher and tougher time affording homes. Property prices are rising faster than wages are, and massive student debt payments are sucking them dry.

That makes sense. What doesn’t make sense is letting your kid turn into a basement dwelling troll that doesn’t know how to function in society.

I know PLENTY of Millenials in their 20’s and even young 30’s that are still at home with their parents who are complete MACHINES, and frankly… who are blessed with INCREDIBLE parents that put forth their very best efforts to ensure their kids are shaping up to be excellent humans.

What do you think?

Market Update, Real Estate Financing

Lower Rates = More Money in Your Pocket

As we move into late October, there is growing optimism in the financial world regarding interest rates. Many forecasters are eyeing a potential decrease of 0.25% to 0.5% in variable mortgage rates, creating a buzz about what this could mean for home buyers and sellers here in Ottawa.

For potential home buyers, lower mortgage rates represent a golden opportunity. A decrease in rates can reduce monthly payments significantly, allowing you to stretch your budget and potentially afford a more comfortable home. For example, on a $100,000 mortgage, a drop to 4.75% could save you around $15 a month compared to the current 5.0% rate. If rates fall to 4.5%, that savings could reach nearly $30 per month! This could be the deciding factor that helps you move from window shopping to actually closing on your dream home.

Sellers, too, should take note of these potential changes. Lower rates might attract more buyers to the market, as affordability increases. More buyers often mean a faster sale and potentially greater interest in your property, leading to better offers. With a competitive environment, carefully staging your home and pricing it right can leverage these favorable conditions to your advantage.

In conclusion, as we await the next Bank of Canada announcement, keep a close eye on interest rates. Whether buying or selling, now is a great time to strategize and prepare for a market that could become more favorable with a potential rate drop. The landscape is shifting, and there’s no time like the present to take action in the Ottawa real estate market!

Real Estate Development, Suburb Series

Suburban Transormation -The Rise of the 15 Minute Neighbourhood

Earlier this week I went to a Public Consultation regarding the City’s new proposed Zoning Bylaws, and I confirmed that there are MASSIVE CHANGES coming to our suburbs.

Long story short – 4 Units or more allowed in every home, and mixed use buildings on main roads around transit hubs. What that looks like is significantly more multi units and local mom and pop shops up and down the main streets in neighbourhoods.

The City calls this ’15 minute Neighbourhoods’, which basically promotes all amenities and essential services within a 15 minute walk from your front door.

Some people say this is a marvel in urban planning, and will make for better local economies and the environment. Others say it’s a Communist ploy to control our every movement and slowly suffocate us into slavery.

Personally, I think it’s awesome. I think it will increase housing supply, it will give home owners more ways to earn income, it will spur the economy and allow a lot of small businesses to flourish, and will give investors or all types more opportunities to invest. Pretty awesome!

The City is hoping to have this all finalized by the end of 2025, and then it’s time to watch our suburbs boom!

What do you think?

Real Estate Sales, Suburb Series

What Makes a Good Location?

For our Suburban Buyers, finding a good location can often be tricky. It isn’t enough to be in a ‘good’ suburb – you ideally want to be in the most favourable part of it. So what exactly makes one part of a suburb more favourable than others? Here I’ll give you a few great examples to look out for.

First of all, we need to acknowledge that a suburban buyer often has a family that needs and values certain things. Safety being the most important, then proximity to recreation being second, and finally proximity to amenities and transportation being third. Let’s go through those one by one.

First – Safety. One aspect that makes a good, SAFE location for a Suburban Buyer is one that has little to no traffic so that their kids can play or even wander in the street without panic. Every parent wants their kids to be able to play street hockey, ride their bikes, or throw a ball in the street and feel safe doing so. The peace of mind that a location like a base of a crescent provides makes a very particular lot even more desirable. Suburban Buyers would also like to be on a street or block where the other homes are at least as nice and as big as theirs. When neighbouring homes are of a poorer quality (build, look or upkeep) there are generally poorer standards in the area – which can make them feel unsafe.

Second – Proximity to Recreation. Being right next to a park or a sports field gives Suburban Buyers a place to get some space and exercise, and to feel safe with their kids while they do the same. As long as these places are well kept and attract other similar people – this is a massive bonus that makes a home worth even more.

Finally – Proximity to Amenities and Transportation. The trick here is to think of these like your in-laws. You want them close – just not next door. Around the block, a few streets away is perfect lol. Suburban Buyers want the convenience of being able to run out and get some food or whatnot, and don’t want to have to be stuck in traffic for 15 minutes just to go 1 mile down the road doing it. Many suburbs get so developed that getting to the highways or rapid transit stops are easily 25-30 minutes on average. God forbid someone has to take a bus or two just to get OUT of the suburb – time adds up quick.

So if you are a Suburban Buyer thinking of WHERE you want to be in your preferred suburb, I would strongly consider these three items I’ve mentioned above, or at least be very clear about what it is you are looking for.

Too often I’ve seen buyers more focused on a few thousand dollars as their main driver when it comes to finding a home, and I would hate for you to be lured into thinking that would be the most important thing in the home where you’ll be spending the next chapter of your life.