Real Estate Blog - The Molly & Claude Team

Condos in Playfair Park, Ottawa

June 25, 2024 by microsoft edge

Condos and the Area in Playfair Park, Ottawa 1705 Playfair Drive (Vista on the Park):

Construction: Built in 1989 by Greatwise / Fuller, the building is known as “Vista on the Park.”
Structure: This is a 15-storey building housing 190 units.
Accessibility: The building has no stairs at the entrance and includes elevators.

Sizes and Layouts: The units typically come in two or three-bedroom configurations.
Interior: Most units have modern finishes including tiled or hardwood foyers, spacious closets, and updated kitchens.
Amenities: Residents enjoy access to a fitness center, sauna, party room, workshop, and underground parking. Additional amenities include storage lockers and a multi-use room.

Inclusions: Fees generally cover water, sewer, building insurance, common element maintenance, amenities, and air conditioning.

Recent Market Activity:

Prices: Recent listings at 1705 Playfair Drive show prices ranging from around $365,000 to $450,000 depending on the specific unit and its condition. For example, a unit listed at $379,900 features two bedrooms and two bathrooms.
Sales History: The average sale price of units has been increasing over the years, with recent years showing an average sold price of around $375,543 in 2023, and units typically spending about 40 days on the market.

The Area – Playfair Park:

Location: Playfair Park is situated in the Alta Vista neighborhood, which is known for its greenery and residential feel.
Nearby Amenities: The area includes several parks such as Grasshopper Hill Park and Playfair Park, providing ample green space for outdoor activities. It’s a family-friendly area with easy access to schools, shopping centers, and healthcare facilities.
Transportation:** The neighborhood is well-connected by public transit, and there are several bike paths for cyclists. Major roads and highways are easily accessible, making commuting convenient.

Overall, Playfair Park offers a peaceful residential environment with modern condo living at 1705 Playfair Drive, complemented by a range of amenities and convenient access to Ottawa’s urban and suburban attractions.

Capital Gains Tax Changes and an Improved Market: What Cottage Buyers and Sellers Need to Know

June 24, 2024 by microsoft edge

With recent changes in the capital gains tax and an improving real estate market, cottage buyers and sellers need to be aware of several key points to make informed decisions. Here’s what you need to know:

Capital Gains Tax Changes

Understanding Capital Gains Tax: Capital gains tax is levied on the profit made from selling a property. For cottages, this applies to the difference between the sale price and the property’s adjusted cost base (original purchase price plus any capital improvements).

New Regulations: Recent changes may include increased tax rates, adjusted exemptions, or altered reporting requirements. It’s crucial to stay updated with the latest tax laws and consult a tax professional to understand how these changes specifically impact your situation.

Primary Residence Exemption: If your cottage qualifies as your primary residence for tax purposes, you may be eligible for an exemption. This can significantly reduce or eliminate capital gains tax. However, specific criteria must be met, so detailed record-keeping of your usage of the property is essential.

Improved Market Conditions

Market Trends: The cottage real estate market has seen a resurgence, often driven by increased demand for vacation properties and remote working flexibility. Higher demand can lead to increased property values, benefiting sellers.

Buying Opportunities: For buyers, entering the market during an upswing can mean paying a premium. However, investing in a desirable location can offer long-term benefits, including potential appreciation and rental income.

Tips for Buyers

Research Locations: Evaluate areas based on factors like proximity to amenities, water access, and potential for appreciation. Look at historical price trends and future development plans.

Financial Planning: Ensure you have a clear understanding of all costs involved, including purchase price, property taxes, maintenance, and any renovations needed. Secure financing early and consider pre-approval for a mortgage.

Inspection and Due Diligence: Conduct thorough inspections to uncover any potential issues with the property. This includes assessing the condition of structures, septic systems, and water sources.

Tips for Sellers

Optimal Pricing: Work with a real estate agent familiar with the cottage market to set a competitive price. Consider getting a professional appraisal to understand your property’s market value.

Marketing Strategy: Highlight unique features and upgrades. High-quality photos and virtual tours can attract more potential buyers, especially in a digital-first world.

Tax Planning: Plan for capital gains tax implications. Consider strategies such as spreading the sale over multiple years or leveraging any applicable exemptions.

Conclusion

Navigating the cottage market requires staying informed about tax changes and market trends. Whether buying or selling, professional advice from real estate agents and tax experts can help you make the most of your investment.

New home construction rose while home sales came down in May

June 23, 2024 by microsoft edge

In May, new home construction in Canada saw a significant rise, with housing starts increasing by 10% compared to the previous month. This growth was primarily driven by multi-unit projects, such as condominiums, which surged by 13%, while single-unit starts saw a modest increase of 2%. Major contributions came from cities like Montreal and Toronto, which experienced substantial increases in construction activity, whereas Vancouver saw a decrease in new housing starts by 32%.

However, home sales during the same period slightly declined by 0.6%, despite a small increase in newly listed properties. This drop in sales has been attributed to various factors, including higher borrowing costs, economic uncertainties, and policy interventions.

The Bank of Canada’s recent interest rate cut by 25 basis points is anticipated to influence the housing market. Some economists predict that this reduction could encourage more buyers to enter the market, potentially leading to a rebound in home sale.

For further details, you can check the full reports on the CBC and Yahoo Finances.

CREA – The Canadian Real Estate Association – National Statistics / May 2024

June 22, 2024 by microsoft edge

The latest statistics from the Canadian Real Estate Association (CREA) indicate a relatively quiet month for the Canadian housing market in May 2024. Here are the key highlights:

Home Sales: National home sales dipped slightly by 0.6% month-over-month in May 2024. This continues the trend of subdued market activity observed in recent months.
Listings: The number of newly listed properties inched up by 0.5% from April to May 2024, indicating a modest increase in supply. However, the overall number of properties for sale is still below historical averages despite a 28.4% year-over-year increase in listings.
Home Prices: The MLS® Home Price Index (HPI) dropped by 0.2% month-over-month and was down 2.4% year-over-year. The actual national average sale price in May 2024 was $699,117, representing a 4% year-over-year decrease.
Market Balance: The sales-to-new listings ratio eased to 52.6% in May, suggesting a balanced market as this measure falls between 45% and 65%. There were 4.4 months of inventory on a national basis at the end of May, slightly up from 4.2 months at the end of April, indicating an increase in housing supply.
Regional Variations: While prices remained stable across most of the country, regions such as Calgary, Edmonton, and Saskatoon saw steady price increases since the beginning of the year.

Looking ahead, the recent interest rate cut by the Bank of Canada is expected to stimulate market activity, potentially leading to increased demand and market dynamics in the coming months.

For more detailed information, you can visit CREA’s official statistics page.

Royal LePage 2024 Canadian Renters Report

June 20, 2024 by microsoft edge

Royal LePage recently released the results of the Canadian Renters Report.

Key highlights from the national release include:

27% of renters plan to buy a property in the next two years; 40% among renters aged 18-34
Of those who do not plan to buy a home in the next two years, 54% say they do not feel their income will be sufficient to afford a property they desire; 61% among those aged 18-34
29% of Canadian renters say they considered buying a property before signing or renewing their lease; 41% of them lacked a sufficient down payment
In British Columbia, 25% of renters spend more than half of their net income on monthly rental costs, well above the national average of 16%
Of renters who say they plan to buy within the next two years, half (50%) say they will have a down payment of less than 20%
44% of renters planning to purchase in the next two years believe they will be able to afford a home in their current city of residence, while 37% do not

Details Here.

Architecture – Cathedrals & Great Churches – Part 6

June 19, 2024 by microsoft edge

Cathedral of Notre-Dame d’Amiens
Amiens, France

Today we reach the end of the exploration of the architecture of cathedrals and great churches. In today’s final post we explore revivals, modern, and post modern styles. Interesting timing that yesterday I purchased an antique engraving. That of the Cathedral of Notre-Dame d’Amiens. Perhaps next week’s exploration. The previous posts can be read here. Part 1, 2, 3, 4, 5,

Cathedrals and great churches have continued to evolve in architectural styles, reflecting the cultural and technological changes of their times. Here’s an overview of the architectural styles during the Revival periods, Modernism, and Postmodernism:

Revivals (19th-20th centuries)

Characteristics:

Gothic Revival: Inspired by Gothic architecture, characterized by pointed arches, ribbed vaults, and flying buttresses. Emphasis on verticality and ornate decoration.
Neoclassical Revival: Inspired by classical Greek and Roman architecture, featuring columns, pediments, and symmetry.
Romanesque Revival: Features round arches, heavy masonry, and robust structure, inspired by Romanesque architecture.

Examples:
- Gothic Revival: St. Patrick’s Cathedral, New York City – Known for its pointed arches, intricate tracery, and towering spires.
- Neoclassical Revival: Basilica of the National Shrine of the Immaculate Conception, Washington D.C. – Incorporates classical elements like domes and porticoes.
- Romanesque Revival: Church of St. Mary Magdalene, Toronto – Displays round arches and a fortress-like appearance.

Modern Architecture (20th century)

Characteristics:

Emphasis on minimalism, functionality, and the use of new materials like steel, glass, and concrete.
Simplified forms and lack of ornamentation.
Open floor plans and large windows for natural light.

Examples:

Liverpool Metropolitan Cathedral, UK – Known for its strikingly modern design, with a circular plan and radial chapels.
Notre Dame du Haut, Ronchamp, France – Designed by Le Corbusier, featuring sculptural forms and an innovative use of concrete.
Cathedral of Brasília, Brazil – Designed by Oscar Niemeyer, characterized by its hyperboloid structure and modernist aesthetics.

Postmodern Architecture (late 20th century to present)

Characteristics:

Reaction against the austerity of modernism, reintroducing ornamentation, color, and historical references.
Use of eclectic styles and playful forms.
Incorporation of cultural and contextual elements.

Examples:

Cathedral of Our Lady of the Angels, Los Angeles – Designed by Rafael Moneo, it blends modernist elements with symbolic and cultural references.
Jubilee Church, Rome – Designed by Richard Meier, it features a combination of modernist and postmodernist elements, with its curving walls and white concrete construction.
Santuario de la Virgen de las Lajas, Colombia – A dramatic church that blends traditional and modern elements, built into a canyon.

Differences and Evolution

Revivals: Sought to bring back historic styles, often with a romanticized view of the past.
Modern: Focused on simplicity, functionality, and the use of new materials and construction techniques.
Postmodern: Reacted against the strictness of modernism, embracing a more eclectic and expressive approach.

These architectural styles demonstrate how the design of cathedrals and great churches has continually adapted to reflect changing tastes, technological advancements, and cultural shifts over time.

Kronstadt Naval Cathedral
Saint Petersburg, Russia