09 Jan Staying in Touch – January Newsletter
Staying in Touch – January Newsletter
Read the full issue of Staying in Touch – January 2024
Happy January & New Year!
The year 2023 has had many milestones and changes. One important and recent change regarding real estate is the updated Trust in Real Estate Services Act (TRESA) in the province of Ontario. Read our blog on the changes and what they mean to you and the new Information guide, please call/email if you have questions. The key changes are: designated representation is now defined, self representation (no customer service), changes to the definition of multiple representation, sellers can choose to share details of any offer received – provided there is no clause in an offer stating they cannot, and required signed acknowledgment of the information guide.
We saw the supply of homes stay low in greater Ottawa and this affected buyers’ choice. We do expect the interest rates to come down. Phil Soper CEO of Royal LePage said in a statement recently “the majority of Canadians acknowledged that the ultra low interest rate era is dead and gone”. Jason Ralph, Broker of Record for Royal LePage Team Realty Ottawa stated “Even a modest drop in interest rates could spark a flurry of buying activity”. This will help encourage those wanting to sell and purchase to implement their plans, which we believe is the right move.
In getting a home ready for market, we have seen that sometimes sellers go above and beyond decluttering and invest money in improvements that are hard to recuperate. For those thinking of making a change, see our blog on decluttering and donating and feel free to contact us and we can help you prioritize and guide you on the necessary changes to get top dollar for your home.
Canada’s population is growing which supports that real estate is an excellent investment. My experience indicates in changing times we, as realtors®, must remain positive and focus on the opportunities.
This month we’ve included:
- Update on the Ottawa market and Mortgage information on Pre-approval Requirements
- Articles: “Start the Year Off Decluttered & Donate!“, “Selling your home this year? Start the process now” and “Top Renovations & Improvements to Increase Property Value“
- Market news and Upcoming community events
Remember us as your real estate specialist, we are never too busy for your questions or your referrals of family and friends.
Looking forward to seeing you in 2024!
Joan, Victoria & Luc
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