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The new harmonized sales tax (HST) introduced in Ontario last month is being blamed for the decline of housing sales in Ottawa.

The Canadian Real Estate Association (CREA) said July sales in the city plunged 27.1 per cent from the previous month.

The association tracks the numbers through the Multiple Listing Service. It had been expecting the slowdown as consumers rushed to close deals ahead of the July 1 introduction of the HST. Nationally, home sales continued to decline in July, CREA said, but the decline was almost entirely the result of fewer sales in British Columbia and Ontario.

A slowdown in demand in these two provinces had been widely expected in July, as many purchases were brought forward into the first half of the year in advance of the introduction of the HST.

“The soft sales figures we’re seeing right now can be attributed in part to accelerated home purchases earlier in the year,” said CREA President Georges Pahud.

“Activity may remain at lower levels for some time, but ultimately we expect a more stable market to emerge, with demand coming back into line with economic fundamentals,” he said.

Home prices edge up

“The average price of homes sold by the Canadian multiple listing service in July was $330,351, edging up one per cent from the same month last year,” said Alyson Fair, spokeswoman for CREA.

“While year-over-year comparisons have been shrinking as prices stabilize, the national average home price is likely somewhat understated this month, since the majority of activity declines occurred in British Columbia and Ontario, which include many of Canada’s most expensive markets,” she said.

The association advises people looking into selling their homes to consult realtors to get current information before they close a deal.

http://www.cbc.ca/canada/ottawa/story/2010/08/17/ottawa-home-sales.html

Creating an inventory of your possessions and keeping it up-to-date can not only help you figure out what you need to replace in the event of a catastrophe, but it can also help your insurance company estimate how much coverage you need to purchase in the first place.

Taking photos of your prized possessions will supply you with proof of ownership to your insurance company in the event that you may need to make a claim.  Rather than writing out the titles for examply of every DVD that you own, describing each piece of clothing, take close up photos where you can see detail of the contents of drawers, storage boxes, closets, and bookshelves.  By taking photos of your electronic devices, appliances, art, everything that you can imagine will make your inventory practices much more effective and most importantly easier.

Ottawa has a free program serviced by the Ottawa Police Service called OPeration Identification. This service allows you to borrow an engraving tool for three days and use it to engrave identifying information on your electronic ites etc so that if they are stolen they may be returned to you if recovered.

Most people begin thinking about their first home long before they can afford to buy it. Many have a clear idea of the type of home they want, what features it will have, and where it will be located. But if you’re not sure what you want or need in a home, here are some things to think about before you buy.

Priorities. Make a list of needs that your house must fulfill, and put them in order of priority (number of bedrooms, proximity to schools or transit, accessibility for disabled, etc). Now add to the bottom of that list those things that would be nice to have (finished basement, renovated kitchen, or central air, for example). A real estate professional can help you refine the list around your budget and what’s available on the market.

Location. It really is the most important factor, because where you live affects everything else in your life. Do you prefer the city, or the country? Do you need space for a garden, or storage for a motorbike? An espresso bar down the street, or a lake down the lane? Where and how you work should also play a role in your decision – are you willing to commute, or have you always wanted to walk to work? Will you need a home office? All of these factors will affect which homes and neighbourhoods you look at.

Lifestyle. Think seriously about how much home maintenance you are willing and able to do. A new home can be built and styled to your specifications, without you lifting a finger except to sign the deed. An older home might have more character, large trees, and an established neighbourhood. A condominium apartment is perfect for those who don’t have the time or inclination to do outdoor maintenance. If you have children, think about proximity to schools and recreation.

Taste. “Dream Home” is a subjective thing. Everyone has an idea of what their dream home will look like, whether it’s contemporary, Victorian, ranch-style or something in between. But be sure to carefully consider a home’s features before ruling it out based purely on taste. Decide whether you really want to pass up a home that fulfills your every need simply because it’s a bungalow instead of a two-storey, or modern instead of Craftsman. Keeping an open mind regarding style and turning a blind eye to decor could be key to finding the ideal home for you.

WHY WORK WITH A REALTOR®?

So you’re ready to buy your first home. You understand the value of home ownership – building equity in a property that belongs to you, improving it, making it your own, and taking comfort in the refuge of your own home. Now all you need to do is find it.

But you don’t have to do it alone. A home is, for many people, the single largest purchase they will ever make. The process can be long and complicated. Make your search easier: work with a REALTOR® – a qualified real estate professional who is a member of the Canadian Real Estate Association, the Ontario Real Estate Association and their local real estate Board and, as such, subscribes to a high standard of professional service and to a strict Code of Ethics.

Only a REALTOR® can provide you with MLS® services. MLS® stands for Multiple Listing Service®. The Ottawa Real Estate Board operates Ottawa’s MLS® system, which is a cooperative selling system that includes an inventory of listings of participating REALTORS®, and ensures a certain level of accuracy of information, professionalism and cooperation amongst REALTORS® to effect the purchase and sale of real estate.

Members of the Ottawa Real Estate Board have the knowledge and experience necessary to not only help you find the home you want, but walk you through making your offer, examining your financing options, and drawing up a legally binding contract. They can help you identify what kind of home you want, and can take you to homes and neighbourhoods that reflect your lifestyle, needs and price range