February 2016 - Changes in mortgage rates explained

Dear Friends,

Has everyone had enough snow and rain yet???  
The weather is keeping the real estate market quiet.

We want to take a moment to share the change to mortgage down payments put into effect by the federal government this month.  The main objective of this change is to cool some of the markets which are currently having extreme price increases, such as Vancouver and Toronto.  Also, this will help to ensure that homeowners will have sufficient equity in their home if the market swings out of their favour.

The federal government has increased the minimum down payment required for homes above $500,000.  Under $500,000 and over $1,000,000 remain the same with 5% and 20% respectively.  For homes above $500,000 there is an additional 10% due on any portion above $500,000.  For example:

A home that is $600,000 will have the down payment calculated as shown here: ($500,000 x 5%) + ($100,00 x 10%) = $25,000 + $10,000 = $35,000.

Again, we expect that this will have the largest impact on markets such as Vancouver and Toronto, while having little effect on the sales in Ottawa which has very stable growth,


Dana Palombo For The Rachel Hammer Team


Proposals to Redevelop LeBreton Flats

NCC Canada: "We invited all Canadians to submit their comments on the two proposals to redevelop LeBreton Flats (attached) by completing an online questionnaire. More than 7,900 people submitted comments during the two-week consultation period..."  For Proposals, Maps, Publications, Evaluation of the Questionnaire, Time Line and Location...
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Welcome to 10 Alfa Street.  This lovely 3 bedroom 3 bath end unit town home is move-in ready! Beautifully maintained hardwood flooring. Open concept living & dining area.  Perfectly sized backyard. 
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9 Creek's End Lane

Welcome to this custom built, Barry Hobin designed town home in the adult-oriented private enclave of Creekside.  High end finishes, functional upgrades, meticulously maintained.  Spectacular view from patio. 
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609-215 Parkdale Avenue

Welcome to 215 Parkdale Avenue unit 609 in downtown Ottawa.  This stunning two bedroom luxury condo has a beautiful view in one of the most desirable neighbourhoods in downtown Ottawa.  
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7-46 Barnstone Drive - Barrhaven, Ottawa - rachelhammer.com
46 Barnstone Drive Unit 7 - Nepean

This Month's Question:

Which of our current listings is LEED certified?
The first five individuals to respond correctly will win a $10.00 gift card to Starbucks. Thank you and good luck!

Email your answers to: rachel@rachelhammer.com.
(Only one winner per household will be awarded a gift card and a minimum of 45 days to win again)


Last Month's Question and Winners

Which of our current listings is in Dunrobin?
Answer: 2974 Stoneridge Road

Congratulations to:

Jason Gordon, Ben Gorley, Jennifer Ouimet, Tim Folusewych, Rebecca Rotenberg who correctly answered last month and won a $10.00 gift card to Starbucks.
You are receiving this email because you are important to my business. Whether we have worked together already or not, you have been great to me and I hope to continue to be great to you!

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Hammer & Associates Brokerage
4 - 3101 Strandherd Drive
Ottawa, Ontario K2G 4R9

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After meeting Rachel and Dana for the first time in a two hour meeting to discuss my needs, I hugged them instead of shaking hands! They are a fabulous team!
• Judy