City of Ottawa LRT News and Facts

I have been to an City of Ottawa LRT news and facts update talk organized by the Ottawa Real Estate Board and here are some interesting key points to share with you:

This is the largest infrastructure project undertaken since the Rideau Canal!

1. The Rideau Transit Group will be maintaining the system for 30 years!
2. The City of Ottawa will be the ultimate owner of the project
3. The estimated time for finishing the project from Tunney’s Pasture to Blair is November 2018!

What about Stage 2?

Tuney’s Pasture to Moodie, Blair to Trim and Gladstone to Earl Armstrong including the airport stations are within stage 2 of this exciting project. Stage 2 consists out of 40+ km of rail and 23 new stations. More information on stage 2 can be found at http://www.stage2lrt.ca/

What about Kanata?

LRT’s being extended to Kanata is currently being studied, more information can be found at https://ottawa.ca/en/kanata-light-rail-transit-planning-and-environmental-assessment-study. You are encouraged to participate in the study by attending consultation events, the link above has all the information.

How will the LRT affect Ottawa property values?

In time, we will expect to see high density living around LRT stations here in Ottawa and this will be a game changer for the city’s property values, etc. We can start seeing mixed use developments more frequently and Ottawa will see many new building opportunities for commercial office space and residential (houses and condos for high density living). An additional bonus is that the Queensway will also be widened in stage 2.

The entire project is planned to finish in 2023. If you would like to make an investment purchase based on LRT line and use my services, I will be happy to guide you with updates and news that I receive with on regular basis…

Life Insurance versus Mortgage Insurance

Life Insurance versus Mortgage Insurance, is what some of my clients ask me when they are purchasing a house. A financial advisor I know in Ottawa shared with me a practical chart to explain the difference between life insurance and mortgage insurance:

Let me go through some more details of Life Insurance versus Mortgage Insurance : 

Life Insurance

Mainly life insurance is used for insuring yourself, you decide who you name as the beneficiary (your spouse, family member, etc) and they decide on how to use the money, the amount of money paid out to the beneficiary never changes.

Life insurance is also renewable, and convertible term insurance. In Life insurance you have protection for the duration of the policy. The duration usually is around 10 to 30 years or sometimes to an age like 70 or 80. It all depends on the term you purchase and the underwriting is done at the time of the application.

In life Insurance you determine the amount of the coverage; your coverage remains same during the policy. When you plan to sell or change lender for you mortgage, your life insurance remains the same and does not get affected, it stays with you.

Life insurance is usually less expensive than mortgage insurance. Although a note of caution that if you intend to get for another term, you could potentially be paying a higher premium depending on the age and your health. Typical the enrollment process for term life insurance is more complex than applying for mortgage insurance, since life insurance policies require a medical exam in order to secure coverage.

Mortgage Insurance

Mortgage Insurance insures your mortgage, and the lender is the beneficiary (not someone whom you have named). It is non-renewable, and it is non-convertible term insurance. Typically the underwriting is done at the time of the death. Mortgage insurance covers the exact amount of mortgage balance; as you pay down your mortgage, your coverage decreases but your premiums remain same…

In Mortgage Insurance the lender owns the policy and if you change your lender you cannot transfer your insurance to the new property. The lender automatically pays remaining mortgage balance in the case of death.

Some advantages of mortgage insurance are that they are very convenient, they often do not require any medical exam. You typically will purchase the insurance through your bank or the financial institute that lend the money for your mortgage. Mortgage insurance is usually added to the lender’s monthly mortgage payments.

The downside of mortgage insurance is they are usually more expensive than life insurance although more easy to attain from a bank. CBC Marketplace also did a series of mortgage insurance.

I hope this blog post helps explain the difference between Life insurance versus Mortgage insurance and last but not least I hope your winter is going well with a lot of fresh air experiences and you are getting ready for a wonderful spring coming up with high energy.,..Whether your plans to relocate, to downsize, to aim for a change or investment, give me a shout and lets get the ball rolling for your next chapter…

Cheers!

Written by Nilay Ertemur

Hello Katimavik Hazeldean neighbors, friends, parents of Castlefrank and and Katimavik Schools, here are some updates on Katimavik Hazeldean Community News.

I would like to inform you on upcoming projects and festivities in our community so that you can enjoy them, make use out of them, be part of the great community we all live in, and prepare ourselves for some upcoming projects.
As you might have already received a newsletter in your mailbox, the City of Ottawa is constructing a new pump station and forcemain along Maple Grove Road, Terry Fox Drive, Katimavik Road and Eagleson Road. The newsletter states that the forcemain route on Katimavik Road includes rock that requires excavation. As a result, some construction work will be performed including blasting. The work will be conducted with an approved blasting plan that meets City of Ottawa requirements. Blasting is projected to begin the week of May 10, 2016 for approximately 18 weeks through to the end of September 2016. Blasting will not take place on Sundays and statutory holidays and the times of the operation is between 7 am- 10 pm. For more information: City Project Manager, Steven Stoddard, steven.stoddard@ottawa.ca tel: 613 866-7023.

On a pleasant note, the community has some great events coming up. On Wednesday, June 8 2016 at Katimavik School,

Castlefrank Elementary School Council and Katimavik Elementary School Council have CES/KES Community Festival.

You can come and enjoy the fun, food and FREE entertainment!

BBQ by Katimavik Hazeldean Community Association on June 4 starts at 12:00 noon and goes till 3 pm at Castlefrank Elementary School and it includes oriental children games, musicians, and dancers…

Katimavik Hazeldean Community Association has also a Community Yard Sale on June 4 from 8:00 am to 12:00 noon at your houses!

I am involved in our community and would like to invite you to come, join and be a voice for the things that matter!

Have a happy spring and summer, get out and get involved in your community, wherever it may be…
Cheers!