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Kanata Real Estate Agents

Staying in Touch April 2023 Newsletter

Happy Easter and Spring!

Sometimes we have to remember to stop and smell the roses or tulips, as time does fly by quickly. As each season finishes and another begins the real estate market also changes.

The spring has always been an exciting time in real estate and it usually sets the tone of the market for the year. We can see that the market is picking up, more homes are being listed for sale and buyers are interested in looking at homes.

The comments from CMHC saying how many homes that will be needed by 2030 to restore affordability is unbelievable. CMHC anticipates over 22 million housing units will be needed by 2030 and Ontario projects 1.5 million new homes will be needed in the province over the next decade. Ottawa has committed to 151,0000 new homes per year by 2031.

We encourage buyers to purchase soon even if the property does not have every single feature on your wish list. Although prices have generally come down from the peak of February and March last year, we have started to see some price increases, see the market update below. Time will allow you to build equity on the property, especially if you make any improvements. Keep in mind that you may be able to build the cost of an improvement into your mortgage.

We often forget how little things mean a lot and certainly in real estate we must organize ourselves when buying and selling a home. Making a list to follow saves time and makes the process less stressful!  Read our blog Detail is Important in Everything We Do in Real Estate.

Gathering information in real estate is like finding puzzle pieces, not much good until you know how to put those pieces together. If you have any questions on market value in your neighborhood, what improvements to make if your thinking of selling, options regarding later closing dates and first refusal offers, we would be happy to discuss with you.

This month we’ve included:

  • Update on the Ottawa market and Mortgage information on Purchase Plus Improvements Program
  • Articles on: Spring Cleaning: Tips to Refresh Your Home, Detail is Important in Everything We Do in Real Estate, and Reacting to Offers
  • Market news and Upcoming community events including Easter activities in the Ottawa area

Looking forward to seeing you soon.

Joan, Victoria & Luc

Contact Us  

 

Follow us on:

   @JoanSmithRealEstateFamily         @JoanSmithRealEstateFamily        Mrs. Joan Smith         @JoanSmithKanata        The Joan Smith Real Estate Family

Market Update

The Ottawa Real Estate Board reports 1,194 residential and condominium properties sold in March 2023 compared to 2,003 in March 2022, representing approximately a 40% decrease in units sold. Year to date (as of  March 1, 2023) residential unit sales declined by40% compared to 2022, and condominium unit sales year to date decreased 42% when compared with sales in 2022 for the same time period. Keep in mind, these comparisons are with the market peak in 2022. Sales transactions increased 40% over February, 2023, a good sign for the Ottawa spring real estate market.

The average sale price for residential properties sold in March 2023 was $710,070 compared to $854,152 in March 2022. The average sale price for condominium properties sold in March 2023 was $418,670 compared to $479,663 in March 2022.

For Kanata, unit sales in March 2023 (residential and condominium) were 81 compared to 132 sales in March 2022 (approximately a 38.6% decrease). For greater Stittsville, unit sales in March 2023 (residential and condominium) were 59 units compared to 89 units in March 2022 (approximately a 33.7% decrease).

In Kanata, the average sale price in March 2023 versus March 2022 decreased 15.9%, for all housing types. For greater Stittsville, the average sale price March 2023 versus March 2022, decreased 16.6%, for all housing types. (Source: March 2023 – Sales by District & Area, Residential and Condominium Property Classes, OREB MLS®, April 1, 2023 – Report#3).

For the full report see “50 Years of Change in the Ottawa Market”

March residential inventory in Ottawa crept up to 2046 homes for sale by the end of the month, about a 15% increase when compared to the inventory of residential homes at the end of February 2023, however about a 110.0% increase when compared to March 2022. Condominium inventory rose to 632 active units at the end of March 2023 compared to 558 units in February 2023, about a 13%. When compared to active condos at the end of March 2022, condo inventory in March 2023 increased 120%.

With approximately 2.3 months of residential inventory and 2.8 months of condo inventory on the market, compared to 0.6 months in March 2022 for both residential homes and condos, the Ottawa real estate market is in a balanced market. Keep in mind the stats are averages, which means you need to look at specific neighborhoods to see what is really happening. Note the average residential/freehold prices have increased approximately 8% during the first quarter of 2023 over December 2022’s market low. Condominium average sale prices have increased 2% over February 2023.

We are monitoring the Ottawa market and specific neighborhoods closely. If you would like an update on your neighborhood or one that you are interested in, please feel free to contact us.

Source:  2023 – Ottawa Real Estate Board Inventory by Month – Residential and Condo, Monday, April 3, 2023 – Report#7).

Ottawa Residential & Condo Active Inventory as of March, 2023

Latest Mortgage Information

Purchase Plus Improvements – Have you found a home in the perfect location but it leaves something to be desired?

The Purchase Plus Improvement program allows the homebuyer(s) to purchase a property and include the cost of the improvements in their mortgage financing.  Improvements such as kitchen and bathroom renovations, hardwood floors, windows, painting, etc. This program is also very good for homes that might require improvements that are more functional in nature, such as a new roof or a new septic system.

  • Allows a purchaser to look at homes which they might not have considered otherwise i.e. older homes in established neighbourhoods that may require updating.
  • Eligible for homebuyers with as little as 5% down payment.
  • Eliminates the need for a purchaser to obtain financing after the purchase to do the work, which can often be at a higher interest rate and/or higher payment.
  • Allows the purchaser to put their own stamp on a property.

Reni McNeil
Mortgage Brokers Ottawa
Apply online: www.renimcneil.com
renimcneil@mortgagebrokersottawa.com

News & Updates

In the Community

Happy Easter!

Easter weekend is a great time to spend quality time with your family and friends and enjoy early spring together.

Whether you are looking for a market to attend or Easter egg hunt, here is a list of some Easter activities in the Ottawa area: 

Easter Activities this weekend

Things to Do This Month

See more events:
Things to do in Ottawa this weekend & Ottawa Tourism 

Which Neighbourhood is Right for You?

Imagine moving to a neighbourhood that has something you really want, like a nearby golf course, more wooded areas and walking trails, or a faster commute to work. How would that impact your lifestyle?

Chances are, it would have a big impact! In fact, your choice of neighbourhood plays a huge role in your overall enjoyment of your home.

Of course, you might love living where you are right now, but if you’re looking for a change, here are some tips for finding a new area that fits your desired lifestyle:

Make a list.

Write down all the things you want in a neighbourhood. For example, you might want to live in a bustling urban setting with nearby access to public transit, theatre, and shopping. Or, you might want just the opposite! The point is to clearly define your ideal neighbourhood.

Click here to read our blog with information and tips on finding the neighbourhood that is right for you.

We know the Ottawa real estate market and have the expertise to help you find your new home in the neighbourhood suited to your lifestyle! We are experienced Kanata, Stittsville and greater Ottawa REALTORS®  and we would be pleased to help you, a family member or a friend. Feel free to contact us with any questions.

 

Buyer Resources

How to Select a Real Estate Agent When Selling

Selling a home is one of the biggest transactions most people make. Selecting the right real estate agent to help you through the selling process smoothly and ensuring you get the best price is paramount. You also want to feel secure that the transaction will be handled correctly

When choosing a real estate agent, you want someone who knows the real estate market in the community where you’re selling. Don’t just look at the number of years the individual has held their real estate license. Dig a little deeper to find out how many homes they’ve sold recently and where. Look for:

  • A real estate agent with experience in both ‘hot’ and ‘cool’ real estate markets.
  • The number of properties sold in the city and neighbourhood of your home.
  • Extensive knowledge about the industry, a broker’s license and other related education show their commitment to learning and specializing in their industry.
  • Your agent should have good negotiation skills to help find the right buyer and get the best price for your home.
  • Someone that is able to provide an honest home evaluation

Click here for more information on things to look for when selecting a real estate agent.

We are experienced realtors®  in Ottawa and surrounding areas, we know what buyers are looking for and how to highlight the best features of your home and present them to potential buyers. We are here to guide you through the process of preparing your home for market and the steps involved in selling your home!  We are pleased to answer your questions!

Sellers Resources

Spring Cleaning: Tips to Refresh Your Home

The weather will be getting warmer, giving us a chance to open some windows and do a refresh inside our homes. ⁠Here are a few tips to help you freshen rooms, remove allergens, and brighten the look throughout your home this Spring.

detail is important

Detail is Important in Everything We Do in Real Estate

Reacting to offers in Real Estate

Reacting to Offers – Plan Ahead so You Can React Quickly to Offers

Once you have attracted potential buyers into your home with curb appeal, and impressed them with cleanliness and absence of clutter, the next step in obtaining the best possible price for your home is to develop a plan so that you can react to offers quickly.

Featured Homes for Sale, Rent & Recently Sold

Market stats from the Ottawa Real Estate Board show that we are heading for a balanced market which is four months of inventory of homes active on the market. We would be happy to answer any of your questions about the market and these beautiful homes.

Contact Us!

Testimonials

Joan, Victoria, and Luc are a hard-working, detail-oriented, experienced, knowledgeable, strategic, value-for-dollar real estate team. They are good listeners, respectful of the client’s needs, clear communicators, available and responsive. Their professionalism is second to none. I highly recommend them.”

Lynn