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Kanata Real Estate Agents

Staying in Touch April 2024 Newsletter

Happy April!

Now that April is here and our last snowfall has happened (hopefully!), the tulips and warmer days are coming! Everyone is itching to spend more time outside and potential home purchasers are taking Sunday drives through neighbourhoods and visiting open houses.

It is exciting to enter our Spring market and hopefully the economy and interest rates will co-operate to help everyone.  Having recently sold homes in Beaverbrook, Rural Kanata and Kanata Lakes, and helping clients in center town, Ottawa west, Stittsville and Kanata we have seen a lot of viewings, interest and in some cases multiple offers. Purchasers are now making decisions to be in their next home for the later Spring and Summer months.

Follow your plan to purchase or sell this year. From different view points, two of our clients recently said to me “its time for me to get into the market and purchase my first home”, “it’s best to move yourself, than have someone do it for you”.  Both are quite true, entering the market and starting off with a condo/townhouse or fixer upper allows you to build equity and appreciation sooner. And for those looking to right-size, now is a good time to get the equity out of your home and enjoy your hobbies, travel or whatever makes you happy!

Listing inventory is starting to grow which gives more opportunities for buyers. Whether you are looking for your first home, upgrading or right-sizing, it is great to have more choice.

This month we’ve included:

This month we continue to support Forests Ontario on behalf of our clients, celebrate Earth Month and can’t wait to see the Eclipse!

And for those doing some Spring cleaning, please contact us if you would like a $50 off voucher for 1-800-Got-Junk.

As always feel free to call and email with any questions or to chat to catch up, we would love to hear from you.

Joan, Victoria & Luc

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Market Update

The Ottawa Real Estate Board reports 1,165 properties (residential & condominiums) sold in March 2024, approximately a 10% increase in homes sold when compared to March 2023 and approximately 31% more sales when compared to February 2024 (886 units sold).

The Ottawa Real Estate Board will now be using the MLS® Home Price Index (HPI) to track changes in the real estate market (this tool is used by Canadian Real Estate Association across Canada). We will start to use this measurement and also provide some average data for Ottawa. The overall MLS® HPI composite benchmark price was $636,700 in March 2024, up approximately 2.7% from March 2023, up approximately 1.3% from February 2024. Benchmark price for single family homes was $719,000, up 2.6% on a year-over-year basis when compared to March 2023. The benchmark price for a townhouse/row unit was $489,800, up slightly at 0.9% compared to a year earlier. The benchmark apartment price was $423,200, representing a 4.3% increase from a year ago.

The average sale price for homes sold in March 2024 was $682,078, increasing 5.1% from March 2023. For the first three months of this year, the year-to-date average price was $659,828, up 3.2% from the first three months of 2023. Keep in mind, its important to look at what is happening in your neighborhood and with comparable homes. (Source: Ottawa Real Estate Board, Residential Market Activity & MLS® Home Price Index Report – Highlight, February 2024)

For Kanata, unit sales in March 2024 (all housing types) were 110, translating to approximately a 6.8% increase when compared with March 2023. For greater Stittsville, unit sales in March 2024 (all housing types) were 64 units, representing approximately a 4.5% decrease from March 2023. In Kanata, the average sale price in March 2024 was $757,962 for all housing types, representing approximately a 12.5% when compared to March 2023. For greater Stittsville, the average sale price, March 2024 versus March 2023, increased 6.5% to $767,547 for all housing types. (Source: Ottawa Real Estate Board Residential Market Activity and MLS® Home Price Index Report-Detailed, March2024)

March residential inventory in Ottawa – 2,074 new properties (all housing types) on the market in March 2024, an increase of approximately 13.5% when compared to March 2023 and 2.3% below the five-year average for March. At the end of March, there were 2,543 homes for sale (all housing types), about a 18.3% increase when compared to the end of March 2023 and 58.6% higher when compared to the 5 year average for March.

At the end of March 2024, Ottawa’s inventory of homes (all housing types) was 2.2 months, up slightly from 2 months at the end of March 2023 (this is the number of months it would take to sell current inventories at the current rate of sales activity). However, the key is too look at the inventory in your own neighborhood and those close by if you are thinking of making a change.

Hopefully with the final snow finished, we are into Spring, warmer weather, steady and declining mortgage rates and the opportunity for more potential purchasers to attend showings and open houses. Open houses have become popular again, used by potential buyers to first screen properties, check out neighborhoods and go back for a second visits. Our team does our open houses personally so that we can present the homes, listen to direct feedback and make suggestions.

If you are planning to sell and looking for a closing date in the Summer months, now is the time to prep your home, get a home evaluation and make a plan to put your house on the market. For those contemplating purchasing, knowing your financing is key, speak with your mortgage broker and bank to get a detailed pre-approval in place to know your budget and if you need to sell your present home before you can purchase. We can help you make a plan and put you in touch with professionals, i.e. mortgage broker, painter, handyman, landscaper, lawyer, etc. If you are thinking of purchasing new, please contact us and we can update you on new developments.

Click here to read our Ottawa Market Update March 2024 – 50 Years of Change.

Source: Ottawa MLS® Market Shows Early Signs of a Buzzing Spring Market, April 4, 2024

Staying in Touch April 2024 Newsletter -Spring time - Bird
MLS HPI Composite Benchmark Price & Average Price, Ottawa March 2024

Latest Mortgage Information

What are Appraisals and When Do You Need One?

When you are buying a property in Ottawa and surrounding Areas, one of the things that will likely be required is an appraisal of the property. What are appraisals and why are they needed?

  1. An appraisal required by a lender is a document that is used to determine the value for lending purposes.  Different lenders have different requirements.  An appraisal completed for an individual may differ from an appraisal completed for a lender and will likely not be accepted by the lender.
  2. Some lenders have policies that require the completion of an appraisal if the value of the mortgage is less than or equal to 80% of the suggested property value (even if that number is as low as 20%!)   Some lenders will run the submitted value through an automated valuation modeling system and if the value is supported then no appraisal is required.
  3. Appraisals are rarely required for high ratio mortgages (down payment less than 20%)
  4. Lenders pay close attention to property details.  Comments on the MLS listing that indicate the possibility of issues with a property often trigger an appraisal request.
  5. Appraisals are normally paid for by clients and payment is required prior to the appraisal being scheduled.  The cost varies with location and the nature of the property as well as whether the request is a rush.  It is possible to have an appraisal completed within a five day condition period but that would depend on how busy the market is, and may command a higher fee.
  6. Appraisal values can be challenged but may not be successful.  A client may challenge if they disagree with the comparables that the appraiser used.
  7. The mortgage is based on the lower of appraised value or purchase price.  A lower value does not mean that the mortgage will not be funded but the buyer may need a higher down payment.
  8. It is very important to work with your mortgage provider to help book the appraisal appointment as soon as possible to ensure nom delays in receiving the report, which in turn could affect the closing date.

Reni McNeil
Mortgage Brokers Ottawa
Apply online: www.renimcneil.ca
renim@mortgagebrokersottawa.com
License: 11759

News & Updates

In the Community

Spring is tree planting time

On behalf of our clients, we are pleased to support Forests Ontario, the leading charity focused on the management and delivery of high-quality tree planting programs, interactive forest education resources and awareness-driven community initiatives. Their decades of community outreach have resulted in millions of trees being planted each year.

Click here to find out how you can get involved in your community and ways to offer support

 

Things to Do in April

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, more wooded areas and walking trails, schools, a faster commute to work, or a rec center close by. 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.

 

Picking the Ideal Neighbourhood Blog × px

Buyer Resources

Home Selling Advice

For many people, selling a home may seem simple at first. In fact, there are many elements to consider when selling your home. To help potential sellers see things a little more clearly, we’ve created a home sellers’ guide that is divided into several topics, from evaluating your home to receiving offers. These topics explain what you need to know and do to successfully sell your home.

Click here to learn more about our Seller’s Guide

You can count on The Joan Smith Real Estate Family to help you navigate through the complex process of selling your home. We will review with you all the elements of our Home Sellers’ Guide that will ensure the successful sale of your home. If you are planning to sell your current home and buy a new one, check out our Selling and Buying a Home at the Same Time page for some useful tips and advice.

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

Selling Your Home

Thinking of Selling Your Home? Top 3 Improvements

Improving the appearance of your home, both inside and out, can contribute greatly to the interest of potential buyers and to the successful sale of a property. Purchasers want to be able to visualize living in their new home.

How to Select a Real Estate Agent When Selling Your Home

Selling your home? Selecting the right real estate agent to help you through the selling process, ensure you get the best price and feel feel secure that the transaction will be handled correctly is vital.

Spring Cleaning Tips

Refresh Your Home with These Spring Cleaning Tips

At this time of year, many of us are thinking about giving our homes a refresh after spending so much time indoors this winter. Here are a few spring cleaning tips to help you freshen rooms and brighten the look throughout your home this Spring.

Featured Homes for Sale, Rent & Recently Sold

We would be happy to answer any of your questions about these beautiful homes, the greater Ottawa real estate market and market activity in specific neighborhoods.

Contact Us!

Testimonials

“When we sold our previous house, we interviewed several realtors and we selected Joan Smith Real Estate; extensive knowledge of the market and experienced approach to sale were impressive. They exceeded our expectations on all aspects. When time came to sale our current house, we contacted Joan’s team immediately. Although our expectations were extremely high due to our first outstanding experience with them, they were able to exceed our expectations once again.

The professional and exceptional marketing materials including video and photography, surpassed our expectations and brought in robust showings during an unsure market.

Joan, Luc and Victoria were a pleasure to work with; professional, patient, always available and prompt with communication and extremely helpful in all aspects of preparing our house for eventual sale.

They further surpassed our expectations as they helped us with different aspects of after sale.

Selling a house can be stressful at times, therefore it is important to work with a team that you can trust. We had high confidence and trust in Joan’s team. We are extremely grateful for their exceptional support in the sale of our home. Joan, Luc, Victoria, thank you so much for everything you have done to help us with the sale of our house.

Highly recommended”

Richard