It’s hard to believe that it is August and we are half way through Summer. We certainly have been feeling the heat! Many of us are starting to enjoy some holidays with family and friends!
The overall real estate market has increased in supply of properties on the market and the length of time to sell is a little longer, we are heading for a balanced market. A market is considered balanced when there is at least four months of inventory available. Buyers now have more opportunity and time to submit an offer and conditional offers are starting to be considered which does take some of the pressure off when trying to purchase a home. Stats from the Ottawa Real Estate Board show that prices are still up over 2021. Keep in mind that sales and prices are compared to the previous year and given the record breaking 2021, it is realistic that we may not see the same growth but overall still above pre-pandemic levels.
It is always difficult to make predictions on the market but we all need somewhere to live which will help keep our market going. It is important to follow our dreams for the future, whether it be rightsizing or changing our lifestyles, we should have a plan.
When planning to purchase or sell it is important to have a qualified person guide you and show you the steps. Have a look at our pictures of neighbourhoods on our website to get a feel for what is offered in the different communities and to see what would be a good fit for you. This is our expertise and we would be happy to guide you.
Joan, Victoria & Luc
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The Ottawa Real Estate Board reports 1,110 residential and condominium properties sold in July 2022 compared to 1,718 in July 2021, representing approximately a 35.4% decrease in units sold. Year to date (as of August 1, 2022) residential unit sales declined by 35.7% compared to the same time period in 2021, and condominium unit sales year to date (as of August 1, 2022) decreased 34.3% when compared with sales in 2021.
Year to date July 2022, the average price for a residential home in Ottawa is $805,238, a 10.6% increase for the same time period in 2021. For condominiums, the average sale price year to date July 2022 was $461,557 an increase of 9.3% when compared with the same time period last year.
For Kanata, unit sales in July 2022 (residential and condominium) were 91 compared to 157 sales in July 2021 (approximately a 42.0% decrease). For greater Stittsville, unit sales in July 2022 (residential and condominium) were 58 units compared to 79 units in July 2021 (approximately a 26.6% decrease).
In Kanata, the average sale price in July 2022 versus July 2021 increased 4.7%, for all housing types. For greater Stittsville, the average sale price July 2022 versus July 2021, decreased 3.4%, for all housing types. (Source: July 2022 – Sales by District & Area, Residential and Condominium Property Classes, OREB MLS®, August 1, 2022 – Report#3)
For the full report see “50 Years of Change in the Ottawa Market”
July residential inventory in Ottawa crept up to 2442 homes for sale by the end of the month, representing about a 10.3% increase when compared to June 2022, and about a 51.7% increase when compared to July 2021. Condominium inventory rose to 684 active units at the end of the July compared to 590 units in June 2022, representing about a 15.9% increase. When compared to active condos at the end of June 2021, condo inventory in June 2022 increased 24.8%. With the continued increase in supply of homes and condos on the market, buyers can now take more time and see more homes or condos before making a decision. This makes curb appeal, staging and home presentation even more important. Keep in mind there will always be some homes, streets and neighborhoods that are more sought after and will have increased activity and obtain above average selling prices. (Source: 2022 – Ottawa Real Estate Board Inventory by Month – Residential and Condo, Tuesday, August 2, 2022 – Report#7)
The current mortgage dilemma is whether to go fixed or variable?
It is a difficult decision but a look at inflation may make the decision easier. Variable rates move upwards when the Bank of Canada increases the Overnight Lending Rate, primarily to fight inflation. The Bank signs a mandate agreement with the Government every five years, and the current mandate is to keep inflation between 2 and 3%, and they are moving aggressively to do just that. This is important – if the Bank does not move and message aggressively inflation can become endemic as collective bargaining agreements demand high increases and people make purchases now to avoid higher future prices. If the Bank is successful inflation should moderate and decline fairly quickly. Nothing is a given though, so if the thought of rate increases keep you up at night then a fixed rate may be the right strategy for you. You may want to consider a shorter term however.
As always, contact your mortgage professional to work through scenarios for you to help with your decision making
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We have supported the Grassroot Grannies for over ten years and are really impressed with their hard work to raise funds to provide care and support to women, orphans, grandmothers and people living with HIV and AIDS in Africa.
We are very excited that the 13th Ride to Turn the Tide is taking place this year.
September 7th-8th 2022.
To find more about the event or to make a donation
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:
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.
Check out neighbourhoods that closely fit your criteria. Go for a walk. Check out the local amenities (parks, shopping, nearby golf course, etc.) Look at the types of homes in the area.
When visiting a targeted neighbourhood, try to chat with a few of the residents. If you see someone walking a dog, for example, say hello. Strike up a conversation. Get an idea of what it’s like to live in the area.
There is a lot of data available on neighbourhoods, including crime statistics, demographics, and more.
There’s no sense trying to get into an area where the homes are priced way beyond what you’re willing to spend. Conversely, you might be surprised by the type of neighbourhood you can afford.
We have the expertise to help you find a home in the neighbourhood of your dreams! 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.
Would you buy your home at a glance?
Buyers drive up to a home for sale and quickly form an impression based on what they see “from the curb”. That’s why you’ll hear real estate experts talk about the importance of “curb appeal”. It’s one of the most important selling points of a property.
If you plan to put your home on the market, you want your home to look as attractive as possible from the street.
Fortunately, there are many simple things you can do to improve curb appeal.
Let us Help You Sell Your Home
If you want to reduce your home energy costs, the easiest way is to turn the thermostat up or down, the savings can be substantial. Here are some additional tips to try
If you’re thinking of selling your house, you probably have a lot of questions that need answers. In fact, asking the right questions is key to selling your home successfully and for the best price.
If you are planning to be away, it’s important to take precautions to keep your home safe. There are many simple things you can do to ensure your peace of mind when no one is home.
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.
“Joan, Victoria and Luc are a wonderful and dedicated team. Joan priced our house very well to sell in this uncertain market. They understood what we needed and we found our next house fast.”
Leonor & Michael