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Kanata Real Estate Agents

Staying in Touch August 2023 Newsletter

Happy August and Long Weekend!

It is hard to believe we are in August. The days sure go by fast, but hopefully you are all enjoying yourselves this summer with family and friends.

Trying to figure out the market and the future of market value on our properties may be confusing from the different reports published, but if we review the past years SEE LINK, it seems like we are now going back to our traditional market. In Ottawa, in July, average prices and transactions have increased from last July, giving confidence to the market.

Recently we have been asked if we have any tips about how to get family members enthusiastic about moving, sometimes you may be excited about selling, but other family members, especially kids can be hesitant about it. Click here to read our blog “Tips for Getting Family Members Enthusiastic about Moving”, for some suggestions.

Grassroot Grannies will be doing their annual RIDE TO TURN THE TIDE on Sept 6th and 7th, which has been very successful and we have been proud to have supported them for the past ten years.  The RIDE TO TURN THE TIDE is a fundraiser for the Stephen Lewis Foundation. Funds raised will support African grandmothers caring for their grandchildren, orphaned by the HIV/AIDS epidemic. It is a 2 day event where cyclists will ride from Stittsville to Perth, returning the next day, and choosing routes of different distances. To find out how you can support this cause, CLICK HERE for details.

This month we’ve included:

  • Update on the Ottawa market and Mortgage information on how to ensure your credit score enables you to qualify for the best possible rate
  • Articles: “Thinking of Purchasing a Property? Know Your Options: Types of Mortgages & Government Grants“, “Things to Consider When Buying a Rural Property” and “4 Good Reasons to Consider Selling Your Home”
  • Market news and Upcoming community events including pop-up cinemas, local markets and festivals/fairs.

We are always grateful for your referrals of family and friends. Feel free to contact us with any questions and follow us on our social channels!

Enjoy the Summer!

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 1,283 residential and condominium properties sold in July 2023 compared to 1,102 in July 2022, representing approximately a 15% increase in units sold. Year to date (as of  August 1, 2023) residential unit sales increased by 18% compared to 2022, and condominium unit sales year to date increased 6% when compared with sales in 2022 for the same time period.

The average sale price for residential properties sold in July 2023 was $754,188 compared to $717,504 in July 2022. The average sale price for condominium properties sold in  July 2023 was $435,094 compared to $426,128 in July 2022. This year from January to the end of July 2023, the Ottawa average price for residential and condominiums has increased approximately 11.5%.

For Kanata, unit sales in July2023 (residential and condominium) were 126 compared to 91 sales in July 2022 (approximately a 38.5% increase). For greater Stittsville, unit sales in July 2023 (residential and condominium) were 52 units compared to 58 units in July 2022 (approximately a 10.3% decrease).

In Kanata, the average sale price in July 2023 versus July 2022 increased 5.4%, for all housing types. For greater Stittsville, the average sale price July 2023 versus July 2022, increased 17.1%, for all housing types. (Source: July 2023 – Sales by District & Area, Residential and Condominium Property Classes, OREB MLS®, August 1, 2023 – Report#3).

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

July residential inventory in Ottawa crept up to 2637 homes for sale by the end of the month, about a 20.5% increase when compared to the inventory of residential homes at the end of June 2023, and about a 7.6% increase when compared to July 2022. Condominium inventory rose to 651 active units at the end of July 2023 compared to 608 units in June 2023, about a 7% increase. When compared to active condos at the end of July 2022, condo inventory in July 2023 decreased approximately 5.5%. See the graph.

July’s average prices and number of transactions have both increased in Ottawa, demonstrating confidence in the market despite interest rate changes. Months of inventory for freehold-class properties has decreased to 2.7 months from 2.9 months in July 2022 but increased from 2.1 months in June 2023.  As we move through August, we see families and couples looking to make decisions and get settled for early Fall, especially those moving from out of town. Now is a good time to work on curb appeal and exterior items if you are thinking of putting your home on the market in the Fall and before the weather gets colder. We would be happy to take some pictures of gardens and backyards, feel free to contact us.

Source:  2023 – Ottawa Real Estate Board Inventory by Month – Residential and Condo, Tuesday, August 1, 2023 – Report#7).

Ottawa Inventory - Residential & Condo Active Inventory at beginning of Month - end of July 2023

Latest Mortgage Information

How do I ensure my credit score enables me to qualify for the best possible rate?
There are several things you can do to ensure your credit remains in good standing. Following are five steps you can follow:

1. Pay down credit cards. The number one way to increase your credit score is to pay down your credit cards so they’re below 70% of your limits.

2. Limit the use of credit cards. Racking up a large amount and then paying it off in monthly instalments can hurt your credit score. If there’s a balance at the end of the month, this affects your score – credit formulas don’t consider the fact that you may have paid the balance off the next month.

3. Check credit limits.If your lender is slower at reporting monthly transactions, this can have a significant impact on how other lenders view your file. Ensure everything’s up to date as old bills that have been paid can come back to haunt you. The best bet is to pay your balances down or off before your statement periods close.

4. Keep old cards. Older credit is better credit. If you stop using older credit cards, the issuers may stop updating your accounts. As such, the cards can lose their weight in the credit formula and, therefore, may not be as valuable – even though you have had the cards for a long time. Use these cards periodically and then pay them off.

5. Don’t let mistakes build up. Always dispute any mistakes or situations that may harm your score. If, for instance, a cell phone bill is incorrect and the company will not amend it, you can dispute this by making the credit bureau aware of the situation.

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

News & Updates

In the Community

Summer Daytrip Ideas

August is a wonderful time for a mini-escape before the summer ends to explore the hidden gems and charming communities surrounding Ottawa. Whether you enjoy browsing the shops, enjoying a meal at a restaurant or café or exploring trails or sunflower fields, there is sure to be something for everyone.

Here are some places to visit, (click on the titles to see more details):

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

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

Purchasing a Property

Thinking of Purchasing a Property? Know Your Options: Types of Mortgages & Government Grants

If you are thinking about purchasing a property, it is important to know all the financing options available to you. There are several  different mortgage options as well as government programs and grants available to explore.

Buying a Rural Property

Things to Consider When Buying a Rural Property

Are you considering purchasing a rural property? Getting away from the hustle and bustle of city life certainly has it’s appeal! When buying a rural property there are considerations to keep in mind that are different then when buying a property in the city. Here are some things to consider:

Selling Your Home

4 Good Reasons to Consider Selling Your Home

Why do people decide to move?

Unless it’s a requirement, such as a job relocation, the research tells us that you, like many homeowners, may decide to sell at some point. See four of the reasons people decide to move.

Featured Homes for Sale, Rent & Recently Sold

Market stats from the Ottawa Real Estate Board show that we are back into sellers market territory, all neighbourhoods are different though. We would be happy to answer any of your questions about the market and these beautiful homes.

Contact Us!

Testimonials

Joan, thank you very much for yours and Luc’s help. Buying and selling a home is a very stressful task and thanks to your professionalism and unmatched experience everything went smoothly!

Andreanne & Frank