13 Jan Staying in Touch – January 2025 Newsletter
Staying in Touch – January 2025 Newsletter
Read the full issue of Staying in Touch – January 2025
Happy January & New Year!
January 2025 Wow! – We extend our warm wishes to you and your family and we look forward to a bright new year.
In summary, for Ottawa in 2024: there were 13,526 sales (all housing types), an 11.8% increase from 2023. The 2024 average price was $697,067, increasing approximately 1.3% from 2023 and the median price was $630,000, increasing approximatley 1.6% from 2023. We are all interested to know how the market is going to react to the changing interest rates and new mortgage terms. Hopefully, more new properties on the market in January will spark greater interest. First time buyers have been trickling back into the market and more will likely follow after the most recent interest rate cuts.
I recommend to start your search sooner than later, spring usually has more choice but there is also more competition. We welcome the opportunity to speak with you, if and when you are about to emark on this journey and help you, a family member or friend make a plan. There are different factors to consider whether you are purchasing your first home, upgrading or if deciding to right size and may also have a house to sell. For first-time buyers, a reminder of new changes for mortgages came into effect Dec. 15th so now is a good time to get a mortgage pre-approval.
We look forward to supporting Forests Canada this year. For every client and family we assist, we will be making a donation on their behalf to help long-term forest health and resilience in Canada.
This month we’ve included:
An Update on the Ottawa market and Mortgage information: Financing tips for First-time buyers, Upgraders & Downsizers
Articles: 2025 Colour Trends & Refreshing Your Home, Thinking of Buying a New Build Home in 2025, Preventing the Unwanted House Guest: Mould
Market news and community events to enjoy in our city, including the Rideau Canal (see status)
We thank you for your continuted trust and confidence in our team and services. Feel free to contact us with any questions, we would love to hear from you.
Joan, Victoria & Luc
Click here to read the full newsletter!
Follow us on:
The Joan Smith Real Estate Family