Happy July!
Hello Everyone,
School is out, vacation time for some, moving, enjoying our parks & our backyards, local markets, Summer is a fun and busy time. The city is alive again with all the Summer activities and special events, many that haven’t taken place in two years. See our list of the special events, local markets and festivals!
The real estate market continues and is evolving! Even though interest rates have increased, we have buyers and sellers who still want to purchase or sell. The supply of houses and condos has increased giving everyone a little more choice. The past two years it has been a sellers’ market but now it is changing. The market is normalizing and returning to a more typical cycle. The houses are taking a little longer to sell but value is holding according to the Ottawa Real Estate Board stats (see below). It is important to choose the right real estate agent to help you. We are confident that with our market knowledge and expertise we can assist you successfully through buying and selling. If your needs have changed or you know someone who needs guidance, we are very happy to have a discussion with them.
It is a delightful time to view homes and with more daylight hours, showing homes and open houses during the week days is popular. Please feel free to reach out with any questions or for a short chat!
Enjoy the summer!
Joan, Victoria & Luc
Follow us on:
@JoanSmithRealEstateFamily 
@JoanSmithRealEstateFamily 
Mrs. Joan Smith 
@JoanSmithKanata 
The Joan Smith Real Estate Family
Market Update
The Ottawa Real Estate Board reports 1,508 residential and condominium properties sold in June 2022 compared to 2,122 June 2021, representing approximately a 28.9% decrease in units sold. Year to date (as of July 6, 2022) residential unit sales declined by 17.1% compared to the same time period in 2021, and condominium unit sales year to date (as of July 6, 2022) decreased 12.8% when compared with sales in 2021.
Year to date June 2022, the average price for a residential home in Ottawa is $815,797, a 11.1% increase for the same time period in 2021. For condominiums, the average sale price year to date June 2022 was $465,573 an increase of 10.1% when compared with the same time period last year.
For Kanata, unit sales in June 2022 (residential and condominium) were 145 compared to 227 sales in May 2021 (approximately a 36.1% decrease). For greater Stittsville, unit sales in June 2022 (residential and condominium) were 72 units compared to 89 units in May 2021 (approximately a 19.1% decrease).
In Kanata, the average sale price in June 2022 versus June 2021 increased 6.5%, for all housing types. For greater Stittsville, the average sale price June 2022 versus June 2021, increased 2.9%, for all housing types. (Source: June 2022 – Sales by District & Area, Residential and Condominium Property Classes, OREB MLS®, July 1, 2022 – Report#3)
For the full report see “50 Years of Change in the Ottawa Market”
June residential inventory in Ottawa crept up to 2,209 homes for sale by the end of the month, representing about a 33.6% increase when compared to May 2022, and about a 37.5% increase when compared to June 2021. Condominium inventory rose to 587 active units at the end of the June compared to 469 units in May 2022, representing about a 25% increase. When compared to active condos at the end of June 2021, condo inventory in June 2022 increased 14.2%. The supply of homes and condos has now increased for five consecutive months and with this we are seeing prices level off. Keep in mind there will always be some homes and neighborhoods that are more sought after and obtain above average prices. (Source: June 2022 – Ottawa Real Estate Board Inventory by Month – Residential and Condo, Monday, July 4, 2022 – Report#7)
Latest Mortgage Information
Things have a changed a great deal in the last six months in the mortgage world. Please find below some of the issues that I am currently seeing:
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- Assuming that you will have no difficulty selling your house when making an offer. Make sure that your mortgage professional provides you with the worst case scenario in the event that you do not sell, or you do not sell for the price that you need for the down payment that you want to make.
- Assuming that your two month old pre-approval is valid when you finally make a purchase. If your closing date is outside the 90 to 120 day window that the pre-approval provides, then current rates (and the current qualifying rate) will be used for your approval. Rates have moved up quickly and the increase may mean that your purchasing power has been reduced.
- Waiting too long to have an appraisal (if required) completed. Home values are vulnerable right now and appraisers use recent sales to establish value. If you have a long closing, the lender requires an appraisal, and the appraisal is completed well after the offer is accepted the appraisal may not support your purchase price. Your mortgage is based on the lower of purchase price and appraised value.
- Not sending the signed approval back by the date required. This is fairly new – many lenders require the signed approval back within a few days of issue regardless of the closing date. Failure to do so may mean that you will lose the rate. You are not committed to the lender even if you sign, you can still obtain your mortgage elsewhere so there is no down side to signing.
Karen Lemieux
Mortgage Brokers Ottawa
Apply online: www.karenlemieux.com
karenl@mortgagebrokersottawa.com
License: 11759
Request A Home Evaluation Today
News & Updates
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nidus3D house-printing platform saves on costs, emissions – Tyler Choi, Sustainable Biz, June 9, 2022
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Contentious inclusionary zoning proposal, too timid for some, to be considered at city committee this week – Taylor Blewett, Ottawa Citizen, June 14, 2022
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Granite Curling Club could be replaced by highrises, commercial space on prime Westboro site – David Sali, Ottawa Business Journal, June 17, 2022
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Why housing costs are driving up inflation, despite the real-estate downturn – Matt Lundy, Globe and Mail June 20, 2022
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Sens reach deal to build arena at LeBreton Flats – Ottawa Business Journal June 23,2022
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Office divergence: Tech workers starting to return while government studies options – James Bagnall, Ottawa Citizen, June 24,2022
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Theberge plans 3-tower Ottawa residential redevelopment – Steve McLean, Renx.ca, June 28, 2022
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Ontario increases amount landlords can raise rent by highest level in a decade – Hannah Alberga, CTV News, June 29, 2022
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Consultation on new Zoning By-law to begin this summer – City of Ottawa website, June 30, 2022
In the Community
We have been enjoying fresh produce and treats from the local farmers’ markets. Here is a list with web links to check out!
Things to Do This Month
- Ottawa Titans Baseball Club – July – September
- Metcalfe Night Market – July 13
- Full Moon Yoga – July 13, 2022
- 613 Flea – July 9 & 23
- Gatineau Comedy Festival – July 7-9, 2022
- H.O.P.E. Volleyball – July 16, 2022
- RBC Bluesfest – July 7-17, 2022
- Ottawa International Busker Fest– July 29-August 1, 2022
See more events at Things to do in Ottawa this weekend and Ottawa Tourism City of Ottawa summer activity eguide
Getting Your Home Hunting Ducks in a Row
Say you’re shopping for a new home in greater Ottawa. Your goal is to find the ideal property, in a neighbourhood whether that be in Kanata, Barrhaven, Ottawa center, Orleans, that is just right for you, within a price range that you can afford. What do you need — at minimum — to get started? If you’re looking for ways to get your home hunting ducks in a row, here are some things to prepare:
A property wish list
- What does your ideal home look like? How many bedrooms does it need to have? Do you require a spacious recreational room? A large deck? A pool? A nice view? Get your wish list down on paper. Prioritize your wish list, what are your top 5 criteria. Remember you will likely have to compromise on something so having a prioritized wish list will help you.
A neighbourhood wish list
- Where you live is just as important as what you live in. What qualities are you looking for in a neighbourhood? A nearby park? Walking distance to a good school? Hiking trails? A shorter drive to work? Write it down and prioritize.
A pre-approved mortgage
- Getting the financing handled up front takes the guesswork out of what you can afford. Home sellers will also take any offers you make more seriously. Know the date your pre-approval expires as your closing date on the home you purchase should happen before your pre-approval expires. Learn more in our blog on How to approach your mortgage with rising rates.
Realistic expectations
- 99.9% of homes for sale, sell at or near the current market value. So, don’t expect to find a bargain that no one else has noticed. As the market shifts in Ottawa its important to understand current market value in specific neighbourhoods. Houses for sale in Kanata, Barrhaven, Nepean, Center town, and other neighborhoods will have different market values. Our team completes detailed market evaluations on homes prior to putting them on the market and also provide market information and our opinion on market value of homes for those looking to purchase.
Looking for more advice on finding your next dream home? We are experienced Kanata, Stittsville and greater Ottawa REALTORS® and we would be pleased to help you, a family member or friend. Feel free to contact us with any questions.
Selling and Buying a Home at the Same Time
Are you planning to sell your current home to find a bigger space for your growing family? Have your kids moved out to leave you as empty nesters and would like a smaller, forever home? Do you have your heart set on a different neighbourhood than where you currently live? Despite the logistical complexities involved, selling and buying a home at the same time is a common goal for many homeowners. Regardless of the timeline, getting a home ready to sell is a complex task with many details that require careful attention. Buyers want to be able to visualize living in their new home.
There are also several key factors that you should take into consideration as a homeowner, click here to see the 5 most important ones.
Let us Help You Sell Your Home
Moving Made Easier
Whether you’re renting or moving into a new home, condo or apartment, its a busy time. Summer months are typically big moving months. To help you prepare, below is a checklist of things to do to help make the move smoother.
Extending the Life of Cut Flowers
There are few things more beautiful than cut flowers in a vase. They instantly brighten any room. That is, of course, until they wilt and die. So how do you make cut flowers last as long as possible? Here are some ideas
Is There a Best Season to Sell?
It’s interesting to note how so many things have their “season.” Hockey in the winter. Vacations in the summer. Gardening in the spring. Even retirement reportedly occurs more often in the fall than any other time of year. Is the same true about real estate?
Featured Homes for Sale, Rent & Recently Sold
Real Estate has surprised us in many ways. Prices that Sellers are receiving are unbelievable. We are following the market closely to see how the supply of homes on the market changes. We believe that it is best to try to purchase your next home in the same market as you sell your present home so that your experience relatively the same market gain. We would be happy to answer any of your questions about the market. Contact Us!
Testimonials
““We were looking to buy a house in the Kanata area and Victoria from their team was super helpful and responsive to all of our needs in the house. She was able to find us the perfect little house in no time with all the things needed. If you are looking to buy a house in the area, I would definitely recommend the team, especially Victoria!””
Zeel