Staying in Touch July 2023 Newsletter

Happy July, Enjoy the Summer!

Sometimes when we think of the past it is very awakening to the changes we presently see in technology and science, health care, the environment and in real estate. Growing up in rural Ottawa in a large family, we enjoyed our huge vegetable garden, chickens to supply us with eggs, and cows for milk, it was an education in itself!

Sometimes the real estate market may be difficult to understand, i.e what do we need to do to be able to afford a house? It may be time to look at different options, whether it be a condo to get into the market or a smaller community to get more for your dollar. The small communities may be a good place to start as there are still quite a few people working from home which doesn’t affect commuting times. Luc and Victoria have helped clients find and purchase condos throughout Ottawa and properties in communities a little further away from the center of the city, whether it be to right size or for first time homes.  Call us for more information.

Over the many years in real estate we have sent out our yearly calendar. The picture on the back of the calendar has often been a painting from one of our local artists. We had numbered prints made of some of these paintings (Carp Fair, Mill of Kintail, Pinhey’s Point, Quyon Fairy), see below. If you would like one, call or email us to pick one up or have it delivered by us (note supply is limited).

This month we’ve included:

• Update on the Ottawa market and Mortgage information on Types of Lenders
• Articles: “Is it time to change your lifestyle? Learn about rightsizing”, “Executor vs. Power of Attorney – What is the Difference?” and “Budgeting for Your Home Purchase”
• Market news and Upcoming community events including Ottawa Bluesfest, Urban Art Markets and Hope Volleyball Sumerfest

We are always grateful for your referrals of family and friends. Feel free to contact us with any questions.

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 1,658 residential and condominium properties sold in June 2023 compared to 1,493 in June 2022, representing approximately a 11.1% increase in units sold. Year to date (as of  July 1, 2023) residential unit sales decreased by 18.2% compared to 2022, and condominium unit sales year to date decreased 21.6% when compared with sales in 2022 for the same time period.

The average sale price for residential properties sold in June 2023 was $746,445 compared to $773,162 in June 2022. The average sale price for condominium properties sold in  June 2023 was $448,380 compared to $439,009 in June 2022. Although average prices have declined when compared to the first half of 2022, this year from January to the end of June 2023, the Ottawa average price for residential and condominiums has increased approximately 9.5%.

For Kanata, unit sales in June 2023 (residential and condominium) were 156 compared to 144 sales in June 2022 (approximately a 8.3% increase). For greater Stittsville, unit sales in June 2023 (residential and condominium) were 63 units compared to 72 units in June 2022 (approximately a 12.5% decrease).

In Kanata, the average sale price in June 2023 versus June 2022 decreased 4.6%, for all housing types. For greater Stittsville, the average sale price June 2023 versus June 2022, decreased 6.5%, for all housing types. (Source: June 2023 – Sales by District & Area, Residential and Condominium Property Classes, OREB MLS®, July 1, 2023 – Report#3).

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

June residential inventory in Ottawa crept up to 2583 homes for sale by the end of the month, about a 13% increase when compared to the inventory of residential homes at the end of May 2023, however about a 15.9% increase when compared to June 2022. Condominium inventory rose to 604 active units at the end of June 2023 compared to 606 units in May 2023, relatively flat. When compared to active condos at the end of June 2022, condo inventory in June 2023 increased 1.7%. See the graph.

Supply of homes on the market has increased, giving buyers more selection and demonstrates sellers’ confidence in the market. Months of inventory for freehold-class properties has increased to 2.1 months from 1.9 months in June 2022 and 1.5 months in May 2023.  Despite typical holiday activity in July and August we see good activity with families looking for closing dates before school starts in September and those looking to move in warmer months. If you are thinking of making a change before the end of the year, now is a good time to get a home evaluation and let us help you prioritize anything to be done to get ready for market. Remember outside updates, i.e trees and hedges, garden and lawn maintenance need time to mature/get completed vs inside tasks.

Source:  2023 – Ottawa Real Estate Board Inventory by Month – Residential and Condo, Tuesday, July 4, 2023 – Report#7).

Latest Mortgage Information

Mortgage Options

In an ever changing real estate market it is more important than ever to know all of your mortgage options. Although the traditional thought may be to obtain your mortgage from your bank, you should know all the options available as well as the perks with each one.

“A” lenders – these include the Big 5 Banks but also Credit Unions, Monoline lenders (mortgage only companies) as well as Trust companies. Monoline lenders can carry a lower rate offer as well as more favorable pre-payment penalties.

“B” Lenders – these lenders fall primarily under the Monoline lender category but are able to offer mortgage options for client that may not fit in the standard “A” lender category. Such programs include options for self employed, bruised credit history, income property portfolios with over 5 properties (as many lenders “A” lenders are restricted to a maximum of 5).

“Alternative/Private lenders – offer great lending options for new construction, land only purchases, short term financing and for clients that are not able to fit within the guidelines for either “A” or “B” lenders. As mentioned, these lenders are used for a short term and require an exit strategy to help the client transition in “A” lending.

Each lender option will carry a different rate tier and on the “B” and Alternative side, a lender fee is charged as well. The rates and fees vary on a case by case basis depending on the property, credit rating and overall file strength.

Don’t feel discouraged if your bank turns you down, contact a Mortgage Agent and explore all your options, we may have a perfect fit for you.

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

News & Updates

• Jadco doubles down on Ottawa with 2nd multires tower, RENX.ca, June 19, 2023
• Bayview proposes three Ottawa mixed-use towers, Ottawa Business Journal, June 12, 2023
• Rohit breaks ground on first Ottawa rental, Ottawa Business Journal, June 13, 2023
• Business Outlook Survey—Second Quarter of 2023, Bank of Canada, June 30, 2023
• Housing Accelerator Fund is now accepting action plans, CMHC, Ottawa, Ontario, July 4, 2023
• Brigil’s plan for former Greyhound bus station land gets mixed review from biz leader, Ottawa Business Journal, June 29, 2023

In the Community

Things to Do This Month

• Ottawa Bluesfest – July 6-16
• Capital Pop-Up Cinema– July 7 – then various dates throughout the summer
• Almonte Celtfest – July 7-9
• Urban Art Collective Markets – July 8 – then various dates throughout the summer
• Ottawa Equestrian Tournaments – various dates in July and August
• Hope Volleyball Sumerfest – July 15
• Britannia Village Arts Crawl – July 22
• Byward Night Market – July 29

See more events:
Things to do in Ottawa this weekend & Ottawa Tourism 

Buyer Resources

• Help Me Find a Home
• Agency Relationship
• Tools
• New Home Construction
• Relocation Services
• Tips and Insights
• Understanding Mortgages