Hello Everyone,
As we move into Summer the real estate market in the greater Ottawa area is beginning to change from the flurry we have experienced in the last two years. As per the Ottawa Real Estate Board’s stats just released for May, the number of properties that sold in May declined however average prices are still higher than in 2021.
On the positive side sellers have had tremendous gains on their properties in the past two years and Ottawa is recognized as a wonderful place to live and an excellent investment. For potential buyers there are more homes beginning to come on the market and buyers will have a little more time to look at homes and consider their options. More homes are being listed at market value and irrevocable offer times are starting to change to 24-48 hours. However there are still some multiple offer situations so you are best to have your financing pre-approval ready and know your budget.
Many people decide to move for different reasons:
A helpful exercise is to make a list of your personal goals for your lifestyle. You don’t always have to wait for practical reasons to sell, personal goals are just as important a factor, consider them when you are planning to move.
It is becoming more and more common to ask friends and neighbours for recommendations when looking for a professional. As you may know we are well connected in the local home industry and it is our pleasure to assist you, a family member or friend.
It is great to see it being a bit easier for students to get summer jobs now that the Covid restrictions have eased up. We are also looking forward to enjoying more Ottawa events this summer, see some of them in our events section below. Enjoy the warmer days ahead and Happy Fathers’ Day!
Joan, Victoria & Luc
Follow us on:
@JoanSmithRealEstateFamily
@JoanSmithRealEstateFamily
Mrs. Joan Smith
@JoanSmithKanata
The Joan Smith Real Estate Family
The Ottawa Real Estate Board reports 1,846 residential and condominium properties sold in May 2022 compared to 2,285 May 2021, representing approximately a 19% decrease in units sold. Year to date (as of June 3, 2022) residential unit sales declined by 13.9% compared to the same time period in 2021, and condominium unit sales year to date (as of June 3, 2022) decreased 10.5% when compared with sales in 2021.
Year to date May 2022, the average price for a residential home in Ottawa is $824,276, a 11.9% increase from May 2021. For condominiums, the average sale price at the end of May was $470,353, an increase of 12% when compared with the same time last year.
For Kanata, unit sales in May 2022 (residential and condominium) were 166 compared to 217 sales in May 2021 (approximately a 23.5% decrease). For greater Stittsville, unit sales in May 2022 (residential and condominium) were 84 units compared to 114 units in May 2021 (approximately a 26.3% decrease).
In Kanata, the average sale price in May 2022 versus May 2021 has increased 11.3%, for all housing types. For greater Stittsville, the average sale price May 2022 versus May 2021, has increased 12.6%, for all housing types. (Source: May 2022 – Sales by District & Area, Residential and Condominium Property Classes, OREB MLS®, June 1, 2022 – Report#3)
For the full report see “50 Years of Change in the Ottawa Market”
May residential inventory in Ottawa crept up to 1,661 homes for sale by the end of the month, representing about a 27.6% increase when compared to April 2022, and about a 18.1% increase when compared to May 2021. Condominium inventory rose to 468 units active at the end of the May compared to 393 units in April 2022, representing about a 19.1% increase. However, this is about the same number of active condos when compared to the end of May 2021 (470 units). The supply of homes and condos has now increased for four consecutive months. We are still seeing price pressure for specific homes and some neighborhoods but prices are beginning to level off. (Source: May 2022 – Ottawa Real Estate Board Inventory by Month – Residential and Condo, Wednesday, June 1, 2022 – Report#7)
If you are purchasing a home or renewing your mortgage and are concerned about the impact of increasing rates here are some things to consider to provide some payment relief:
Karen Lemieux
Mortgage Brokers Ottawa
Apply online: www.karenlemieux.com
karenl@mortgagebrokersottawa.com
License: 11759
Request A Home Evaluation Today
We are proud supporters of the Kanata Food Cupboard, an integral part of our community, providing services to all residents of Kanata who self-identify as needing food assistance.
In the aftermath of the big storm, the Kanata Food Cupboard has been busy! Many lost the contents of their fridges and freezers due to spoilage as a result of power outages.
If you are looking for a way to help, consider making a donation to the Kanata Food Cupboard.
See more events at Things to do in Ottawa this weekend and Ottawa Tourism City of Ottawa summer activity eguide
Whether you’re a first time buyer or have bought and sold homes several times, there are some key questions to ask and consider when you are looking at both resale and new homes for sale in the greater Ottawa area. It’s good to have a list of questions prepared before you start looking at homes so that you get the information to consider each home as well as information on criteria that are important to you. Here are some key questions to consider:
As a team of experienced Ottawa realtors® we would be happy to guide you through the purchasing process and get the answers to your questions.
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 HomeA reserve fund is a special account with a financial institution such as a bank, loan and trust corporation or credit union. This account is separate from the condominium’s operating fund, and it is used to pay for major repairs and replacements to the condominium’s common elements.
Taking the time to find receipts, warranty certificates, and other documents about your home when selling is important to be able to answer questions the buyer may have. Also, if a warranty transfers to the new owner, that’s a selling point.
One of the most important and easiest ways to increase your property’s value is to have great curb appeal. Think about when you have looked at houses for sale. What were you looking at and checking out? Read on for some tips to help you get started.
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
“Excellent service and excellent results. Thank you to Joan, Victoria and Luc for all of your help. Your knowledge, skill and experience helped us sell for over asking.”
Gerry
“The best quality service in terms of professionalism and trust. Everything was smooth and easy!”
Reinaldo