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Kanata Real Estate Agents

Staying in Touch June 2023 Newsletter

Welcome Summer & Happy Father’s Day!

Summer is coming and hopefully you have some great plans to enjoy it!

Although the supply is low there is still inventory of homes to view. We have turned the corner and the housing economy is growing again, none to soon for many buyers, who have been waiting. Ottawa is attracting many new residents, now is the time to have investment properties in your portfolio. Read more about this in Royal LePage’s Blog, “1 in 4 Canadians intend to buy an investment property in the next five years” by clicking here.

This month we’ve included:

  • Update on the Ottawa market and Mortgage information on The First Time Home Buyers Savings Account (FHSA)
  • Articles: “Savvy Negotiation Helps Win the Deal”, “Questions to Ask when Selling your House” and “In-ground or above-ground pool? Here are the top considerations”
  • Market news and Upcoming community events including Father’s Day Activities

After a discussion with our family on the environment, we decided to plant trees through Forests Ontario on behalf of our clients and we have recently made our 1st donation!

We are always grateful for your referrals of family and friends. Learn more about Selling and Buying a Home at the Same Time by clicking here.

Looking forward to seeing you personally.

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 1,939 residential and condominium properties sold in May 2023 compared to 1,830 in May 2022, representing approximately a 6% increase in units sold. Year to date (as of  May 1, 2023) residential unit sales decreased by 23.4% compared to 2022, and condominium unit sales year to date decreased 28.3% when compared with sales in 2022 for the same time period.

The average sale price for residential properties sold in May 2023 was $745,902 compared to $802,232 in May 2022. The average sale price for condominium properties sold in  May 2023 was $442,859 compared to $473,235 in May 2022. Keep in mind the market peaked in the Spring of 2022. This year from January to the end of May 2023, the Ottawa average price for residential and condominiums has increased approximately 10%.

For Kanata, unit sales in May 2023 (residential and condominium) were 190 compared to 166 sales in May 2022 (approximately a 14.5% increase). For greater Stittsville, unit sales in May 2023 (residential and condominium) were 105 units compared to 84 units in May 2022 (approximately a 25% increase).

In Kanata, the average sale price in May 2023 versus May 2022 decreased 7.6%, for all housing types. For greater Stittsville, the average sale price May 2023 versus May 2022, decreased 13.8%, for all housing types. (Source: May 2023 – Sales by District & Area, Residential and Condominium Property Classes, OREB MLS®, June 1, 2023 – Report#3).

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

May residential inventory in Ottawa crept up to 2286 homes for sale by the end of the month, about a 6.9% increase when compared to the inventory of residential homes at the end of April 2023, however about a 36.9% increase when compared to May 2022. Condominium inventory rose to 606 active units at the end of May 2023 compared to 620 units in April 2023, relatively flat, about a 2.2% decrease. When compared to active condos at the end of May 2022, condo inventory in May 2023 increased 28.1%. See the graph.

Ottawa is now back into a Seller’s market in many neighborhoods and in certain types of housing with only five to six weeks of Ottawa inventory. We are likely to see upward price pressure, however, we also know that interest rates increases in 2022 have had an impact on unit sales. We are seeing July and August closing dates now, so if you are thinking of making a change this Summer or early Fall now is a good time to get started. We are happy to update you on your neighborhood market activity, discuss steps to help you get ready, complete a market evaluation or develop a home purchase plan!

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

Residential & Condo Inventory graph - May 2023

Latest Mortgage Information

The First Time Home Buyers Savings Account
(FHSA) in Canada is a type of account that offers tax benefits and helps first-time homebuyers save money towards their first qualifying home purchase. Contributions made to the FHSA account are tax-deductible, similar to an RRSP, and qualifying withdrawals for purchasing a first home are non-taxable, similar to a TFSA. However, with an FHSA and unlike the Home Buyers’ Plan, the funds do not need to be paid back.

Eligibility – Individuals who are 18 years or older, Canadian residents and first-time homebuyers are eligible to open an FHSA account.
Parameters – The account can stay open for 15 years, until the end of the year that you turn 71, or at the end of the year following the year in which you make a qualifying withdrawal from an FHSA for the first home purchase, whichever comes first.

Contributions and Deductions
– Annual contributions to the account are capped at $8,000.00 with a maximum lifetime of $40,000.00
– Unused contribution room can carry forward to the following year up to a maximum of $8,000.00
– Individuals would be able to claim an income tax deduction for the contributions made in a particular tax year

**if the savings in the account are not used for the qualifying home purchases, they can be transferred to an RRSP or RRIF account on a non-taxable basis. The funds transferred to an RRDP or RRIF will be taxed upon ultimate withdrawal. If not transferred but instead withdrawn, FHSA funds would be subject to taxes.

How does the FHSA compare to using your RRSP and TFSA?
It really is client specific on which program to use. I would recommend the FHSA or RRSP over TFSA as the TFSA does not carry any tax deductible benefits at time of contribution. The choice between FHSA or RRSP, I would recommend based on your income. If you don’t see a need to replace the savings (like in the RRSP) for future income and investment growth, then the FHSA would be the preferable route. There are also benefits to the RRSP if you are contributing to them under spousal contributions for their personal income taxes. I always recommend a full review of the options with your mortgage and investment professional.

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

News & Updates

In the Community

Things to Do on Father’s Day

Are you looking for fun and creative ideas to celebrate the dad in your life this year?

Whether he’s a golfer, beer afficionado, sports fan or outdoor enthusiast, Ottawa has options for every dad to enjoy.

To help you plan, Ottawa Tourism has rounded up a few great ways to spend time together for Father’s Day.

Click here

Things to Do This Month

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

Common Questions When Buying

As experienced Ottawa and Kanata real estate agents, we understand that buying a house can be intimidating and full of uncertainties. Whether you’re unsure about what is involved in the process of buying a house, what type of houses to buy or which neighbourhood is right for you, you’re not alone.

Discover Our Tips & Insights.

As part of the buying process our Team will:

  • Screen the available homes in the neighbourhoods you are interested in, to make sure that the houses you view fit your budget and your requirements.
  • Give you important information on local real estate market values, taxes, utility costs, services, and amenities.
  • Guide you through the viewing process showing you features you may not have noticed and problems you may not have spotted.
  • Advise you about your legal and financial options, guiding you on the steps to take to be prepared to make a successful offer.
  • Recommend expert help when needed, such as a mortgage broker, home appraisal, home inspection, legal services and contracting services.
  • Manage your offers and counter-offers, and use our skills and experience as negotiators to make sure you get the best possible outcome.

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

How to Select a Real Estate Agent When Selling

Selling a home is one of the biggest transactions most people make. Selecting the right real estate agent to help you through the selling process smoothly and ensuring you get the best price is paramount. You also want to feel secure that the transaction will be handled correctly

When choosing a real estate agent, you want someone who knows the real estate market in the community where you’re selling. Don’t just look at the number of years the individual has held their real estate license. Dig a little deeper to find out how many homes they’ve sold recently and where. Look for:

  • A real estate agent with experience in both ‘hot’ and ‘cool’ real estate markets.
  • The number of properties sold in the city and neighbourhood of your home.
  • Extensive knowledge about the industry, a broker’s license and other related education show their commitment to learning and specializing in their industry.
  • Your agent should have good negotiation skills to help find the right buyer and get the best price for your home.
  • Someone that is able to provide an honest home evaluation

Click here for more information on things to look for when selecting a real estate agent.

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

negotiation

Savvy Negotiation Helps Win the Deal

Purchasing a home is not the same as buying a product off the shelf. You don’t simply pay the price on the tag and know it’s yours. You can’t just see a home for sale and say, “I’ll take it!”, especially if the market is competitive. Learn more about the important role that negotiation has in the purchasing process.

selling your house

Questions to Ask when Selling your House

If you’re thinking of selling your home, you probably have a lot of questions about the process, how to get ready and how to get top dollar. Learn more about the questions to get answers to when selling your house.

In-ground or above-ground pool

In-ground or above-ground pool? Here are the top considerations

In-ground or above-ground pool? Here are the top considerations On those long, hot days of summer, there is no better way to cool down and relax than by taking a dip in a refreshing pool. And when it’s your own private oasis, even better still.

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

After a couple of realtor interviews we decided to go with Joan’s team, which proved to be a great choice. We had the support and service of not one but three professional realtors and they did a fantastic job staging our house. As a result, our house was sold within 2 days at the asking price and the whole experience was very enjoyable.

Lihuan