Staying in Touch June 2025 Newsletter

Happy June & Father’s Day!

It’s hard to belive that June is here and we are just about half way through 2025! As students get ready for the end of the school year and many graduate, it is a great time to celebrate and reflect on our achievements and plans for the remainder of the year.

The value of real estate provides unique benefits beyond other financial assets that can’t be measured by stats alone. If the stock market goes down, investors can be left wondering if they will ever recoup their value. If the housing market goes down, home owners still have their major asset – the home they bought and in which they live.

The Ottawa real estate market is active and in some neighborhoods more than others.  Sales in the month of May picked up from the previous month, approximately a 33.1% increase but a more modest increase from May 2024, approximately 14.9% and 2.5% above the five year average. The MLS^® HPI composite benchmark price for Ottawa in May rose 0.8% to $629,900 when compared to May 2024. Year to date, home sales remain steady and in line with 2024.  The increase in activity in May suggests an increase in buyers’ and sellers’ confidence. We are also seeing an increase in inventory which means that homes that are prepared well, priced to reflect neighborhood value and marketed professionally are selling well.

As most people know one the advantages of homeownership is the ability to build equity. However, just the passing of time isn’t enough to fully maximize your investment, maintaining your home is key to being able to sell for the highest possible price. From a purchaser’s point of view, a home that has been well maintained and updated has more appeal, is attractive to many and gives buyer’s confidence to make a good offer. If you need some input on updates to make to enhance value and marketability please feel free to contact us. We can also provide some professional contacts to assist you, whether that be painters, landscapers, handyman, etc.

Happy Father’s Day to all Fathers, Grandfathers and all who play a fatherly role! If you can, please support the Canadian wildfire relief efforts or Forests Canada to ensure the long-term health and resiliency of our forests today, and for future generations.

This month we’ve included:

• An Update on the Ottawa Real Estate market and Mortgage information: Mortgage Approval
• Articles:
  • 5 Summer Projects to Increase Home Resale Value
  • The Power of Pollinator Plants
  • Moving Made Easier
• Market news and community events to enjoy in our city, including several Father’s day events, festivals & coming Canada Day celebrations!

As always feel free to call and email with any questions or to chat to catch up, we would love to hear from you. Enjoy the Summer!

Joan, Victoria & Luc

Contact Us  

Follow us on:

   @JoanSmithRealEstateFamily         @JoanSmithRealEstateFamily        Mrs. Joan Smith       The Joan Smith Real Estate Family

Market Update

As of June 6th, the Ottawa Real Estate Board reports 1,807 (residential & condominiums) homes sold in May 2025, approximately a 33.1% increase in homes sold when compared to April 2025. Home sales increased 14.9% when compared to May 2024 and increased 2.5% when compared to the five-year average. The increase in activity in May suggests growing buyers’ and sellers’ confidence. We are also seeing a rise in inventory which means that homes that are prepared well, priced to reflect neighborhood value and marketed professionally are selling well.

The Ottawa Real Estate Board is now using the MLS^®Home Price Index (HPI) to track changes in the real estate market (this tool is used by Canadian Real Estate Association across Canada).  The overall MLS^® HPI composite benchmark price for Ottawa was $629,800 in May 2025, an increase of approximately 0.8% when compared to May 2024. Benchmark price for single family home was $700,000, up 0.6% on a year-over-year basis when compared to May 2024. The benchmark price for a townhouse/row unit (includes both row and condo townhouse) was $446,900, an increase of 3.4% from a year earlier. The benchmark apartment price was $404,700 representing a 3.6% decline from a year ago.

The average sale price for homes sold in May 2025 was $728,623, a 4.8%% increase from May 2024. Keep in mind, these are averages so some homes experienced a larger gain and some less, it’s key to look at what is happening in your neighborhood, surrounding neighborhoods and with comparable homes.

For Kanata, unit sales in May (all housing types) were 181, translating to approximately a 15.3% increase when compared with May 2024.  Year to date there have been 605 sales in Kanata, representing a 7.3% increase for the same period in 2024. For greater Stittsville, unit sales in May 2025 (all housing types) were 134 units, representing approximately a 55.8% increase from May 2024. Year to date, there have been 347 sales in greater Stittsville, a 4.8% increase for the same period in 2024. In Kanata, the average sale price in May 2025 was $744,262 for all housing types, representing approximately a 2.9% increase when compared to May 2024. For greater Stittsville, the average sale price in May 2025 versus May 2024, increased 3.1% to $822,638 for all housing types. (Source: Ottawa Real Estate Board Residential Market Activity and MLS® Home Price Index Report May 2025)

At the end of May 2025, Ottawa’s inventory of homes (all housing types) remained steady when compared to last year for the same period. At 2.4 months, this is the number of months it would take to sell current inventories at the current rate of sales activity. The number of new listings, 3,430, increased by 8.7% compared to May 2024 and 15.8% above the five-year average. Keep in mind, each neighborhood will be different, so important to look at your present neighborhood and housing types as well as the neighborhoods you are interested in. Contact us if you would like an update on your neighborhood/a specific street or type of home.

Click here to read our Ottawa Market Update May 2025 – 50 Years of Change.

Source: Ottawa Market Remains Steady as Delayed Spring Spurs Buyer Confidence

June – Latest Mortgage Information

Mortgage Approval

When applying for mortgage financing it is important to understand what kind of approval you have.  If your lender has not reviewed your employment and down payment documents you have a rate hold.  If you wait until your purchase firms up to have the review done your lender may not fund if they are not satisfied with your supporting documents.  Don’t forget that the property is as important as the covenant (you) and your pre-approval regardless of paperwork review will not hold if the property does not meet lender standards.

Lenders will often require an appraisal of the property being purchased prior to mortgage approval or funding. Some lenders require an appraisal when the mortgage value is less than or equal to 80% of the suggested property value. In some cases, even mortgages as low as 20% of the property value may require an appraisal. Certain lenders use automated valuation models (AVMs). If the AVM supports the submitted value, an appraisal may not be necessary. High-ratio mortgages (where the down payment is less than 20%) rarely require appraisals since mortgage default insurance (e.g., CMHC) is involved. Lenders closely examine MLS listings and property details. Any remarks that suggest potential issues—such as structural problems or unique property characteristics—may trigger an appraisal request.

For any questions about mortgage financing, don’t hesitate to reach out to your trusted mortgage expert!

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

News & Updates

• • How the BoC’s latest decision could impact Canada’s housing market, Canadian Mortgage Professional Magazine, Rod Bolivar, June 5, 2025
  • Retiring with mortgage debt becomes the new norm for Canadians, Canadian Mortgage Professional Magazine – Candyd Mendoza – May 27, 2025
  • TD economist warns of industry limits on feds’ housing push, CommericalReal Estate Magazine, June 4, 2025
  • Is It a Buyers’ Market in Canada? Depends Where You Look, Storeys, Zakiya Kassa, May 27, 2025
  • Single-family rentals outpace multifamily growth, CommericalREMI Network, May, 21, 2025
  • BoC keeps interest rate at 2.75% as trade uncertainty persists, CommericalRENX Homes, June 5, 2025
  • Ontario housing bill to speed up home construction as province falls behind on supply goal, Candyd Mendoza, May 13, 2025
  • Ottawa-Gatineau’s unemployment rate rises to 5.8% in May, The Canadian Press & The Ottawa Business Journal, June 6, 2025

In the Community

If you can we encourage you to donate to support Canadian wildfire relief efforts through the Canadian Red Cross. Click here to learn more and donate.

We continue to support Forests Canada with the sale and purchase of every home that we assist with, we make a donation to this Forests Canada on our clients’ behalf

DONATE TODAY

To learn more about the Forests Canada and their work to conserve, restore, and grow diverse, resilient forests to sustain life and communities see get involved.

Things to Do in June 2025

• Parkdale Night Market– June 11 & more
• Ottawa Redblacks – June 13 & more
• Festival Franco-Ontarien – June 12-14
• Kanata North Book Fair – June 14
• Atletico Ottawa – June 15
• Father’s Day Market & York Street Car Show – June 15
• In Time – Father’s Day Challenge – Pinhey’s Point – June 15
• Rideau Lakes Cycle Tour – June 21-22
• Tim Hortons Ottawa Dragon Boat Festival – June 20-22
• Ottawa Fringe Festival – June 12-22
• Ottawa Jazz Festival – June 20-29
• Canada Day – July 1, 2025

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

City of Ottawa Spring Activities and Summer Camps

Selling a Home

To help potential sellers, we’ve created a home sellers’ guide that is divided into several topics, from evaluating your home to receiving offers.

Sellers Resources

• Selling & Buying at the Same Time
• Home Sellers’ Guide
• Staging Your Home
• Creating Curb Appeal
• Reacting to Offers
• Receive $50.00 off from 1-800-GOT-JUNK?
  Contact Us for Details!