The value of real estate in a savings portfolio is a cushion to the economy. There comes a time in someone’s life when it starts to make sense to buy a home. It might coincide with a wedding, a new job, or a new baby. Whatever the reason, we are here to guide you through the process.
Happy March!
Although it is snowing today, we are happy that the days are getting brighter and Spring is around the corner! We can see that sellers are starting to prepare their homes for market and those looking to buy are getting pre-approvals and financing ready. We are looking forward to more supply of houses and condos coming to market which will give sellers and buyers equal opportunities. Please check out some of our tips for preparing your home for sale by clicking here. Selling and buying at the same time is ideal, but can be a challenge. Learn more about the process by clicking here.
It is very exciting when a new development is starting in your neighbourhood. Nokia’s new facilities and expansion into the residential area that are coming soon will draw more attention to the West end and provide some new designs of accommodation and facilities.
In addition, there are many active builders in Kanata, Stittsville, Barrhaven and other parts of the City offering different types of homes. A reminder that we can help you with new build home purchases, please contact us with any questions and before you go to a sales center.
Friends have your best interest at heart and many of our satisfied clients have referred their friends to us. We welcome new clients and thank them for considering us. Our objective is to listen carefully to our clients views and accommodate their needs to ensure we can achieve their goals.
If you have any questions about your home and how local market factors affect you, our knowledge in real estate is here for you.
This month we’ve included:
- Update on the Ottawa market and Mortgage information on interest rates
- Articles on: Selecting a Building Inspector, The Importance of Staging When Selling Your Home, Home Energy Efficiency – Ottawa Loan Program
- Market news and Upcoming community events including March Break Activities
Looking forward to seeing you personally as the weather warms up.
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 855 residential and condominium properties sold in February 2023 compared to 1411 in February 2022, representing approximately a 39.4% decrease in units sold. Year to date (as of March 1, 2023) residential unit sales declined by 37.6% compared to 2022, and condominium unit sales year to date decreased 38.5% when compared with sales in 2022 for the same time period. Keep in mind that that February 2022 was at the height of the resale market activity, so we will see declines when comparing February 2023.
The average sale price for residential properties sold in February 2023 was $708,968 compared to $836,401 in February 2022. The average sale price for condominium properties sold in February 2023 was $410,927 compared to $466,873 in February 2022.
For Kanata, unit sales in February 2023 (residential and condominium) were 73 compared to 130 sales in February 2022 (approximately a 43.8% decrease). For greater Stittsville, unit sales in February 2023 (residential and condominium) were 49 units compared to 63 units in February 2022 (approximately a 22.2% decrease).
In Kanata, the average sale price in February 2023 versus February 2022 decreased 14.8%, for all housing types. For greater Stittsville, the average sale price February 2023 versus February 2022, decreased 12.7%, for all housing types. (Source: January 2023 – Sales by District & Area, Residential and Condominium Property Classes, OREB MLS®, March 1, 2023 – Report#3).
For the full report see “50 Years of Change in the Ottawa Market”
February residential inventory in Ottawa crept up to 1784 homes for sale by the end of the month, about a 1.25% increase when compared to the inventory of residential homes at the end of January 2023, however about a 131.1% increase when compared to February 2022. Condominium inventory rose to 559 active units at the end of February 2023 compared to 556 units in January 2023, relatively flat. When compared to active condos at the end of February 2022, condo inventory in February 2023 increased 140.9%.
With approximately 2.8 months of residential inventory and 2.5 months of condo inventory on the market, compared to 0.7 months in February 2022 for both residential homes and condos, the Ottawa real estate market is in a balanced market. Keep in mind the stats are averages, which means you need to look at specific neighborhoods to see what is really happening, especially as we move into Spring. February’s new listings (1,366) were 22% lower than February 2022 (1,762) and up 3% from January 2023 (1,323), so we will be monitoring closely to see how the supply changes in different neighborhoods. If your thinking of making a change from your present home, now is the time to get your home ready for market, understand its value and review your finances with your mortgage broker. We can assist by completing a market evaluation, help prioritize items in your home to get it ready for market, and also walk you through a home purchase plan! Source: 2023 – Ottawa Real Estate Board Inventory by Month – Residential and Condo, Wednesday, March 1, 2023 – Report#7).
Latest Mortgage Information
Pierre Trudeau once said that living beside the U.S. is like sleeping with an elephant. No matter how friendly and even tempered is the beast, one is affected by every grunt and twitch. That certainly holds true in terms of interest rates. Long term rates are impacted by bond yields. The Bank of Canada has likely paused increases to the overnight lending rate (which determines the prime lending rate) but that does not mean that fixed rates will not increase.
In the U.S., markets are pricing in a 1% rate increase by the Federal Reserve which is boosting U.S. bond yields, and our bond yields as well, which in turn has meant higher fixed rate mortgages. This week Canadian mortgage lenders started raising their rates. The expectation, however, is still a decrease in rates this year as the economy responds to the Bank of Canada’s aggressive rate increases in 2022. Somewhat worrying (depending on whether you are looking for a job) is the January job numbers. Much to the surprise of just about everyone the Canadian economy produced 150 thousand new jobs on an expectation of 15 thousand. They were good jobs as well. If this trend continues, what will the impact be on the economy and inflation? It remains to be seen whether or not the economists’ crystal balls are correct!
This underscores the importance of knowing your finances before you get into house hunting and understanding your mortgage/financing options to fit your family and lifestyle. Arranging a pre-approval of your mortgage and ensuring your mortgage broker has the required information before you get into an offer situation will make the purchasing process smoother.
Karen Lemieux
Mortgage Brokers Ottawa
Apply online: www.karenlemieux.com
karenl@mortgagebrokersottawa.com
License: 11759
News & Updates
- REMINDER: The deadline to declare the vacant unit tax is March 16, 2023
- Bank of Canada expected to hold interest rate next week, one year after aggressive cycle began, The Globe and Mail, Mar. 3, 2023
- A federal boost for Ottawa’s hard-hit tourism industry could bring some sophisticated visitors to Ottawa, Ottawa Business Journal, Mar. 1, 2023
- City of Ottawa and Government of Canada partner to plant 10,000 trees in West Carleton-March Ward, City of Ottawa website, Feb. 17, 2023
- CMHC says annual rate of housing starts slowed 13 per cent in January, The Canadian Press, Feb. 15, 2023
- Canada needs to boost home building by 50 per cent to keep up with immigration, report says, The Globe and Mail, Feb. 13, 2023
- Cyclical bottom in sight for Canada’s housing market: RBC, Real Estate Magazine, Feb. 8, 2023
- Companies rethinking real estate portfolios in light of hybrid work trend, The Globe and Mail, Feb. 7, 2023
In the Community
This year, the Royal LePage Shelter Foundation marks 25 years of helping women and children escaping domestic violence rebuild their lives after abuse.
We are proud supporters of helping to support safer homes and communities, if you’d like to offer support, please consider a tax-receiptable donation. 100% of your gift will be directed to the cause.
To learn more about the Royal LePage Shelter Foundation, visit rlp.ca/shelter. If you or someone you know is experiencing domestic violence, please visit sheltersafe.ca for resources and support. Help is just a click away.
Things to Do This Month
- Fortune Farms – March 4th – ongoing
- Sense and Sensibility – Ottawa Little Theatre – Mar 1-18
- International Women’s Day on the Hill – Mar. 8
- International Film Festival – Mar 8-19
- March Break Activities– Mar. 13-17
- Ottawa Farm Show – Mar 14-16
- Maple syrup fun in the Ottawa region – Ongoing
- Rink of Dreams – until Mar 31
- Ottawa Home & Garden Show – Mar 23-26
- Spring activities & summer camps registration opens March 6
See more events:
Things to do in Ottawa this weekend & Ottawa Tourism
Buyers – Opportunities to Purchase Soon
Some questions to ask yourself:
- How is your financial situation?
- How secure is your employment?
- What are you looking for in a home and neighbourhood?
The market is showing signs of a balanced market which will give more opportunities to purchase a home. Now is a good time to start shopping for a Spring and Summer closing date. Real estate provides unique benefits, a place to live, the satisfaction of being a homeowner and a good investment.
Click here to read our blog with information and tips on buying a home.
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.
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!
Let us Help You Sell Your Home
Selecting a Building Inspector – Questions to Ask
As the Ottawa real estate market has moved to a balanced market, conditions in a offer that include a building inspection are now again becoming the norm for Purchasers. Here are questions to ask when selecting a building inspector.
The Importance of Staging When Selling Your Home
When buyers are looking at prospective properties, one of the first things they do is view pictures and videos of the available homes online. Staging isn’t just prettying up a property. It paints a picture about what life could be like in a home, and how the buyer could use the space.
Home Energy Efficiency – Ottawa Loan Program
Looking how to save some dollars and make your home more energy efficient? The City of Ottawa has a pilot loan program called the Better Homes Ottawa program. It aims to support local residents to reduce energy consumption and greenhouse gas emissions.
Featured Homes for Sale, Rent & Recently Sold
Market stats from the Ottawa Real Estate Board show that we are heading for a balanced market which is four months of inventory of homes active on the market. We would be happy to answer any of your questions about the market and these beautiful homes.
Testimonials
I recently had the pleasure of working with Joan and her team and I couldn’t be happier with the results! They sold my house within a month and received multiple offers, thanks to their exceptional service in all areas, including market evaluation, staging, marketing and photography, and negotiations and closing services.
Joan is incredibly experienced, knowledgeable, and always kept my best interests in mind. They provided an accurate market evaluation that helped us determine the right pricing strategy, and the staging process was handled with care and attention to detail. The marketing and photography was top-notch, featuring high-quality video and photos that truly showcased the strengths and unique features of my home!
During negotiations and securing the offer process, Joan and her team was professional, knowledgeable, and always available to answer any questions or concerns I had. They made the entire experience stress-free and I am grateful for their expertise and personalized service.
If you’re looking to buy or sell a property, I highly recommend Joan and her team!! Their combination of expertise and personalized service sets them apart from the rest. Thank you for everything!
Jennifer and Leah