Kanata Real Estate Agents

Staying in Touch March 2024 Newsletter

Happy March, St. Patrick’s Day & Easter!

The weather has us all wondering what is coming next. . . but Spring and more daylight is almost here in March. Time to change the clocks, tune up bikes, plan gardens & make vacation plans!

The traditional market timing to put a home up for sale used to be March and April, pre Covid years. Now new home sales with longer closing dates has come more into play. We are now finding new property listings are coming on the market in late January, February for May and June closing dates and continue through the year.

Market confidence is building and will get stronger as demand is here. In February the Ottawa Real Estate Board reported 886 unit sales , up from 629 sales in January 2024. When compared to February 2023, unit sales increased 15.2% in Ottawa in February 2024. Its important to look at what is happening in your neighborhood and surrounding neighborhoods if you are thinking of selling or purchasing.

If you’re ready to sell, follow your plan and you will be successful. Responsible and affordable ownership is our goal for our clients. Real estate provides unique benefits beyond other financial assets. Whether you are thinking of selling or purchasing this year or next, we would be happy to consult with you to make a plan. Keep in mind to market your home in Winter and Spring months it is important to have pictures of your home showing what is under the snow. We are always glad to help take pictures prior to listing your home for sale.

This month we’ve included:

This month I am pleased to take part in Royal LePage’s hi-tea panel for International Women’s Day. We are also continuing to support Royal LePage’s Shelter Foundation for women and children. The Royal LePage Shelter Foundation creates safer homes and safer communities by funding women’s shelters and violence prevention programs across Canada. Every dollar raised goes directly to helping the more than 50,000 women and children who are served each year by the shelters and support programs.

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

Joan, Victoria & Luc

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Follow us on:

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

Market Update

The Ottawa Real Estate Board reports 886 properties (residential & condominiums) sold in February 2024, approximately a 15.2% increase in homes sold when compared to February 2023 and approximately 40.9% more sales when compared to January 2023 (629 units sold).

The Ottawa Real Estate Board will now be 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). We will start to use this measurement and also provide some average data for Ottawa. The overall MLS® HPI composite benchmark price was $628,500 in February 2024, up approximately 3.1% from February 2023, up approximately 1.1% from January 2024. Benchmark price for single family homes was $708,500, up 3.1% on a year-over-year basis when compared to February 2023. The benchmark price for a townhouse/row unit was $495,000, up slightly at 0.6%% compared to a year earlier. The benchmark apartment price was $417,000, representing a 2.7% increase from a year ago.

The average sale price for homes sold in February 2024 was $651,340, increasing 2% from February 2023. Keep in mind, its important to look at what is happening in your neighborhood and with comparable homes. (Source: Ottawa Real Estate Board, Residential Market Activity & MLS® Home Price Index Report – Highlight, February 2024)

For Kanata, unit sales in February 2024 (all housing types) were 76, translating to approximately a 4.1% increase when compared with February 2023. For greater Stittsville, unit sales in February 2024 (all housing types) were 52 units, representing approximately a 4% increase from February 2023. In Kanata, the average sale price in February 2024 was $684,336 for all housing types, essentially flat (-0.2%) when compared to February 2023. For greater Stittsville, the average sale price, February 2024 versus February 2023, decreased 2.2% to $743,023 for all housing types. (Source: Ottawa Real Estate Board Residential Market Activity and MLS® Home Price Index Report-Detailed, February 2024)

February residential inventory in Ottawa – 1,539 new properties (all housing types) on the market in February 2024, an increase of approximately 29.5% when compared to February 2023 and 10.3% above the five-year average for February. At the end of February, there were 2,158 homes for sale (all housing types), about a 16.3% increase when compared to the end of February 2023 and a 10% increase when compared to the end of January 2024 (1,961 active listings).

At the end of February 2024, Ottawa’s inventory of homes (all housing types) was 2.4 months, unchanged from the end of February 2023 (this is the number of months it would take to sell current inventories at the current rate of sales activity).

The Ottawa market is getting stronger. Demand is here, confidence is building and with the warmer weather, showing activity is increasing. Potential purchasers are following the market closely, watching for new properties on the market, sales in the neighborhoods their interested in and interest rates. With the Bank of Canada holding the policy interest rate again, it is a good time to check with your own mortgage broker and bank on their lending rates and terms, especially if you are looking to refinance or port your mortgage to the new property within the year. We are seeing some reductions in fixed interest rates and some reductions in rates with banks working with new build developments. If you are thinking of purchasing new, please contact us and we can update you on new developments.

Click here to read our Ottawa Market Update February 2024 – 50 Years of Change.

Source: Ottawa’s MLS® Market Activity Shows Strong Start to the Year, OREB, February 6, 2024)

March view of Maple Sugar Bush
Feb HPI & AVG price graph Ottawa

Latest Mortgage Information

Protecting Your Home: Understanding Mortgage Life and Disability Insurance Coverage

As we step into the month of March, it’s crucial to shed light on an aspect of financial planning that often gets overlooked: safeguarding your home investment. For many Canadians, homeownership represents a significant milestone and a cornerstone of financial stability. However, unforeseen circumstances such as illness, disability, or even death can disrupt the dream of homeownership, leaving families vulnerable to financial strain.

Here are a few statistics to consider:

  • 1 in 3 Canadians will be disabled for 90 days or more before age 65.
  • 33% of all workplace disability claims are related to mental health.
  • 56% of Canadians who took time off for a disability said they returned to work early due to financial reasons.
  • 10 months is the average length of time disabled claimants are off work.

This is where mortgage life and disability coverage play a vital role. These insurance options provide a safety net, ensuring that your mortgage obligations are met even during challenging times. Let’s delve into why they are essential:

  1. Protecting Your Loved Ones: Mortgage life insurance ensures that if the unexpected happens and you pass away, your loved ones won’t be burdened with the mortgage debt. It can provide peace of mind, knowing that your family can remain in their home without the added stress of financial obligations.
  2. Safeguarding Against Disability: Disability coverage steps in to help cover your mortgage payments if you become disabled and are unable to work. This protection ensures that you can continue to meet your financial commitments, keeping your home secure even during periods of incapacity.
  3. Financial Security: Both mortgage life and disability coverage offer financial security during uncertain times. They provide a safety net, allowing you to focus on recovery or grieving without the added worry of potential foreclosure or financial instability.
  4. Tailored Solutions: Insurance providers offer flexible options tailored to your needs and budget. Whether you’re a first-time homebuyer or a seasoned homeowner, there are policies designed to fit various circumstances, ensuring that you find the right level of protection for your home.
  5. Peace of Mind: Ultimately, investing in mortgage life and disability coverage grants peace of mind. It’s a proactive step towards securing your family’s financial future and ensuring that your home remains a place of comfort and stability, regardless of what life may throw your way.

If you would like to discuss further to ensure you are protected please contact me.

Reni McNeil
Mortgage Brokers Ottawa
Apply online: www.renimcneil.ca
License: 11759

In the Community

International Women’s Day (March 8, 2024) is a global day celebrating the social, economic, cultural, and political achievements of women. The day also marks a call to action for accelerating gender parity. Significant activity is witnessed worldwide as groups come together to celebrate women’s achievements or rally for women’s equality.  As part of International Women’s Day this year I am pleased to take part in Royal LePage’s discussion panel for women in business.

We are proud supporters of the Royal LePage Shelter Foundation dedicated to funding women’s shelters and domestic violence prevention. Click here to learn more abut the organization and how to offer your support!

Things to Do This Month

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


Brokers/sales representatives or real estate brokerages are now governed by a new act (as of Dec 1st, 2023) called Trust in Real Estate Act. An agent is legally obligated to look after the best interests of the client they are representing and be loyal to them.

We as brokers/sales representatives believe it is important that the people we work with understand the type of representations that now exist under the new Act.

In Real Estate, there are different possible forms of representation:

  • Client Representation (Buyers & Sellers)
  • Self Representation (individuals who have chosen to represent themselves)
  • Multiple Representation (Designated sales representative representing more than one client with interest in the same transaction)

It’s important for you to understand the different types of representation, should you consider buying or selling any real estate. Be sure you have your broker/sales representative explain what the differences are.  You can refer to the Real Estate Council of Ontario Information Guide for more information.

It is best for you to have a contract up front with an agent working for you, so that your best interests are looked after.  Learn more about the different types of representation provided and defined by the Real Estate Council of Ontario by clicking here

Contact us with your real estate questions! We would be happy to provide you with an update on neighborhood market values and housing options throughout Ottawa.


Market Value of Your Home & Preparing Your Home for Market

If you were to put your home up for sale tomorrow, how would you determine the market value and what it would likely sell for? and how do you get the most dollars? Your home’s probable selling price is influenced by the following factors:

  1. The type and style of your home.
  2. The condition of your home. (Is it “move in” ready?)
  3. Have major items (roof, furnace, windows, kitchen, baths, etc.) been updated?
  4. How well your home shows (Is it staged?)
  5. The desirability of the neighbourhood and your home’s location.
  6. Recent selling prices of similar homes in the area.
  7. The current demand for a home like yours.

All these factors, especially recently sold homes in your neighborhood, need to be considered in order to determine the market value of your home and the price range within which your property will likely sell.

Why is this information important and how do you prepare your home for market? Click here to learn more

viewing a home

Tips When Viewing a Home

Whether you’re looking for your first home or have purchased several times, there are some key criteria you should consider. It is important to have a short list of criteria to help you assess how the home will meet your lifestyle needs. Here are some tips when viewing a home:

Gifts & Loans for Down Payment on Homes

When buying a home, it can be difficult to come up with the funds for the down payment. Many home buyers are getting down payment assistance from family. Learn more about gifts and loans and the rules associated with them.

Buying a Rural Property

Things to Consider When Buying a Rural Property

Are you considering purchasing a rural property? Getting away from the hustle and bustle of city life certainly has it’s appeal! When buying a rural property there are considerations to keep in mind that are different then when buying a property in the city.

Featured Homes for Sale, Rent & Recently Sold

We would be happy to answer any of your questions about these beautiful homes, the greater Ottawa real estate market and market activity in specific neighborhoods.

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“I wanted to take this time to thank all three of you for the great advice, service and overall experience with the purchase of our new home and the sale of our existing property. As a couple who have never gone through this process, the time and patience that your team provided were crucial to our success. Thanks again for all your knowledge and support during this whole process!”