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Kanata Real Estate Agents

Staying in Touch May 2023 Newsletter

Happy May & Mother’s Day!

We are all enjoying the early spring weather and meeting clients at the well attended open houses. This is a positive way to help you understand market value and confirm the style of home that interests you.

It is also the time to take inventory of your exterior “to do” list, click here to read our blog for a few easy curb appeal and cleaning tips, and remember to take pictures so when the right time comes to sell, you will have them. Luc would be very happy to help you with his photography skills!

University students have finished their final exams and are looking for summer employment. A great opportunity to hire for quick help and to give them some good experience and support for their education.

The real estate market continues to need more confidence for buyers and sellers to gain more momentum. Supply is still low in many neighborhoods making it more difficult for purchasers and sellers to achieve their plans. We do believe that this will be short lived and by the end of the year the market will be stronger. Market value is still good and some homes are receiving multiple offers. We saw a 5% gain in average prices in April over March for freehold properties and a 4% gain in average prices in April over March for condominiums. Remember all neighbourhoods are different in supply and demand so it is very important to analyze the stats for your neighbourhood to assist in assessing your personal situation.

We are very proud supporters of the Royal LePage Shelter Foundation, who established its own foundation in 1998, to harness the collective goodwill of its agents, brokers, and staff from across the country. The Royal LePage Team Realty ‘Denim Tuesday’ annual breakfast and auction takes place this year on May 16th. The event brings Royal LePagers together to help bring safety and hope to abused women and children.

There are many changes that are happening in the environment, let’s give a helping hand. This year for every house we sell, we will be planting a tree on behalf of our clients. To learn more about how you can help to support the future of our forests and ensure a greener tomorrow click here.

This month we’ve included:

  • Update on the Ottawa market and Mortgage information on selecting your Mortgage Term
  • Articles: Saving for your first home? Here’s what you need to know about Canada’s First Home Savings Account (FHSA), Canada’s real estate market: Buyers are back, but where is the inventory? and Improve Curb Appeal Instantly with Simple Tips
  • Market news and Upcoming community events including Mother’s Day Activities

We are always grateful for your referrals of family and friends. Looking forward to seeing you personally now that weather is warming up.

Joan, Victoria & Luc

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Follow us on:

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

Market Update

The Ottawa Real Estate Board reports 1,488 residential and condominium properties sold in April 2023 compared to 1,876 in April 2022, representing approximately a 21% decrease in units sold. Year to date (as of  April 1, 2023) residential unit sales declined by 32.4% compared to 2022, and condominium unit sales year to date decreased 36.7% when compared with sales in 2022 for the same time period.

The average sale price for residential properties sold in April 2023 was $747,123 compared to $827,511 in March 2022. The average sale price for condominium properties sold in  April 2023 was $435,875 compared to $474,045 in April 2022. However, “looking at the stats for the first four months of 2023, average prices have increased by 13.9% since the market low in December 2022.”

For Kanata, unit sales in April 2023 (residential and condominium) were 135 compared to 164 sales in April 2022 (approximately a 17.7% decrease). For greater Stittsville, unit sales in April 2023 (residential and condominium) were 80 units compared to 82 units in April 2022 (approximately a 2.4% decrease).

In Kanata, the average sale price in April 2023 versus April 2022 decreased 10.5%, for all housing types. For greater Stittsville, the average sale price April 2023 versus April 2022, decreased 12.7%, for all housing types. (Source: April 2023 – Sales by District & Area, Residential and Condominium Property Classes, OREB MLS®, May 1, 2023 – Report#3).

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

April residential inventory in Ottawa crept up to 2140 homes for sale by the end of the month, about a 4.69% increase when compared to the inventory of residential homes at the end of March 2023, however about a 63.23% increase when compared to April 2022. Condominium inventory rose to 620 active units at the end of April 2023 compared to 631 units in March 2023, relatively flat, about a 1.7% decrease. When compared to active condos at the end of April 2022, condo inventory in April 2023 increased 56.56%.

Ottawa has less than 2 months of inventory and this is resulting in some price pressure in specific neighborhoods and types of housing, moving the market back into seller’s market territory. Keep in mind the stats are averages, which means you need to look at specific neighborhoods to see what is really happening. April’s new listings (2,144) in Ottawa were 25% lower than April 2022 (2,843) and up 3% from March 2023 (2,089).  Now is a good time to put your home to market and show off yards, gardens, views and get a Summer closing date. Please let us know if you would like a complimentary market evaluation, assistance in getting your home ready or would like discuss a home purchase plan! Source:  2023 – Ottawa Real Estate Board Inventory by Month – All Property Classes, Monday, May 1st, 2023 – Report#7).

Ottawa Inventory - Residential & Condo, May 1st, 2023

Latest Mortgage Information

Determining the Best Mortgage Term – Choosing the mortgage term that is right for you can be a challenging proposition for even the savviest of homebuyers. By understanding mortgage terms and what they mean in dollars and sense, you can save the most money and choose the term that is right for you.

If paying your mortgage each month places you close to the financial edge of your comfort zone, you may want to opt for a longer term mortgage, for instance five years, so that you can ensure that you will be able to afford your mortgage payments should the interest rates increase. By the end of a five year mortgage term, most buyers are in a better financial situation, have a lower principle balance due, and should interest rates have risen, will be able to afford higher mortgage payments.

If cash flow is not your main concern at this point, you may opt for a sorter term option in the current rate environment. This will allow time for rates to re-adjust and get back to a lower range that we have seen in the past.

In any case, it is always best to talk to a Mortgage Agent to ensure you are getting the best product for your needs.

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

News & Updates

In the Community

Things to Do on Mother’s Day

Ottawa has so many great ways to treat every mom to something special for Mother’s Day

Whether it’s enjoying a nice brunch, exploring Ottawa together, relaxing spa days or sharing a family dinner, there is sure to be something that Mom will love!

Click here for a few ideas!

 

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

First Home Savings Account

Saving for your first home? Here’s what you need to know about Canada’s First Home Savings Account (FHSA)

As of April 1st, Canadians aged 18 or older who are purchasing their first home are eligible to enroll in a tax-free First Home Savings Account (FHSA). This new account aims to give Canadians a helping hand.

Canada’s real estate market: Buyers are back, but where is the inventory?

With demand outpacing supply, Royal LePage adjusts forecast upward following stronger-than-expected start to 2023. As a result, home prices in Canada are expected to continue climbing.

curb appeal

Improve Curb Appeal Instantly with Simple Tips

Curb appeal refers to how your property looks from the street, where potential buyers first see it. Your home’s curb appeal can have a big impact on the sale of your property. In fact, it’s not uncommon for a buyer to drive by a listing, rather than stop, because they don’t like what they see. Here are some simple tips

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

We were very pleased with your services.  The market evaluation was very thorough and you took the time to explain the differences with other comparables.  The advice on staging really made a difference in how the house presented and the photographs were excellent.  You were quick to respond to any questions we had and we will definitely recommend you and request your services if we ever need to buy or sell again.  It was a very positive experience for all of us.

Sue

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!

Kevin