Kanata Real Estate Agents

Staying in Touch May 2024 Newsletter

Happy May & Mother’s Day!

It is amazing in May how the tulips blooming, trees budding and the grass getting greener gives us a lift and the desire to spend more time outside. The same holds true for the Ottawa real estate market, activity is increasing and the more typical Spring market has returned as confidence increases among buyers and sellers. We are seeing more people attend open houses, look at more homes and the supply of homes is also starting to increase.

Royal LePage believes the market has levelled out and the prices may gradually increase in 2024, see their revised forecast. Remember a lot of the stats we see in the headlines are averages, they give us a gauge but its important to look at what is happening in your neighborhood and surrounding neighborhoods.

The market is gaining strength in sales and more homes are being listed, presenting good opportunities for those looking to purchase. We have found the buyers are expanding their searches in more neighbourhoods to help them understand market value. It isn’t necessary to rush to buy or sell, but if you prepare yourself before hand, i.e. decluttering your home, getting your financing pre-approval, you are ready to act when the time comes. If you need some professional contacts, please feel free to contact us for some suggestions.

The Ottawa market is transitioning into a more balanced market, that being said, it really depends on the neighborhood and type of home. Townhomes are still in shorter supply and as we move to Summer closings, the single family home market is very active.

This month we’ve included:

Any questions give us a call or email, we do love to chat.

Joan, Victoria & Luc

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Market Update

The Ottawa Real Estate Board reports 1,456 properties (residential & condominiums) sold in April 2024, approximately a 8.9% increase in homes sold when compared to April 2023 and approximately 25% more sales when compared to March 2024 (1,165 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 $643,700 in April 2024, up approximately 1.6% from April 2023, up approximately 1.1% from March 2024. Benchmark price for single family homes was $727,700 up 1.6% on a year-over-year basis when compared to April 2023. The benchmark price for a townhouse/row unit was $500,800, up slightly at 1% compared to a year earlier. The benchmark apartment price was $423,100, representing a 2.1% increase from a year ago.

The average sale price for homes sold in April 2024 was $705,117, increasing 1.2% from April 2023. For the first four months of this year, the year-to-date average price was $675,817, up 2.4%. 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, April 2024)

For Kanata, unit sales in April 2024 (all housing types) were 158, translating to approximately a 16.2% increase when compared with April 2023. For greater Stittsville, unit sales in April 2024 (all housing types) were 79 units, representing approximately a 1.2% decrease from April 2023. In Kanata, the average sale price in April 2024 was $707,946 for all housing types, representing approximately a 3.1% decrease when compared to April 2023. For greater Stittsville, the average sale price, April 2024 versus April 2023, decreased 2.1% to $774,169 for all housing types. (Source: Ottawa Real Estate Board Residential Market Activity and MLS® Home Price Index Report-Detailed, April 2024)

April residential inventory in Ottawa – 2,597 new properties (all housing types) on the market in April 2024, an increase of approximately 40.5% when compared to April 2023 and 19.7% above the five-year average for April. At the end of April, there were 2,966 homes for sale (all housing types), about a 36.6% increase when compared to the end of April 2023 and 62.6% higher when compared to the 5 year average for April.

At the end of April 2024, Ottawa’s inventory of homes (all housing types) was 2 months, up from 1.6 months at the end of April 2023 (this is the number of months it would take to sell current inventories at the current rate of sales activity). However, the key is too look at the inventory in your own neighborhood and those close by if you are thinking of making a change. Contact us if you would like an update on your neighborhood.

If you are planing to sell or purchase this year or next, now is the time to make a plan, whether that means developing a financial plan to purchase your first home, upsize or rightsize, determining what kind of housing option you are looking for and/or getting your present home ready for market. We are happy to help with all. A market evaluation of your present home will assist with estimating your budget, as well as, prioritizing any items to be repaired/updated before putting your home on the market. A good mortgage broker can run some scenarios for you, to give you an idea of your monthly mortgage payment & additional costs (taxes, insurance, condo fee if applicable, etc.).


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

Source: Modest Gains Across Ottawa’s MLS® Market a Sign of Shared Confidence, May 6, 2024

MLS HPI Composite Benchmark Price & Average Price, Ottawa April 2024

Latest Mortgage Information

Budget 2024: Everything You Need To Know

In the government’s recently announced budget for 2024, they outlined several proposed tactics to tackle the urgent needs of building more homes, making life more affordable and ways to grow the economy. In this article we will dive into everything you need to know about the newly proposed changes relating to housing, homeownership, and mortgages. 

Building More Homes:
⦁ $1.1 billion over ten years to convert 50% of federal offices into homes.
⦁ Utilizing Canada Post properties for new homes, starting with six properties in Quebec, Alberta, and British Columbia.
⦁ Exploring redevelopment of National Defence properties for military and civilian use.
⦁ $15 billion top-up for Apartment Construction Loan Program to build 30,000 new homes.
⦁ Increase in capital cost allowance rate for apartments from 4% to 10%.

Mortgage Changes:
⦁ Initiative to allow renters to report rent payments to credit bureaus for better credit scores.
⦁ Extending mortgage amortizations to 30 years for first-time buyers of newly constructed homes. (Effective August 1st, 2024)
⦁ Increase in Home Buyers’ Plan withdrawal limit from $35,000 to $60,000. (Effective April 16th, 2024)
⦁ Changes to Canadian Mortgage Charter to benefit mortgage holders during relief measures and renewals.

 Increases to Capital Gains:
⦁ Proposed increase in taxable portion of capital gains to two-thirds for gains over $250,000.
⦁ Lifetime capital gains exemption increased to $1.25 million, indexed to inflation.
⦁ Estimated revenue of over $19 billion over five years.

Many of the proposed changes in the budget have been advocated for by mortgage brokers, lenders, and organizations in Canada for some time now. Mortgage Professionals Canada (MPC) have been dedicated to advocating for the mortgage industry’s best interests and collaborating with the government to ensure continued efforts in creating a more accessible housing market for all Canadians.

One recommendation still revolves around the creation of a permanent housing roundtable; a measure that would bring together all orders of government, industry, and civil society to develop harmonized solutions to the housing supply and affordability crisis. Increasing the value of mortgage insurable homes from $1 million to $1.25 million is also a topic that will require further work. We will also have to see how the increase on taxes on capital gains impacts the market.

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

In the Community

Things to Do on Mother’s Day
Here are a few local plant sales, local farmers’ markets & activities to enjoy together:

Buying Strategies for Today’s Market

With changes in the Ottawa real estate market, many buyers, especially first-time buyers, have had a harder time trying to get into the market place. However, with recent supply increases and settling of the market, now is a good time to review several buying strategies, that may help you.

  • Many of us plan to buy our forever home. It is more realistic to choose a home that will suit your present needs and build some equity. When the time comes in the future to make a change, you can either renovate or upgrade, leveraging the equity you have built up. From condo apartment and townhomes to freehold townhomes, small and larger singles, choose a path that makes sense for you.
  • Leverage the knowledge of an experienced realtor® in the neighborhoods you are interested in. A realtor® that knows the recent comparable sales, actually been in the homes and knows their features, i.e. square footage, condition, upgrades, any issues, will allow you to understand fair market value and give you confidence in purchasing.

Click here to read our blog with more Buying Strategies!

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 KanataStittsville 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.


Questions to Ask when Selling your Home

If you’re thinking of selling your house, you probably have a lot of questions that need answers. In fact, knowing the questions to ask when selling your house is key to selling successfully and for the best price. 

Here are some of the most important questions to ask:

  • How much is our house likely to sell for in today’s market? What should the listing price be? What are the selling costs?
  • How long will it take to sell? What happens if our house takes longer than expected to sell?
  • How do we prepare our house for the sale? Will we need to make any major improvements? Will we need to hire a contractor?

You can count on The Joan Smith Real Estate Family to help you navigate through the complex process of selling your home. We will review with you all the elements of our Home Sellers’ Guide that will ensure the successful sale of your home. If you are planning to sell your current home and buy a new one, check out our Selling and Buying a Home at the Same Time page for some useful tips and advice.

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!


Considering Condo Living? What You Should Know

A condominium offers a lower maintenance lifestyle and often many amenities such as swimming pools, gyms, security, social activities and others, depending on the type of condo.  Here are some important factors to consider before buying a condo.


Fix it or Leave it As Is?

We are often asked should I fix it or leave it as is? When you’re preparing your home for sale, you obviously want your property to look its best for potential purchasers. But, how do you decide whether to fix or improve something versus just leaving it as is?

Home Lighting

Let the Light Shine In: Home Lighting

If you are considering selling your home, lighting can make a big difference in the impression your home has on buyers, it can also have an impact on your well-being. Better lighting can boost your energy, increase alertness, and help you sleep better.

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.

Contact Us!


“Joan, Victoria, and Luc are a hard-working, detail-oriented, experienced, knowledgeable, strategic, value-for-dollar real estate team. They are good listeners, respectful of the client’s needs, clear communicators, available and responsive. Their professionalism is second to none. I highly recommend them.”