Happy November!
Everything can sure change quickly, more properties for sale, interest rates, our investments and the housing market. Ottawa was certainly noticed by many buyers in the last couple of years, now we are back to our more traditional market. Typical Ottawa price gains were 3 to 5 percent up until 2020, see the average price increases in Ottawa. Keep in mind we have also had similar interest rates in the past 2 decades.
All this being said, by the media too, remember we all need a place to live and real estate does offer security. If you can purchase a home in the same market as you’re selling, then there is a balance. You will also have more confidence to purchase as you can take more time to review a number of houses, have the opportunity to get a building inspection and consider your financing options and budget. Reviewing your financing options and understanding your pre-approval is key, i.e. are their any conditions to the pre-approval? As the market changes, banks and lenders are getting more detailed.
On the selling side, preparation of your house is important and that is where we can help you get ready for the 2023 market. We have the necessary experience to guide you. Many of our clients have congratulated us on the advice we have given them for showing their homes at their best and helping them one step at a time to get ready. Overall buyers and sellers are taking their time, building their confidence to buy or sell.
This month we’ve included: mortgage news on financing approval, some tips on what to watch for when viewing an older home, closing day preparations, the effect of trees on the value of your property & some tips on how to update your kitchen. There are also many great events you can take part in like the National Remembrance Day Ceremony ,Crave Food & Wine Festival , One World Bazaar and more.
In the community we thank and honour our veterans and first responders. Learn more about Wounded Warriors Canada. We are also excited to support a second minor hockey team U14 AA Kanata Blazers and wish them the best for a great season!
We would love to hear from you, please feel free to call or send us an email with any questions.
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 987 residential and condominium properties sold in October 2022 compared to 1,670 in October 2021, representing approximately a 40.9% decrease in units sold. Year to date (as of November 1, 2022) residential unit sales declined by 23.7% compared to the same time period in 2021, and condominium unit sales year to date (as of November 1, 2022) decreased 20.5% when compared with sales in 2021.
The average sale price for residential properties sold in October 2022 was $677,873 compared to $716,420 in October 2021. The average sale price for condominium properties sold in October 2022 was $445,691 compared to $407,948 in October 2021. Year to date October 2022, the average price for a residential home in Ottawa is $780,390, an 8.4% increase for the same time period in 2021. For condominiums, the average sale price year to date October 2022 was $456,470 an increase of 8.7% when compared with the same time period last year.
For Kanata, unit sales in October 2022 (residential and condominium) were 80 compared to 134 sales in October 2021 (approximately a 40.3% decrease). For greater Stittsville, unit sales in October 2022 (residential and condominium) were 39 units compared to 77 units in October 2021 (approximately a 49.4% decrease).
In Kanata, the average sale price in October 2022 versus October 2021 decreased 17.8%, for all housing types. For greater Stittsville, the average sale price October 2022 versus October 2021, increased 7.3%, for all housing types. (Source: October 2022 – Sales by District & Area, Residential and Condominium Property Classes, OREB MLS®, November 1, 2022 – Report#3).
For the full report see “50 Years of Change in the Ottawa Market”
October residential inventory in Ottawa crept up to 2538 homes for sale by the end of the month, relatively flat when compared to the inventory of residential homes at the end of September 2022, however about a 97.2%% increase when compared to October 2021. Condominium inventory rose to 681 active units at the end of October compared to 721 units in September 2022, representing about a 5.5% decrease. When compared to active condos at the end of October 2021, condo inventory in October 2022 increased 38.4%.
The real estate market has definitely changed from 2021, combined with interest rate changes and inflation. Buyers are being more cautious, looking at more homes before making a decision. Now is a good time if you are thinking of purchasing, a review of your finances with your bank/mortgage broker is key before getting into an offer situation. If you are thinking of selling, pricing, curb appeal, staging and home presentation are even more important. (Source: 2022 – Ottawa Real Estate Board Inventory by Month – Residential and Condo, Monday, November 1, 2022 – Report#7)
Latest Mortgage Information
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.
Occasionally lenders will require an appraisal just prior to funding. This may happen with new construction (a unit has to be 97% complete before an appraisal can be done). It can also happen if the property tax amount that the lawyer has uncovered is significantly different from the property tax amount used at submission.
As always, an experienced mortgage professional can help make the process easier, and this is more important than ever in today’s environment
Karen Lemieux
Mortgage Brokers Ottawa
Apply online: www.karenlemieux.com
karenl@mortgagebrokersottawa.com
License: 11759
Request A Home Evaluation Today
News & Updates
- BoC’s Macklem says interest rate hikes are nearing an end, but to expect borrowing costs to rise before levelling out, Globe and Mail, Mark Rendell, Nov. 1, 2022
- Provincial bill ‘critical’ for Ottawa housing goals: GOHBA, Ottawa Business Journal, Sarah MacFarlane, Oct. 27, 2022
- Ont. to end development fees for homeowners adding rental units, Toronto Star, Robert Benzie, Oct. 21, 2022
- Dream LeBreton unveils two-tower design for Ottawa project, Real Estate News Exchange, Dave Wilcox, Oct. 28, 2022
- Ottawa’s official plan being scrutinized by Ontario, Ottawa Citizen, Taylor Blewett, Oct. 21, 2022
- Nokia to spend $340M to upgrade Ottawa HQ, Ottawa Citizen, The Canadian Press, Oct. 17, 2022
- Royal LePage forecast adjusted downward: National aggregate home price set to end year modestly below 2021 following third quarter price declines in majority of Canadian markets, Royal LePage, Oct. 13, 2022
In the Community
- It is wonderful to be able to offer our support to the Kanata Blazers, a fantastic organization who provide new opportunities for these young players to develop their hockey and leadership skills on and off the ice. Here is the 2nd hockey team we support, U14 AA Kanata Blazers.
- Thank you to our veterans and first responders. We are happy to support Wounded Warriors Canada, an organization supporting individuals, couples, spouses, surviving spouses, and children of those who serve or have served our country and communities. They also provide leading-edge trauma-informed workplace training geared towards helping make trauma exposure management a new professional standard for uniformed service persons. Learn more
Things to Do This Month
- Canada Army Run – Nov 6
- National Remembrance Day Ceremony – Nov 11
- Crave Food & Wine Festival – Nov 11, 12
- An Intimate Evening with Serena Ryder – Nov 12
- World Trivia Night – Nov 18
- Various Christmas Markets – Throughout November
- One World Bazaar – until Nov 20
- Local Santa Claus Parades – Various dates in Nov/Dec
See more events:
Things to do in Ottawa this weekend & Ottawa Tourism
What to Watch for when Viewing an Older Home
Buying an older property in Ottawa and the surrounding communities definitely has its advantages. The neighbourhood will already be well-established, so you’ll be able to get a sense of the community. The trees will be grown. The area will have a defined character. Schools, shopping, transit will be in place. This combination of an older home and established community may be something you like, or even love. However, when you’re viewing an older home for sale in Ottawa, there are a few extra things you need to be sure to check.
Here are the most important:
- Needed replacements
- Building issues
- Hazerdous materials
- Drafts.
Read more about the things you need to check for when viewing older homes in our blog post here.
Are you considering buying a home? Do you have questions? We are very happy to answer your questions or discuss the Ottawa market with you. We are experienced Ottawa and Kanata REALTORS® and we would be pleased to help you, a family member or friend. Feel free to contact us!
Home Selling Advice
For many people, selling a home may seem simple at first. In fact, there are many elements to consider when selling your home. To help potential sellers see things a little more clearly, we’ve created a home sellers’ guide that is divided into several topics, from evaluating your home to receiving offers.
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
Plans to Make before Closing Day
When you sell your property & buy your next dream home, closing day can come quickly! It’s important to make proper plans to ensure everything goes smoothly.
Property Value of Trees
Do trees really effect your property value? Yes! Did you know that investing in your landscaping can boost your home’s value by 10 to 20 percent?
Kitchen Improvements for under $100
There are many low-budget improvements that can make your kitchen look considerably more attractive. Here are a few ideas:
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
“The Joan Smith Real Estate Family did an outstanding job with the sale of our property. They promptly were able to action all of our requests in a timely manner, staged our house extremely nicely, and were able to sell our home within 3 business days of it being listed on the market. I highly recommend Luc and the Joan Smith Real Estate Family.”
Dylan