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Kanata Real Estate Agents

Staying in Touch November 2023 Newsletter

Happy November!

Hopefully you have been enjoying the fall and had time to do your fall maintenance and cleanup before the snow arrives. The real estate market is behaving like the weather, poking along and changing frequently.

How many new listings came to market, how many sales have there been in the past month are factors to gauge market value. It is very important to be competitive and have the right listing price in a market that is changing. Home sales totaled, 816 units in October 2023, about a 2.7% decrease when compared to October 2022. Overall 10,700 units year to date, about a 12.3% decline for the same period in 2022.

All in all it is important to keep to your plan to buy or sell in your time frame, buying and selling at the same time helps. It is interesting to note that there is an increasing number of families sharing homes and building coach houses on their property across Canada. It is forecasted that in the future with the shortage of homes and to lower costs, more families and friends will be sharing homes. Continue to follow the market activity which keeps you informed about your investment and when the time is right for you to make a change.

On November 11th each year, Canadians stand in collective Remembrance of all who have fallen in the military service of their country. The Legion, on behalf of the people of Canada, organizes and conducts the National Remembrance Day service in Ottawa. Click here for more details.

This month we’ve included:

  • Update on the Ottawa market and Mortgage information on Fixed or Variable Rates
  • Articles: “Finishing Your Basement to Add Value“, “Role of a Real Estate Lawyer When Buying a Home”, “It’s not always about Price, when it comes to Offers on Homes”
  • Market news and Upcoming community events including Santa Claus Parades in the Ottawa area.

We are always grateful for your referrals of family and friends. Feel free to contact us with any questions and follow us on our social channels!

We thank you for your continued trust.

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 816 properties sold in October 2023, approximately a 2.7% decrease in homes sold when compared to October 2022 and 15.9% less when compared to September 2023. Year to date (as of November 1, 2023) home sales totaled 10,700 units (all housing types), a 12.3% decrease when compared to 2022 for the same time period.

The Ottawa Real Estate Board will now be using the MLS® Home Price Index (HPI) to track changes in the real estate market (this tools 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 $638,600 in October 2023, up 1.8% from October 2022. Benchmark price for single family homes was $721,600, up 2.2% when compared to October 2022. The benchmark price for a townhouse was $501,100, up 1% year-over-year basis in October.  The benchmark apartment price was $424,100, unchanged from a year ago.

The average sale price for homes sold in October 2023 was $660,836, an increase of 2.9% from October 2022. Year to date Ottawa average price was $671,983, a decline of 5.9% when compared to the first ten months of 2022.  Keep in mind, its important to look at what is happening in your neighborhood and with comparable homes. (Source: Ottawa MLS® October Home Sales Show Typical Lull, OREB, November 7, 2023)

For Kanata, unit sales in October 2023 (residential and condominium) were 73 compared to 80 sales in October 2022 (approximately a 8.8% decrease). For greater Stittsville, unit sales in October 2023 (residential and condominium) were 40 units compared to 39 units in October 2022 , relatively no change.

In Kanata, the average sale price in October 2023 versus October 2022 increased 10.5% for all housing types. For greater Stittsville, the average sale price October 2023 versus October 2022, decreased 7.3%, for all housing types. (Source: October 2023 – Sales by District & Area, Residential and Condominium Property Classes, OREB MLS®, November 1, 2023 – Report#3).

October residential inventory in Ottawa – 1,895 new listings in October, an increase of 6.6% when compared to October 2022.  At the end of October, there were 3062 homes for sale (all housing types), about a 16.7% increase when compared to the end of October 2022. Active listings were 43.8% above the five-year average and 10.9% below the 10 year average for October.

At the end of October 2023, Ottawa’s inventory homes (all housing types) was 3.8 months, an increase from 3.1 months at the end of October 2022 (this is the number of months it would take to sell current inventories at the current rate of sales activity).

While the supply of homes on the market has been increasing the last several months and we have shifted into a balanced market, there is still demand given the past supply issues.  Serious buyers are looking and making purchases of homes that reflect market value, in good condition and location. Taking the steps to prepare a home for market is paramount, as well pricing the home based on recent market activity in a home’s surrounding neighborhoods. We would be happy to provide you with a market update on your neighborhood and neighborhoods you are interested in.

(Source: Ottawa MLS® October Home Sales Show Typical Lull, OREB, November 7, 2023)

Ottawa MLS hpi composite benchmark price & avg price trend graph -Nov 7

Latest Mortgage Information

Fixed Or Variable? High Stakes For Homeowners

Choosing between a fixed or variable-rate mortgage has become a high-stakes decision. While variable-rate mortgages lost favor due to Bank of Canada interest rate hikes, fixed-rate mortgages have also risen from pandemic lows. Some borrowers still opt for variable rates, believing that rates have peaked and are comfortable with their payments. Variable rates often have less severe penalties for early loan termination.

Traditionally, variable rates were slightly lower than fixed ones, but now, five-year variable-rate mortgages are often more expensive. This means that variable-rate borrowers need Canada’s central bank to lower prime rates for savings. The Bank of Canada recently kept its key rate steady but signaled future increases to combat inflation.

Variable-rate borrowers must be prepared for potential rate hikes and consider higher monthly payments or longer loan terms. Converting a variable-rate mortgage to a fixed one may incur penalties. Fixed rates offer stability but are currently at their highest in years.

To make the right choice, start by examining your budget and actual expenses. Many Canadians are shifting back to fixed-rate mortgages for monthly stability. Some are opting for shorter terms, hoping rates will fall in the future. Seek personalized advice from financial professionals to match the loan with your unique situation, goals, and life stage.

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

News & Updates

In the Community

Remembrance Day Ceremonies Nov. 11th

Santa Claus Parades this Month:

Things to Do This Month

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

Is it time to change your lifestyle? Learn about rightsizing

When people ask themselves, is it time to downsize? It is important to know that downsizing is about simplifying and changing your lifestyle to one that better fits you and your family. Think of it as rightsizing!  When looking at rightsizing, here are some things to consider:

  • There are many different neighbourhoods and types of houses in Ottawa and the surrounding areas to suit your preferred lifestyle, such as townhouses, condominiums or apartments and adult or retirement communities. They offer many different lifestyle options, whether you are looking for a quieter, less hectic environment, an active social hub or parks, schools and other amenities geared towards younger families.
  • Think about what you do day to day and where you would like to be close to: parks, shopping, other amenities, family and friends. Check out different Ottawa neighborhoods and what they offer.

Before making the move to rightsize, create a list of your needs, and understand why it’s important to make this move. This is essential to ensure you don’t rightsize into something that doesn’t meet your needs.

Click here to read our blog with more information.

Are you considering rightsizing? You can count on our team of experienced Ottawa REALTORS® to guide you through the process every step of the way! We have professional contacts to assist you in getting ready and we would love to have a discussion with you about all of the options and communities that will be best suited to you!

 

Buyer Resources

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. These topics explain what you need to know and do to successfully sell your home.

Click here to learn more about our Seller’s Guide

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!

Sellers Resources

finishing your basement

Finishing Your Basement to Add Value: Key questions to ask

Finishing your basement has become one of the most popular renovation projects to maximize both space and value in your home. Before you begin the process of finishing your basement there are some key factors to consider to get the most value out of your project.

real estate lawyer

Role of a Real Estate Lawyer When Buying a Home

When purchasing a home it is important to select a good real estate lawyer who represents your best interests in the closing of the transaction. Your lawyer will help with multiple aspects of both buying and selling real estate from arranging title insurance to handing over the keys.

It’s not always about Price, when it comes to Offers on Homes

As the market has shifted, when considering an offer or if you are able to secure two or more competing offers for your home, price will definitely play a role. However, price isn’t the only thing you should think about when reviewing an offer(s). Learn about other things to consider.

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!

Testimonials

We recently had the pleasure of working with Joan, Luc and Victoria. We couldn’t be happier with the results! They sold our house within two weeks and received multiple offers resulted from their exceptional services in all areas, including property appraisal, staging, photography and marketing, showing, and negotiations and closing services. Throughout the entire selling process, Joan and Luc kept us updated with showing requests and always responded quickly to any questions that we had. During negotiations and securing the offer process, Joan and Luc were professional, knowledgeable, working tireless, and always available to answer any questions or concerns we had. They made the process stress-free and as smooth as it could be. We are grateful for their expertise and excellent services. If you’re looking to buy or sell a property, we highly recommend Joan and her team. Their combination of expertise and personalized services sets them apart from the rest.

Li & Yan