Happy Thanksgiving & Fall Market Begins!
The leaves are changing their colours and it is a little cooler but great for sleeping. We are looking forward to spending time with family and friends for Thanksgiving! Don’t forget to help the Kanata Food Cupboard and Ottawa Food Cupboard if you can, it is a great feeling to know that someone else will enjoy dinner as well.
Ottawa has many wonderful parks to go for a walk, have a picnic and have fun outside. See the link to the many parks by clicking here.
Supply of homes on the market has increased, sales are still happening and we are moving towards a balanced market. (4 months of inventory of homes on the market). Keep in mind that it is important to look at specific neighborhood market stats relevant to you.
There are many reasons why it may be a good time to sell or purchase. It can be difficult to make a decision, especially if it’s one that will impact many aspects of your life. It’s all too easy to simply not make a choice and stick with the status quo. But, that’s not always the best thing to do. Get all the information you need and then make a decision that’s right for you. We want you to know you can give us a call and we will provide you with the latest market data, information, and advice so that you can make the right decision.
As the Fall market progresses, there is still time to sell or purchase this year. It is also a good time to prepare your home for a Spring sale. Please let us know if you have any questions or would like help in making a plan or need some contacts. We often take exterior pictures of homes in the Fall when clients are thinking of selling in the new year.
It’s amazing how we like the fall fairs, Victoria, Luc and the girls went to the Carp fair, it doesn’t matter your age, it is always fun.
Enjoy the Fall!
Joan, Victoria & Luc
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The Joan Smith Real Estate Family
Market Update
The Ottawa Real Estate Board reports 1,080 residential and condominium properties sold in September 2022 compared to 1,601 in September 2021, representing approximately a 32.5% decrease in units sold. Year to date (as of October 5, 2022) residential unit sales declined by 22.0% compared to the same time period in 2021, and condominium unit sales year to date (as of October 5, 2022) decreased 17.9% when compared with sales in 2021.
The average sale price for residential properties sold in September 2022 was $706,658 compared to $703,380 in September 2021. The average sale price for condominium properties sold in September 2022 was $450,987 compared to $425,516 in September 2021. Year to date September 2022, the average price for a residential homes in Ottawa is $788,546, a 9.4% increase for the same time period in 2021. For condominiums, the average sale price year to date September 2022 was $457,189, an increase of 8.6% when compared with the same time period last year.
For Kanata, unit sales in September 2022 (residential and condominium) were 95 compared to 129 sales in September 2021 (approximately a 26.4% decrease). For greater Stittsville, unit sales in September 2022 (residential and condominium) were 53 units compared to 68 units in September 2021 (approximately a 22.1% decrease).
In Kanata, the average sale price in September 2022 versus September 2021 decreased 6.8%, for all housing types. For greater Stittsville, the average sale price September 2022 versus September 2021, remained relatively flat with a 0.5% increase, for all housing types. (Source: September 2022 – Sales by District & Area, Residential and Condominium Property Classes, OREB MLS®, October 1, 2022 – Report#3).
For the full report see “50 Years of Change in the Ottawa Market”
September residential inventory in Ottawa crept up to 2532 homes for sale by the end of the month, a small increase (about 4.1%) when compared to the inventory of residential homes at the end of August 2022, and about a 73.5% increase when compared to September 2021. Condominium inventory rose to 722 active units at the end of September compared to 641 units in August 2022, representing about a 12.6% increase. When compared to active condos at the end of September 2021, condo inventory in September 2022 increased 27.56%. Although the supply of homes and condos did not increase substantially in August (traditional holiday/get ready for school time) we still saw increases in inventory and increases in interest rates. Buyers are taking more time to see more homes or condos and reviewing their finances before making a decision. We expect a rise in inventory through October. This makes pricing, curb appeal, staging and home presentation even more important. Keep in mind there will always be some homes, streets and neighborhoods that are more sought after and will have increased activity and obtain above average selling prices. (Source: 2022 – Ottawa Real Estate Board Inventory by Month – Residential and Condo, Monday, October 1, 2022 – Report#7)
Latest Mortgage Information
When setting up your mortgage you will need to make decisions relative to structure:
- Amortization – this is the length of time it takes from funding to payoff. This can be as high as 30 years. Most lenders have a minimum amortization (ranges from 5 to 11 years). Rates are often more favourable for amortizations no longer than 25 years.
- Term – the amortization is broken up into chunks of time with rate guarantees called terms. A term can be anywhere from 6 months to 10 years. Rates for a 5 year term can be fixed or variable (a small number of lenders offer a 3 year variable). Although the majority of Canadians choose a 5 year term, consideration should be given to a shorter term or a longer term (ex economic indicators are showing that rates may start declining, or your personal circumstances are likely to change over the course of the term.).
- Payment frequency – options include monthly, biweekly, weekly, accelerated biweekly, accelerated weekly and semi-monthly. Weekly and biweekly provide for easier budgeting as most people are paid bi-weekly. The accelerated option also provides a painless method to pay your mortgage off more quickly as you make one extra monthly mortgage payment per year which can result in your mortgage being paid off more quickly.
There are many decisions to be made when setting up your mortgage, and your mortgage professional will be able to help you make the decisions that are best for you.
Karen Lemieux
Mortgage Brokers Ottawa
Apply online: www.karenlemieux.com
karenl@mortgagebrokersottawa.com
License: 11759
Request A Home Evaluation Today
News & Updates
- Canada’s housing supply shortage: skilled labour capacity, CMHC, Ottawa – October 6, 2022
- Committee approves zoning for two rural housing developments – City of Ottawa website – Sept 29, 2022
- Intensification preferable to urban sprawl in cities: Experts – Globe & Mail – Sept 20, 2022
- CMHC sees Canadian real estate prices falling up to 15% – BNN Bloomberg – Sept 29, 2022
- Canada needs to ramp up housing: CIBC economist – Financial Post – Oct 3, 2022
- 29% of young Canadians delaying homebuying: Survey – Storeys – Oct 3, 2022
In the Community
We have been supporting competitive community hockey
for over 20 years and are very happy to see their results
and watch them grow. Here is the Team we support this year.
Things to Do This Month
- Ottawa Flower Market at Parkdale – Oct 8
- Ottawa Fire Truck Pull – Oct 8
- Poutinefest on Sparks Street – Oct 13-16
- 613Flea – Oct 15
- Fall Rhapsody – until Oct 23
- Ottawa International Writers Festival – Oct 19-26
- Halloween Adventure along the Rideau River – until Oct 29
- Pumpkinferno – until Oct 30
- City of Ottawa Fall 2022 Recreation eGuide
See more events:
Things to do in Ottawa this weekend & Ottawa Tourism
Top 5 tips for first-time real estate investors
Investing in real estate can be a rewarding experience, and can result in both personal and financial growth. If you’re considering getting started, the following five tips will help you begin thinking strategically.
1. Assess Your Financial Situation
2. Explore Your Risk Tolerance
3. Create a Real Estate Investing Plan
4. Build Relationships with Trusted Professional Advisors
5. Start Small and Grow Big
Read more about each tip in our blog post here
Are you considering investing in the real estate market? 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!
Key to Success in a Challenging Market
Selling a house in today’s real estate market is not an easy task. Understanding market dynamics & value, uncovering buyer motivations, knowing how to execute a successful marketing plan and more!
Your realtor® must know the neighborhood and surrounding area that your property is located in. They must be capable of earning credibility with potential buyers by providing very knowledgeable service and having a record that demonstrates the ability to deliver desired results despite difficult marketing conditions.
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
The Value of Real Estate
Real Estate provides unique benefits beyond other financial assets that can’t be definitively measured by statistics alone. Housing has been a good investment for Canadians for a very long time, which in turn has solidified the health of the broader economy.
“Non-Market” Reasons Why it Might Be a Good Time to Sell
While market conditions certainly can play a role in deciding whether you should sell now rather than later, many other factors can influence that decision too.
How to Avoid Costly Renovation Mistakes
Home renovations can cost a pretty penny. But many jobs cost more than they need to, learn how to avoid costly renovation mistakes.
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
“We highly appreciate Joan, Victoria & Luc for all the support they provided in helping us buy our first home. They were very knowledgeable, patient and were able to clarify all our doubts and inhibitions. They went above and beyond their call of duty on the offer closure day, by setting up zoom calls and providing us updates via email and text as we were in India. They were thorough, detail oriented, very professional and yet there was always a personal touch too. We highly recommend Joan & Victoria and only have a million positive things about them.”
Guna