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Kanata Real Estate Agents

Staying in Touch October 2023 Newsletter

Happy October & Thanksgiving!

The streets are active again with children on their way to and from school. Its hard to believe we are into October and our neighborhoods are starting to show off their brilliant colors!

Just as the seasons change so does the real estate market in Ottawa. The market has more supply and we are now in a more balanced market. We have returned to a more traditional market where market value plays a big role in attracting purchasers and marketing homes.

It is a good time to start educating yourself to the market, our open houses have been active and an excellent way to chat and inform yourself. Whether you’re thinking of selling/purchasing within the next couple of months, a year or the next couple of years, it’s important to make a plan. Make your list of what you need to do, it is amazing how many times our clients have said this takes a lot longer than they thought. You should have three complete action lists: Required items, deferred items and future maintenance items, which is important to track over the lifetime of your investment.

Lately we have had inquiries from out of town buyers and local residents about purchasing an investment property for their children to live in while going to university or starting off their careers. This is an ideal way to build equity for the future. Navigating the real estate investment landscape can be complex, that’s where we can help.

Many of you have probably noticed new construction in or close by to your home. Purchasing new construction can be an exciting time, however it can feel overwhelming. There are so many builders, neighbourhoods and options that the choices may become confusing. We have extensive knowledge and experience of the new home industry having worked many years with a number of the areas top builders. We represent your best interests, and it’s the builder who pays for our services, not you.  Click here to learn more about buying new home construction.

October is Breast Cancer Awareness Month – for the month of October, your generous donation will be matched to make twice the impact. Click here to learn more about ways you can offer support.

This month we’ve included:

  • Update on the Ottawa market and Mortgage information on  Mortgage Portability
  • Articles: “Maximize Your Garage Space this Fall“, “Selling Your home in the Fall” and “Determining the Market Value of Your Home”
  • Market news and Upcoming community events including The Ottawa National Women Show.

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!

Enjoy Thanksgiving and October with family and friends and 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 1,101 residential and condominium properties sold in September 2023 compared to 1,076 in September 2022, representing approximately a 2.3% decrease in homes sold. Year to date (as of October 1, 2023) residential unit sales decreased by 11.1% compared to 2022, and condominium unit sales year to date decreased 16.1% compared with sales in 2022 for the same time period.

The average sale price for residential properties sold in September 2023 was $725,169 compared to $706,920 in September 2022. The average sale price for condominium properties sold in September 2023 was $435,826 compared to $450,987 in September 2022. Ottawa September 2023 average prices for residential properties increased approximately 2.6% and condominiums decreased approximately 3.4% when compared to September 2022.

(Source: September 2023 – Sales by District & Area, Residential and Condominium Property Classes, OREB MLS®, October 1, 2023 – Report#1).

For Kanata, unit sales in September 2023 (residential and condominium) were 97 compared to 94 sales in September 2022 (approximately a 3.2% increase). For greater Stittsville, unit sales in September 2023 (residential and condominium) were 46 units compared to 53 units in September 2022 (approximately a 13.2% decrease).

In Kanata, the average sale price in September 2023 versus September 2022 increased 3.2% for all housing types. For greater Stittsville, the average sale price September 2023 versus September 2022, decreased 3.3%, for all housing types. (Source: September 2023 – Sales by District & Area, Residential and Condominium Property Classes, OREB MLS®, October 1, 2023 – Report#3).

September residential inventory in Ottawa – 2124 residential homes and 509 condos were listed for sale in the month of September. At the end of September, there were 3052 active homes for sale, about a 12.1% increase from the end of August 2023. For condominiums, there were 730 active at the end of September, about a 11.8% increase from the end of August 2023. See the graph.

The average cumulative days on market for residential properties in September 2023 was 44 days, a 5.1% increase from September 2022. The average cumulative days on market for condos in September 2023 was 48 days, representing a 31.5% increase from September 2022. In September 2023, Ottawa’s inventory of residential homes and condominiums homes was 3.2 months, an increase from 2.8 months in September 2022 (this represents active listings at months end / monthly sales). To keep this in perspective, Ottawa’s inventory of homes was 1.2 months in September 2021, 0.8 months in September 2020, 2.6 months in September 2018 and 4.6 months in 2016.

With the increase in inventory the last few months, we have moved into more of a balance market for purchasers and sellers. We have returned to a more traditional market where market value plays a big role in attracting purchasers and marketing homes. Purchasers are taking more time to look at homes and review their budgets. Selling and buying a home at the same time has become more the norm. Those looking to make a change before the end of the year are actively looking at homes, open houses have once again become quite popular. For those thinking of selling in the new year, now is a great time to prepare your home before Winter, especially the outside, and think about getting a home evaluation to assist with budgeting.

Source: 2023 – Ottawa Real Estate Board Inventory by Month – Residential and Condo, Tuesday, October 1, 2023 – Report#7) & CREA MLS Residential Market Activity for Ottawa, September 2023.

Latest Mortgage Information

Is my mortgage portable?

Fixed-rate products usually have a portability option. Lenders often use a “blended” system where your current mortgage rate stays the same on the mortgage amount ported over to the new property and the new balance is calculated using the current rate. With variable-rate mortgages, however, porting is usually not available. This means that when breaking your existing mortgage, a three-month interest penalty will be charged. This charge may or may not be reimbursed with your new mortgage.

While porting typically ensures no penalty will be charged when you sell your existing property and buy a new one, it’s best to check with your mortgage broker for specific conditions. Some lenders allow you to port your mortgage, but your sale and purchase have to happen on the same day, while others offer extended periods. As long as there’s not too much time between the sale of your existing home and the purchase of the new home.

As a rule of thumb most lenders will allow you to port the mortgage. In other words, you keep your existing mortgage and add the extra funds you need to buy the new house on top. The interest rate is a blend between your existing mortgage rate and the current rate at the time you require the extra money.

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

News & Updates

In the Community

October is Breast Cancer Awareness Month

Championing world-leading outcomes in breast cancer prevention, early detection, treatment and support is achievable when we work collectively with people united by the same goals.

Every year, an estimated 27,900 Canadians are diagnosed with breast cancer and thousands more are living with the disease.

Click here to find out ways you can offer support

Things to Do This Month

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

The Benefits of Being an “Early-Bird” When Looking for a Home

“The early-bird gets the worm” is a popular expression. Indeed, there are many examples in life when being early, or even first in line, gives you an advantage. Real estate is one of them. Being an “Early-Bird” when looking for a home and being among the first to learn about a new listing benefits you in several ways:

  • You have more time to see the property and make a decision. Always good to have a second showing of a home if time permits, to see if you still feel the same way about the home and so you can look at the home more thoroughly or at a different time of day.
  • You might be able to make an early offer. Timing can work in your favor. Keep in mind, that for this to work you need to be prepared, i.e. have a mortgage pre-approval and know your budget.
  • You’re under less pressure to make a decision quickly. Gives you time to review comparable home sales, understand the market value in the neighborhood, do your research on the neighborhood, i.e. school districts, commute times, proximity to important amenities.

Click here to read our blog with information on how to gain the early-bird advantage.

As experienced realtors®  in Ottawa, we know the Ottawa communities, what is important when buying a home and the intricacies of the process. From finding a home, negotiating a price, to closing on the transaction, we are here to answer all your questions and help you find the home that fits your lifestyle! 

 

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

Maximize Your Garage Space

Maximize Your Garage Space this Fall

Garages offer excellent extra space for storage, especially during the fall and winter months. The fall is a great time to get things organized and ready for winter. Read on for some tips to maximize your garage space

Selling Your home

Selling Your home in the Fall

If you’re selling your home this Fall, here are some things to do before winter. Even if you are not planning on selling until the Spring, it is still a good idea to start now, to be ahead of the game.

Value of Your Home

Determining the Market Value of Your Home

If you were to put your home up for sale tomorrow, how would you determine the market value of your home and what it would likely sell for? and how do you get the most dollars?

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

I chose Joan Smith to be my realtor because she is a true professional, a clear communicator and she has tremendous knowledge of the market and her business. As well, she provided an excellent price and value assessment of my property. Joan and her team, Victoria and Luc, were excellent to deal with, promptly responding to questions and requests and providing good advice making certain that I always felt like a priority. From start to finish, she and her team worked tirelessly and efficiently with great attention to detail in selling my townhouse. Their support in every aspect from preparation to consultation to completion of the sale was exceptional. My townhouse sold quickly and above asking. I would highly recommend Joan, Victoria and Luc to anyone looking for a great realtor.

Marion