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Kanata Real Estate Agents

Staying in Touch October 2024 Newsletter

Happy October & Thanksgiving!

It is the season and month of October that we all enjoy, beautiful colors on the trees, walks in the forest, pumpkin pie and some treats! We are very thankful to live in this wonderful country.

The market is trying to be more consistent but we are still not there yet. Bungalows are very much in demand and prices are meeting expectations. Generally more townhomes and small singles are on the market, giving first time buyers more choice. Those looking to upgrade to a larger home or a different neighborhood still need to prioritize needs and make some compromises to meet budgets. We are seeing more offers conditional on the sale of another home and some longer closing dates to allow sellers to find their next home.

As we move into Fall, we are presently taking pictures of homes that may come up for sale in the winter. Also now is the time to take a look at the exterior of your home to see if any repairs are needed or refreshing done for curb appeal.

This month we’ve included:

Enjoy Thanksgiving with family and friends and contact us with any questions, we would love to chat and hear how you are doing!

Joan, Victoria & Luc

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   @JoanSmithRealEstateFamily         @JoanSmithRealEstateFamily        Mrs. Joan Smith       The Joan Smith Real Estate Family

Market Update

 

The Ottawa Real Estate Board reports 1,047 properties (residential & condominiums) sold in September 2024, approximately a 11.4% increase in homes sold when compared to September 2023. Home sales totaled 10,485 units for the first nine months of the year, representing approximately a 6.4% increase for the same period in 2023. Ottawa’s fall housing market is moving along, with an increase in number of sales and supply of homes on the market. With changes to mortgage rules coming in December, i.e. 30 year amortizations for news build homes, increased insured mortgage cap, changes to renewals for insured mortgages, along with forecasted interest rate reductions, potential purchasers are reviewing their budgets and looking at homes. Now is a good time to have discussions with your mortgage broker and get a pre-approval in place if you are thinking of making a change.  

The Ottawa Real Estate Board is now 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).  The overall MLS® HPI composite benchmark price was $642,800 in September 2024, a slight increase of approximately 0.2% from September 2023. Benchmark price for single family homes was $729,000, up 0.5% on a year-over-year basis when compared to September 2023. The benchmark price for a townhouse/row unit was $500,000, down 1.7% compared to a year earlier. The benchmark apartment price was $414,200 representing a 1.3% decrease from a year ago.

The average sale price for homes sold in September 2024 was $685,551, increasing 1.4% from September 2023. The year to date average price was $679,082, increasing by approximately 0.9% from the first 9 months of 2023. Keep in mind, these are averages so some homes experienced a larger gain and some less, it is key to look at what is happening in your neighborhood, surrounding neighborhoods and with comparable homes. (Ottawa’s MLS® Home Sales Healthy Amid a Shifting Market, October 7, 2024)

For Kanata, unit sales in September 2024 (all housing types) were 107, translating to approximately a 10.3% increase when compared with September 2023. For greater Stittsville, unit sales in September 2024 (all housing types) were 65 units, representing approximately a 41.3% increase from September 2023. In Kanata, the average sale price in September 2024 was $708,590 for all housing types, representing approximately a 2.7% increase when compared to September 2023. Year to date, the average sale price in Kanata was $717,831, a 1.0% increase when compared to the same time frame in 2023. For greater Stittsville, the average sale price in September 2024 versus September 2023, increased 7.5% to $812,846 for all housing types. Year to date, the average sale price in greater Stittsville was $779,083, the same when compared to the nine eight months of the year in 2023. (Source: Ottawa Real Estate Board Residential Market Activity and MLS® Home Price Index Report-Detailed, September 2024)

September residential inventory in Ottawa – 2,343 new properties (all housing types) on the market in September 2024, an increase of approximately 3.9% when compared to September 2023 and 4.7% above the five-year average for September. At the end of September, there were 3,529 homes for sale (all housing types), about a 16.9% increase when compared to the end of September 2023 and 43.3% higher when compared to the 5 year average for September.

At the end of September 2024, Ottawa’s inventory of homes (all housing types) was 3.4 months, up from 3.2 months at the end of September 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 planning to sell and/or purchase. Remember certain neighborhoods, certain streets and certain types of homes are in high demand.

Contact us if you would like an update on your neighborhood/a specific street or type of home.

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

Source: Ottawa’s MLS® Home Sales Healthy Amid a Shifting Market, October 7, 2024

October - Fall in Beaverbrook and Stephen Leacock School
Ottawa Sept 2024 - MLS HPI Composite Benchmark Price & Avg Price

Latest Mortgage Information

Government Expands Eligibility for 30 Year Amortizations

Owning a home is a goal for many Canadians, but rising mortgage costs have made this dream increasingly difficult, particularly for Millennials and Gen Z. To assist younger generations in achieving homeownership, significant changes to mortgage rules took effect on August 1, 2024. These updates introduce 30-year insured mortgage amortizations specifically for first-time homebuyers purchasing new construction.

However, on September 16th, 2024 the Government of Canada announced even more changes to amplify the effect of the new rules announced in August. The focus of this article will be on the new expanded eligibility for 30 year amortizations.

The Government’s outline of the changes to 30 year amortizations is as follows:

Expanding eligibility for 30 year mortgage amortizations to all first-time homebuyers and to all buyers of new builds, effective December 15, 2024, to reduce the cost of monthly mortgage payments and help more Canadians buy a home. By helping Canadians buy new builds, including condos, the government is announcing yet another measure to incentivize more new housing construction and tackle the housing shortage. This builds on the Budget 2024 commitment, which came into effect on August 1, 2024, permitting 30 year mortgage amortizations for first-time homebuyers purchasing new builds, including condos.

What does this mean?

The amortization period is the time it takes to pay your mortgage. If your mortgage has a 25 year amortization period, the monthly payments you make will be calculated to pay off your mortgage in 25 years. However, if it has a 30 year amortization period, the time it takes is longer which means each monthly payment will be less.

This means that a longer amortization period will allow for homeowners to manage monthly payments easier and allow for easier qualification to purchase that home.

Who is eligible for what?

30 Year Amortization on Resale Home (Not a new build or new construction)

All first-time buyers are eligible for a 30 year amortization on any home they purchase.

30 Year Amortization on New Build

All buyers including first-time buyers and buyers who have previously purchased a home, will be eligible for 30 year amortizations on new builds. This incentive is to help drive Canadians towards purchasing a new build, and incentivize construction companies to push ahead in building more new homes.

As house prices remain high and qualification for first time buyers remain difficult, adjusting the eligibility for longer amortization periods allows for more access to the housing market for first time buyers. Although these changes have just been announced and are not currently in effect, the news has been encouraging for many of those sitting on the sidelines waiting for their time.

The changes announced are to be effective as of December 15th 2024.

 

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

News & Updates

Ottawa Fall Farms & Pumpkin Patches

In the Community

Some of Ottawa’s best fall farms and pumpkin patches

Saunders Farm

Proulx Maple & Berry Farm

Ouimet Farms Adventure

The Log Farm

Millers Farm & Market

Cannamore Orchard

Ottawa Tree Farm/ Fallowfield Tree Farm

Abby Hill Farms

Maple Hill Urban Farm

Things to Do in October

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

Which Neighbourhood is Right for You?

Imagine moving to a neighbourhood that has something you really want, like a nearby golf course, more wooded areas and walking trails, or a faster commute to work. How would that impact your lifestyle?

Chances are, it would have a big impact! In fact, your choice of neighbourhood plays a huge role in your overall enjoyment of your home.

Of course, you might love living where you are right now, but if you’re looking for a change, here are some tips for finding a new area that fits your desired lifestyle:

Make a list.

Write down all the things you want in a neighbourhood. For example, you might want to live in a bustling urban setting with nearby access to public transit, theatre, and shopping. Or, you might want just the opposite! The point is to clearly define your ideal neighbourhood.

Click here for more information on the Ottawa neighbourhoods!

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 Kanata, Stittsville 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.

 

Beaverbrook overhead view of Penfield & Roland Michner

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

Steps to take when buying a home

Steps to Take When Buying a Home in Today’s Market

With Canada’s central bank making its a third cut to its overnight lending rate this year, and the potential for further rate cuts, now is a good time to review the steps to take when buying a home. You don’t want to wait too long to purchase and be in the same time frame as many other buyers.

Raking leaves in Fall in Ottawa - home maintenance

An Eco-Friendly Approach to Fall Home Maintenance

Here are some eco-friendly ideas for fall home and yard maintenance to lay the groundwork for a gorgeous spring garden as well as things you can do to ensure your home is ready and protected for the winter months.

 

Avoid costly renovation

How to Avoid Costly Renovation Mistakes

Home renovations can add value to you home but cost a pretty penny. Learn how to avoid costly renovation mistakes. Rushing the process, using cheap materials and bad DIY jobs can not only add thousands of dollars to your budget but also have an impact on the value of your home.

 

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

“It was very nice working with Joan Smith’s team to sell our home in just six weeks. As first-time sellers, we were very happy with their professional support throughout the process. From guiding us on home preparation and staging, explaining the role of a realtor, to negotiating offers and making a smooth closing, they were with us every step of the way. From hosting open houses to prompt follow up with potential buyers, the whole experience was very enjoyable and we always felt that we were in good hands. We highly recommend Joan Smith’s team to anyone looking to buy or sell a home in the Ottawa area!”

Jasmine & Shibin