Happy September, A Look Ahead
The beautiful Fall colours are coming for all of us to enjoy and fantastic local fairs have started in the greater Ottawa area! (see below for a list of the fairs).
As our fall real estate market approaches, listing prices of homes are now closer to market value, making it easier for all to understand. Supply of homes has increased from earlier in the Summer, and there is nearly 3 months of residential inventory on the market and about 2.2 months for condominiums. As we move to a more balanced market, days on market are adjusting to a more traditional market. In August we saw residential and condominium homes on the market for an average of 36 days.* The need for houses/condominiums will continue to increase for many reasons, one being the many new families coming from other places. *(Source: OREB, August 2022 – Sales All Property Classes, OREB, Sept. 6, 2022)
It is a good time of year to plan ahead and make repairs to the exterior of your home and if you are planning a lifestyle change to start preparing for a sale in 2023. Our Sellers to do list is available here and if you need a market evaluation, call us anytime.
Financing for mortgages is changing, buyers are amortizing over 30 years to help them purchase a home and also using different types of lenders. Interest rates may be higher but we all know that there have been years when the rates have been higher. One solution is to buy and sell at the same time if possible. Click here for more information. Our experience above all else helps us guide you through changing markets.
Below, I’ve included some of the precious drawings I have received from clients’ children. Hope they bring you a smile, I know it always does for me!
Enjoy September!
Joan, Victoria & Luc
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Mrs. Joan Smith 
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The Joan Smith Real Estate Family
Market Update
The Ottawa Real Estate Board reports 1,137 residential and condominium properties sold in August 2022 compared to 1,565 in August 2021, representing approximately a 27.3% decrease in units sold. Year to date (as of September 1, 2022) residential unit sales declined by 20.5% compared to the same time period in 2021, and condominium unit sales year to date (as of September 1, 2022) decreased 17.0% when compared with sales in 2021.
Year to date August 2022, the average price for a residential home in Ottawa is $795,978, a 10.2% increase for the same time period in 2021. For condominiums, the average sale price year to date August 2022 was $457,771 an increase of 8.8% when compared with the same time period last year.
For Kanata, unit sales in August 2022 (residential and condominium) were 104 compared to 151 sales in August 2021 (approximately a 31.1% decrease). For greater Stittsville, unit sales in August 2022 (residential and condominium) were 53 units compared to 47 units in August 2021 (approximately a 12.8% decrease).
In Kanata, the average sale price in August 2022 versus August 2021 increased 3.7%, for all housing types. For greater Stittsville, the average sale price August 2022 versus August 2021, increased 4.9%, for all housing types. (Source: August 2022 – Sales by District & Area, Residential and Condominium Property Classes, OREB MLS®, September 1, 2022 – Report#3).
For the full report see “50 Years of Change in the Ottawa Market”
August residential inventory in Ottawa crept up to 2432 homes for sale by the end of the month, relatively the same inventory when compared to the end of July 2022, and about a 64.4% increase when compared to August 2021. Condominium inventory rose to 641 active units at the end of August compared to 685 units in July 2022, representing about a 6.4% decrease. When compared to active condos at the end of August 2021, condo inventory in August 2022 increased 19.6%. With the continued increase in supply of homes and condos on the market, buyers can now take more time and see more homes or condos before making a decision. This makes 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, Thursday, September 1, 2022 – Report#7)
Latest Mortgage Information
The Canadian mortgage industry is comprised of a number of different lender options as follows:
- The “go-to” lender is typically a bank or a bank type lender. They offer the best rates but have the strictest guidelines, and provide financing with the lowest down payment (as little as 5% for purchases).
- Some situations require using lenders whose rates are higher, with a fee, but have a greater ability to lend where standard qualification is not an option. Rates can be surprisingly close to those of bank-type lenders. Clients with distressed credit, multiple rental units, business owners, unusual income may find a home here. Down payment required is rarely less than 20%.
- Mortgage investment corporations can also be an option. Rates and fees are higher still, and the quality and location of the property is extremely important. These lenders can be part of a strategy for short term financing, and situations would include pensioners who need a bridge but cannot qualify traditionally and don’t require a mortgage when both transactions settle, CRA debt payout where the client easily qualifies but their lender won’t allow that debt payout from proceeds etc.
- Private lenders are a fourth option, and often provide second mortgages. This might be a good option for clients who have had a changed life situation which has affected their credit or income, require equity from their homes, have a mortgage with a more traditional lender but who do not quality for the increase. They might be considered a lender of last resort. Rates and fees are quite high and they would generally be viewed as a short term solution.
As always, clients should talk to a mortgage professional to determine their best lender option.
Karen Lemieux
Mortgage Brokers Ottawa
Apply online: www.karenlemieux.com
karenl@mortgagebrokersottawa.com
License: 11759
Request A Home Evaluation Today
News & Updates
- Ottawa needs more than 100,000 new homes by 2031 – Ottawa Citizen – Aug 15, 2022
- Ottawa renters facing record-high prices, dwindling options – CBC – Aug 15, 2022
- Canadian rent up 10.4% year-over-year – CBC – Aug 16, 2022
- Ottawa’s first hydrant drinking water fountain – City of Ottawa website – Aug 19, 2022
- Canada’s housing affordability saw ‘worst deterioration’ in 41 years: report – CTV – Aug 20, 2022
- New hotel reflects Calgary’s transformation as tech hub – The Globe and Mail – Aug 23, 2022
- Ontario population to grow for decades, but province lacks infrastructure, support for aging – Toronto Star – Aug 23, 2022
- Ontario not prepared for surge in population – Toronto Star – Aug 23, 2022
- 2 major developments will be helping the growth in Ottawa – City of Ottawa website Aug 25, 2022
In the Community
It’s hard to believe that summer is coming to a close, and fall is almost upon us! With Fall comes the many local fairs to enjoy. Here is a list of the fairs taking place in September:
Perth Fair September 2nd to 7th 2022
Renfrew Fair September 8th to 11th 2022
Richmond Fair September 15th to 18th 2022
Carp Fair September 22nd to 25th 2022
Metcalfe Fair September 29th to October 2nd 2022
September 17th to 18th 2022: Upper Canada Village 1860s Fall Fair Weekend
Things to Do This Month
- Metcalfe Night Market – Sept 7
- Latin Sparks Festival – Sept 10
- CityFolk – Sept 8-10
- 613Flea – Sept 10
- Ottawa Flower Market at Parkdale – Sept 17
- Canada Army Run – Sept 18
- ByWard Barket – Sept 18
- Ottawa Fall Home Show – Sept 22-25
See more events:
Things to do in Ottawa this weekend
Ottawa Tourism
Buying a Home? Tips and Insights
Good brokers and sales representatives save you time and money. They know your community, they know what is important when buying and selling a home, and they know all the intricacies of the process, from finding a home, preparing a successful offer in a multiple offer situation, negotiating a term of the contract, ensuring a smooth closing.
As part of the buying process we:
- Screen the available homes in the neighbourhoods you are interested in, to make sure that the houses you view fit your budget and your requirements.
- Give you important information on local real estate market values, taxes, utility costs, services, and amenities.
- Guide you through the viewing process showing you features you may not have noticed and problems you may not have spotted.
- Advise you about your legal and financial options, guiding you on the steps to take to be prepared to make a successful offer.
- Recommend expert help when needed, such as a mortgage broker, home appraisal, home inspection, legal services and contracting services.
- Manage your offers and counter-offers, and use our skills and experience as negotiators to make sure you get the best possible outcome.
We have the expertise to help you find a home in the neighbourhood of your dreams! 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.
How to Determine the Best Features of your Home
What is it about your property that stands out? What will buyers like most about it? What are your home’s most enticing characteristics?
Answering those questions will help you determine which features to emphasize when selling your home. After all, you want buyers to notice and appreciate your property’s best attributes.
It can be difficult for homeowners to determine which features of their home are particularly desirable to buyers. After all, you live there! So, there might be a fantastic characteristic of your property that you’ve become so used to, that you don’t even realize its value.
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
Royal LePage Survey – Real Estate Trends Among Canadian Millennials
According to a Royal LePage survey recently released, 60% of millennials in Canada who do not currently own a home believe they will one day. Read more about the results of the survey
From “For Sale” to “Sold”
If you want to sell your home fast, it pays to make low-cost improvements to the interior and exterior of your home which will boost your home’s appeal as well as maintain the value of your property.
Repurpose Natural Elements in Your Home Décor
If you like to refresh your décor with the seasons, all you need to do is open your front door to find the best inspiration. There are so many natural elements to use.
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
“Joan and her team have helped our family with the purchase of two homes and the sale of three. Each was a very positive experience. Few real estate agents in the country can match her expertise and no one knows the Kanata market better.”
John