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Kanata Real Estate Agents

Staying in Touch September 2023 Newsletter

Happy September & Fall!

Summer is almost over and as many families head back to school, we are preparing for the Fall market and harvesting of our gardens!

We look forward to a successful Fall market. Buyers are still looking for special properties, and it doesn’t always happen in the popular closing times. We have even sold a home on Christmas Eve.  We can help you with both new build and resale homes. Keep in mind that with the supply chain issues and lack of trades, builders’ closing dates can be longer, so if you like new, start your planning early, we can help you get familiar with different options. The resale market has much to offer and with more flexible closing dates.

Hockey is back! Once again we are pleased to support the Kanata Blazers, the U15AA team this year, and are looking forward to their continued success. The weather has been a challenge in some areas and our hearts go out to those close to the wildfires. Click here to donate to the Red Cross relief efforts.

When owning a home you don’t want to have five years go by without checking in on your “investment” and seeing how it’s doing for you. It’s important to regularly ask questions like:

• “Is our home still meeting our needs?”
• “What is the current market value of our property?”
• “Does our property and neighbourhood still fit well with the lifestyle we want?”
• “What kind of new home do we qualify for?”

Getting answers to those questions is crucial to managing what may be your most valuable investment: your home. I recommend a review every three years. And, the good news is, you don’t need to go through this process on your own. We can help. When it’s time to review your property investment, give us a call. We will give you the answers and advice you need using the latest market data and information.

This month we’ve included:

  • Update on the Ottawa market and Mortgage information on maximizing your mortgage payments and owning your home sooner
  • Articles: “Checklist for Selling your Home this Fall”, “When Looking for a Specific Property” and “The Benefits of Buying a Home in a Mature Neighbourhood or in a New Community!”
  • Market news and Upcoming community events including local markets, festivals and fairs.

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 September!

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 1,196 residential and condominium properties sold in August 2023 compared to 1,130 in August 2022, representing approximately a 5.8% increase in homes sold. Year to date (as of  September 1, 2023) residential unit sales decreased by 12.5% compared to 2022, and condominium unit sales year to date decreased 17.2% compared with sales in 2022 for the same time period.

The average sale price for residential properties sold in August 2023 was $709,739 compared to $706,485 in August 2022. The average sale price for condominium properties sold in  August 2023 was $425,968 compared to $421,966 in August 2022. Ottawa August 2023 average prices for residential properties and condominiums were approximately the same as in August 2022 ( a 0.5% increase and a 0.9 % increase respectively).

For Kanata, unit sales in August 2023 (residential and condominium) were 84 compared to 102 sales in August 2022 (approximately a 17.6% decrease). For greater Stittsville, unit sales in August 2023 (residential and condominium) were 59 units compared to 53 units in August 2022 (approximately a 11.3% increase).

In Kanata, the average sale price in August 2023 versus August 2022 increased 10.6% for all housing types. For greater Stittsville, the average sale price August 2023 versus August 2022, increased 1.7%, for all housing types. (Source: August 2023 – Sales by District & Area, Residential and Condominium Property Classes, OREB MLS®, September 1, 2023 – Report#3).

For the full report see “50 Years of Change in the Ottawa Market”

August residential inventory in Ottawa – 1,742 homes and 486 condos were listed for sale in the month of August. 903 homes and 460 condos were sold in August 2023 (see graph). The average cumulative days on market for residential properties in August 2023 was 44 days, a 21.2% increase from August 2022. The average cumulative days on market for condos in August 2023 was 40 days, representing a 11.7% increase from August 2022. In August, Ottawa’s inventory of all types of homes is 2.7 months, an increase from 2.6 months in August 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 August 2021, 1.0 month in  August 2020, 3.1 months in August 2018 and 5.2 months in 2016.

With the Bank of Canada holding the prime interest rate and supply slightly increasing, this gives confidence to buyers and sellers for the Fall market. Those that already had mortgage pre-approvals in place but did not purchase in the  Summer have good opportunities to find their next property and sell their existing property in a reasonable time frame. Both purchasers and sellers looking to close on their properties before December holiday event time are active in the market. Fall is a great time to showcase a property and also prepare a property for fantastic curb appeal, ask us for some tips if you need help.

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

Latest Mortgage Information

What steps can I take to maximize my mortgage payments and own my home sooner?

There are many ways to pay down your mortgage sooner that could save you thousands of dollars in interest payments throughout the term of your mortgage. Most mortgage products, for instance, include prepayment privileges that enable you to pay up to 20% of the principal (the true value of your mortgage minus the interest payments) per calendar year. This will also help reduce your amortization period (the length of your mortgage). Another way to reduce the time it takes to pay off your mortgage involves changing the way you make your payments by opting for accelerated bi-weekly mortgage payments. Not to be confused with semi-monthly mortgage payments (24 payments per year), accelerated bi-weekly mortgage payments (26 payments per year) will not only pay your mortgage off quicker, but it’s guaranteed to save you a significant amount of money over the term of your mortgage.

Can I make lump-sum or other prepayments on my mortgage, or will I be penalized?

Most lenders enable lump-sum payments and increased mortgage payments to a maximum amount per year. But, since each lender and product is different, it’s important to check stipulations on prepayments prior to signing your mortgage papers.

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

News & Updates

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:

Renfrew Fair September 7th to 10th 2023

Richmond Fair September 14th to 17th 2023

Carp Fair September 21st to 24th 2023

Metcalfe Fair September 28th to October 1st 2023

September 16th to 17th 2023: Upper Canada Village 1860s Fall Fair Weekend

Things to Do This Month

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 to read our blog with information and tips on finding the neighbourhood that is right for you.

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.

 

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

Checklist for Selling your Home this Fall

If you’re thinking of selling your home this fall, this is the ideal time to start the process. The earlier you get ready, the more successful your sale will be. It will likely go a lot smoother, too. Here is a quick checklist that will guide you in preparing to list this fall.

Looking for a Specific Property

When Looking for a Specific Property

When looking for a specific property and your next home, there are many factors to consider, i.e. location, style of home, and more. Learn about the steps to take to find your dream home in Ottawa.

Fall Maintenance With An Eco-Friendly Approach

Autumn is the perfect time to lay the groundwork for a gorgeous spring garden as well as ensure your home is prepared for the winter months. When dealing with fallen leaves there are a few eco-friendly options to consider.

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

Victoria and Joan helped us both buy and sell a house in the Ottawa area. They were never pushy and helped us find the ideal new home. We looked at numerous properties before we found the right one. Victoria was professional at all times. The property we were selling, sold quickly (4 days). They assisted with the staging and made thoughtful suggestions as to how make our place look its best. All in all, a very good experience.

Helen