Signs of Spring Surge Sprouting!

As evidenced by a recent climb in freehold prices in March from February 2023, Ottawa’s resale market is stabilizing along with the interest rates. As condos remain steady due to their lower price point, there is more affordability based on the current interest rate structure. This is something that buyers should definitely be aware of. As for sellers, it is important to know that well-priced and well-prepared homes are selling and with the average days on market decreasing from previous months, buyers are no longer sitting on the sidelines and are actively looking to make those purchases.

We as experienced Realtors® have up-to-the-minute statistics to ensure our sellers are positioning themselves at the current market value based on recent sales and hyper-local market comparisons. Contact us today to get a personalized local market comparison.

Contact us today to get a personalized local market comparison.

Resale market stabilizes in February with a glimmer of hold for Buyers & Sellers alike!

We continue to see a decrease in transactions and prices when we compare the current market to that of the 2022 market - the height of the pandemic resale market activity. However, the real estate market is sitting at 2.5 months of inventory for the condominium-class & 2.8 months of inventory for the freehold-class in comparison to the 0.7 we saw in February of 2022 which is good news for buyers.

The days on market continue to decrease and paired with the fewer number of new listings entering the market is good news for sellers. Should this pattern continue and we do not see an increase in inventory, we could see the current balanced market swing back into the seller’s market.

With the constant changes in the market, navigating your real estate decisions can feel overwhelming. Contact Us Today! We are able to keep you up to date with customs comparisons & keeping an eye on the competition for you.

Canada’s capital is a March Break mecca with its many cultural institutions, outdoor activities and indoor attractions. And since Ottawa shares a provincial border with Gatineau, Québec, much of the special programming is offered during both the Québec March Break (scheduled during different weeks) and the Ontario March Break (March 13-17, 2023). So gather the kids and come experience some of the fun activities below for an epic March Break in Ottawa!

Get Active

Maple Syrup Fun

Maple taffy on snow, horse drawn sleigh rides, yummy pancake breakfasts or brunch – what’s not to love about maple season? Several sugar bushes and other sites located throughout the Ottawa region offer tasty options during the maple season from late February to early April.

Downhill ski/snowboard camps

The Ottawa-Gatineau region has several downhill skiing and snowboarding centres within a short driving distance of the city—the closest is a 15-minute drive from Parliament Hill! Hit the hills for a few hours with the family, or sign up for special programming over the school breaks, including multi-day camps, as well as private and group lessons for different ages and levels.

Altitude Gym

If your family is “climbing the walls”, take them to one of Altitude Gym’s two locations: Gatineau or Kanata. These climbing centres offer international-level facilities for the entire family, no matter the skill level. Choose from rock climbing, bouldering, auto-belay climbing, plus special Clip ‘N Climb and Ninja Warriors activities.

Funhaven

Located just minutes west of downtown Ottawa, Funhaven offers a world-class laser tag arena, the latest high-tech mini-bowling lanes, an indoor roller coaster, bumper cars, an arcade and prize games, simulators and a huge jungle gym. The little ones are sure to be entertained!

Par-tee Putt

Pretend it’s summer and play a round of indoor mini-golf at Par-Tee Putt in Little Italy! This unique spot has 18 quirky-themed and interactive holes, plus delicious food and drink from the Prescott restaurant which is located above. All ages are welcome until 8:00pm.

Escape rooms

Bond as a family by getting locked up and working together to escape! Escape attractions throughout the city like Escape Manor, Escape Manor Junior and Jigsaw Escape Rooms have options for all ages.

Consider attempting the world’s largest escape room—Escape the Diefenbunker. Located inside Canada’s Cold War Museum, this multi-award winning experience takes place in the underground bunker and is 25,000 square feet!

Get Entertained

Seven national museums

You could spend all week exploring seven of Canada’s nine national museums, and many other cultural attractions located in the Ottawa region. Choose from the Canadian Museum of History, the Canadian War Museum, The Canadian Museum of Nature, Canada Agriculture and Food Museum, the National Gallery of Canada and the Canada Science and Technology Museum.

The Canadian Museum of Nature is even hosting hands-on activities during March Break from March 4-19. Kids get to make their own paw print using modelling clay, partake in a scavenger hunt through the various galleries and play games.

Cobblestone Tours

See Ottawa like never before! Embark on a tour with Cobblestone Tours. Starting in the ByWard Market, you’ll see all of the important Ottawa sights and have a bilingual guide teach you more about them. Choose between the hour and 10 minute round trip tour, or the hop on-hop off one day pass.

Performances

The National Arts Centre in downtown Ottawa presents a variety of live programming including the Broadway musical Disney’s Aladdin (March 21-26). Head just west of downtown to the Canadian Tire Centre to see Disney On Ice Presents Find Your Hero (March 9-12).

Urban exploration

Join a cloaked guide for the Original Haunted Walk of Ottawa tour to hear spooky stories and fascinating history about downtown Ottawa. Or choose a self-guided experience to explore the region’s cool urban art, outdoor gems and even Christmas movie filming locations. You can also visit beautiful indoor and outdoor places to photograph that will awe the entire family, such as a castle-like hotel, a tropical greenhouse, waterfalls and other beautiful sights.

Pro hockey

There are two ways to see live ice hockey in Ottawa, and multiple games to choose from during the Ontario March Break! See the Ottawa Senators play a National Hockey League (NHL) game at the Canadian Tire Centre, or see young stars from the Ottawa 67’s play in the junior-level Ontario Hockey League (OHL) at TD Place at Lansdowne, in the Glebe neighbourhood near downtown.

Get Wild

Omega Park

Omega Park, located in Montebello, Québec – just a 45-minute drive from downtown Ottawa – is a large wildlife park that immerses visitors in Canadian wildlife and First Nations’ history. You can take a Canadian safari any time of year through the natural habitat of animals like deer, elk, bison, caribou and wolves. The park also has walking trails and a variety of special programming.

Little Ray’s Nature Centre

Enjoy a hands-on and educational experience through encounters with bats, pythons, alligators, cobras, birds of prey and more at Little Ray’s Nature Centre. Private tours and even sloth encounters are available!

March Break Camps

Do your kids love getting crafty? Send them to an art camp this March Break! The ACE Arte Studio will be holding a Kids Art Camp from March 13-17 for kids ages 5-12. All supplies are included and your kids will get to display their creations from the week at the art show held on the last day of the camp.

Both the downtown Ottawa and Orleans locations of the Ottawa School of Art will be hosting March Break Camps for ages 7-17 with a variety of mediums. Keep your kids creative this March Break!

Get Fed

Alice Village Café

Just an hour’s drive from Ottawa, you’ll find Carp, a quaint town with fun things to do for the whole family. Check out Alice’s Village Café for good food, good coffee and good drinks. With many options for kid’s, including poutine, grilled cheese, pizza and more, you’ll want to keep bringing the family back to this spot.

The Carp Custom Creamery

Homemade ice cream produced in-house daily? Find that and more at the one and only Carp Custom Creamery. There are also gluten-free and vegan-friendly options. Grab a scoop of one of 16 different flavours. Want some for later? Grab a 1L tub of one of their 40+ available flavours.

Though the market has cooled considerably in recent months following a sizzling hot streak, home prices remain relatively high. However, there has been talk of a possible recession in 2023, which is making some homeowners nervous about the future of their investment.

As you look to the months ahead, one question you might be grappling with is, “Should I sell my home this year?” 

Unless you must sell — due to a work relocation, for example — then making that decision can be difficult. 

A technique that may make it easier is to ask yourself these questions:

• How much can we get for our property on today’s market? 
• Is there a dream area or neighbourhood we’d like to live in someday? (Maybe “someday” is sometime this year!) 
• Does our current property no longer meet our needs? (For example, we need another bedroom.) 
• Do we want to live closer to something? (For example, we want to be closer to relatives.) 
• Do we want to get away from something? (For example, we’d like to move somewhere quieter.) 
• How will moving make our lives better?

Asking those questions will give you a clearer picture of the benefits of moving versus staying. That, in turn, will make the decision a lot easier. Typically, you should consider selling now if the circumstances provide favorable selling scenarios. Each scenario in our list below can count as a positive point towards your decision to sell. 

The right situation might include:

1. If mortgage interest rates are low

Historically, sellers will find the greatest success when interest rates are low and more buyers are on the hunt. So, today’s higher rates will likely play a role in your decision of whether to sell your house now or wait. 

By the Numbers – Inventory & New Listings:

• Months of Inventory for the freehold-class properties has increased to 3.8 months from 0.9 months in January 2022.
• Months of Inventory for condominium-class properties has increased to 3.8 months from 0.8 months in January 2022.
• January’s new listings (1,324) were 16% higher than 2022 (1,142) and up 89% from December 2022 (699). The 5-year average for new listings in January is 1,233.
  
  

2. If housing inventory is low

When supply is low and demand is high, selling your home can be more profitable. The total inventory of for-sale homes in Ottawa shows an increase in comparison to December 2022 however, overall the housing inventory is still relatively low. 

By the Numbers – Inventory & New Listings:

• Months of Inventory for the freehold-class properties has increased to 3.8 months in February 2023 from 0.9 months in January 2022.
• Months of inventory for condominium-class properties has increased to 3.8 months in February from 0.8 months in January 2022.
• January’s new listings (1,324) were 16% higher than 2022 (1,142) and up 89% from December 2022 (699). The 5-year average for new listings in January is 1,233.

A 6-months supply is representative of a balanced market.

3. If you need to relocate for a job or other life change

If the hand of change is knocking at your life’s front door, selling your home may be unavoidable. You may need to move for a job, a family medical crisis, or divorce.

For example, if you discover that your lifestyle will be much better in a new home — because of an extra bedroom, faster commute to work, or quieter neighbourhood — then selling this year makes sense. Why wait? In fact, you should start the process right now to get an early start.

4. If your home’s value has grown

If you have lived in your current home a long time, or if property values in your neighborhood have increased to the point where you have earned a significant amount of home equity, now might be a good time to sell and cash out.

5. If you are ready to downsize

For many older homeowners, downsizing may be more than a desire; it may be a necessity, either for financial, mobility, or other health reasons. If maintaining your home has become difficult, now might be a good time to sell.

6. If you need to upsize

Perhaps you need more room because your family is growing. Or maybe an elderly relative or child will come to live with you. Maybe your employment has changed and you need a home office. The need to upsize can play a big role in your decision to sell now.

7. If you’re selling a second or inherited home

Now may be an optimal window to be a seller who isn’t also trying to buy a home.

If, on the other hand, you see no good reason to move this year, then not selling might be the right decision for you. 

When to consider waiting to sell a home:

1. If mortgage interest rates are going up

When interest rates go up, home values and offer prices can come down. That doesn’t necessarily mean it’s a bad time to sell; it just means you will want to carefully evaluate your selling objectives and consider if you might benefit from waiting.

2. If your move isn’t crucial

Yes, upsizing can be on both the “sell now” list and the “wait to sell” list. Is your desire to upsize based on a crucial need, or just because you think it would be nice to have the extra space? The cost of purchasing a larger home now may become a burden, especially if other factors will add additional costs, such as higher interest rates or a lack of equity.

3. If you haven’t built much equity

Similar to evaluating your home equity when you’re considering trading up, you don’t want to move when your home is considered “upside down,” i.e., you owe more than the property is worth.

Keep in mind, however, that you don’t necessarily need a tangible reason to move. Simply “wanting a change” is enough.

4. If housing inventory is rising

When supply is high and demand is low, selling your home may not be as profitable as you would like. Keep an eye on what’s happening in your market.

5. If you’re happy with your current home

If you are content with your existing home, and it fits your needs and budget, waiting to sell might be the best decision

Homeownership is a natural hedge against inflation. While rents continue to go up at an unusually fast rate, you can rest easy knowing that your mortgage payments will remain predictable.

6. If you recently refinanced your home

Because mortgage rates hit record lows between 2020 and 2021, many people opted to refinance their higher mortgage rates instead of opting to buy a new home. Now, as mortgage rates are higher heading into 2023, if you’re one of the many homeowners who refinanced in 2020, you will likely want to hold off on selling for now.

7. If you can’t afford to move

The recent rise in home prices can be a double-edged sword. It’s great when you’re on the sell side, but is it worth cashing out now if you’ll have to sacrifice those profits to buy high?

If you are not in a financial position to make your next home purchase, or if the cost of transitional housing is beyond your current reach, now may not be the best time to sell.

8. If you have no clear game plan or objective

Moving is a big decision. It’s even bigger when it involves selling what is likely the largest financial asset you have. To avoid seller’s remorse, you’ll want to map out exactly what you’re going to do as soon as the home is sold; whether that’s immediately buying a new home, moving into a family member’s casita, or committing to full time RV living.

9. You aren’t mentally ready to sell

Even if you keep pace with up-to-date information about the housing market and your equity situation, deciding whether to sell now or wait often comes down to a battle between your heart and mind.

There are numerous reasons why you might need to sell early in the year. Perhaps you even need to sell this month! Whatever your reasons, preparation is key. Make the right moves now and your sale is likely to go smoothly and successfully. 

Follow these tips: 

1. Make a list of what needs to be done around the property to prepare it for listing. That includes decluttering, cleaning, getting needed repairs done, and so forth. 

2. Schedule those tasks. On a calendar or planner, block out ample time to do everything on your list. Give yourself a time buffer because things can often take longer to do than expected. 

3. Get help. You don’t need to do everything yourself. Consider hiring a painter, contractor, cleaning service, and other professionals. Outsourcing can reduce a lot of the stress of selling while ensuring your property is prepared in time.

4. Dispose of unwanted items that may have accumulated over the years in the garage, basement, and closets. You can have a yard sale, sell stuff online, donate items to charity, or take them to your local recycling centre. 

5. Free up your schedule during the period you expect your property to be on the market. You want your home to be accessible for showings as often as possible, giving prospective buyers a lot of flexibility when scheduling. 

The idea is to get your property as “sales-ready” as possible — as early in the year as possible. That way, when it comes time to list your home, you won’t have to scramble to get it ready. The hard work will be done and you’ll be able to focus on selling your property quickly and for the best price. 

Want more tips on preparing your home for sale?  Call Us Today!

Imagine you want to take the “trip of a lifetime” this fall. Would you leave it until the summer to start planning, booking dates, and generally getting ready? Probably not. A trip like that is a big deal. You’d want to start making arrangements now, so by the time you’re ready to go to the airport, everything will be set for you and your family to have a great time.

The same is true when selling your home. If you intend on listing your property later in the year, now is the time to start making plans. 

Starting the process early in the year gives you four significant advantages: 

• Ample time to prepare your home. Starting now gives you time to declutter your property, get needed repairs done, and otherwise make your home ready to be seen by buyers
• Less stress. Unless you enjoy scrambling to get things done within a tight timeline, you want to give yourself as much time as possible to prepare for your home sale without the stress of a tight timeline. Starting early gives you that.
• Listing date flexibility. Starting now means you’ll get you and your property prepared. Sure, your plan might be to list in the summer or maybe later in the fall. But, if the market changes or some other opportunity presents itself, you’ll be able to list sooner. Your home will be ready.
• More time to find your next home. If you’ll also be looking for a new home, starting the process now will give you more time to explore neighbourhoods, get financing arranged, and determine the ideal type of home for you. 

Want more tips on preparing your home for sale?  Call Us Today!

Imagine you've been waiting for the right moment to sell your home and you're finally ready to pull the trigger and list it. But, just as you're about to put up the sign, you notice that a few other FOR SALE signs have unexpectedly popped up in the neighbourhood.

Oh no! Now there are competing listings. Does that mean you should put your plan to sell your property on hold?

Not necessarily.

Just because comparable homes are for sale in the area doesn't mean it's not a good time to make your move. In fact, even if there is a sharp increase in local listings, active buyers might still outnumber properties available. In that scenario, you'd likely get several interested buyers.

And, even in the case of a buyer's market, now might still be the ideal time to sell. Don't forget, your home might have desirable features that some buyers are eagerly looking for, giving your home the advantage over others on the market.

In addition, a large part of a successful sale is in how a property is marketed and promoted. With effective marketing, your home is more likely to be noticed by the right type of buyers... buyers who are actively looking for a property like yours.

So, waiting for the perfect moment to sell your home rarely makes sense. In most cases, the best time to list is now.

That being said, it is helpful to find out exactly what to expect should you list your property in today's market. To find that out, call today.