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A Sincere thank you to all of our clients over this past year. 
We have had a great 2014 and we are very fortunate to meet and work with many wonderful people.

Wishing you all a very Merry Christmas and Happy Holidays. 
All the best for 2015.

Joan, Stew, Victoria & Luc

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MARKET UPDATE  December 2014

Recently there has been talk of the housing market values being too high and that there will be a market correction. Fortunately Ottawa has never had the strong peaks like some of the larger centers.  However, the supply of homes has increased in 2014 over 2013 and may continue to do so in 2015. In addition, market sales have not been consistent in all the neighborhoods.

For Ottawa, year to date unit sales (residential and condominium sales) are relatively flat, with about 13,291 units sold in the first 11 months of 2014, compared to 13,315 units for the same period in 2013. The Condominium market declined 7.6% year to date in unit sales in Ottawa. For November, 2014 Ottawa sales are similar to November 2013, with the number of Residential & Condominium units sold in the month (895 units) compared to November 2013 (892 units). Key to note is that the inventory of homes (residential & condominiums) for sale continues to be higher than in 2013, from 5324 active units in January 2014 to 6,679 active units at the end of November.  There are approximately 10.8% more homes on the market in Ottawa compared to this time last year. 

 

For Kanata, total sales year to date are 1,039 compared to 960 sales in 2013 for the same time period.  For Stittsville, total sales year to date are 554 compared to 548 sales in 2013 for the same time period.  In Kanata, the average sale price percentage change year to date November 2014 vs year to date November 2013 is relatively stable with an increase of 1.3%, for all housing types. (Source: OREB MLS, November 2014) For Stittsville, the average sale price percentage change year to date November 2014 vs year to date November 2013 has increased 0.3%, for all housing types.(Source: OREB MLS, November 2014)
 
WHY SHOULD A HOUSE STAY ON THE MARKET?
Many ask this question in difficult markets, should I keep my house on the market or take it off the market and put in on in Spring Market when more buyers are looking?
  • The public has to know a home is available for sale. If the home is not listed on the market, no one will see it and there is no opportunity to purchase.
  • Serious buyers are searching all the time and are motivated to make the effort to search no matter what time of year.
  • In the late Fall and early Winter there is generally less supply of homes on the market, which also means less competition and could lead to a better price.  We have even sold homes on Christmas and New Years Eve.
  • International buyers shop year round for homes and don't observe North American holidays.
  • Relocation and federal Public Service transfers start in early January, which means that these buyers are looking for accommodation now.
WHEN SHOULD I PUT MY HOUSE ON THE MARKET?
 
You often hear about the busy Spring market, and many will say this is the best time to put your house on the market.  Consider these points when making the decision when to put your home on the market:
  • When purchasing a new home closing dates can be a long as 6 months, it is important to give yourself 3 months marketing time for your home.
  • I have found listing at the end of January is a good time for March and June closing dates.
  • Competition and supply of homes on the market is higher in the Spring.
  • If a house is vacant It is generally harder to achieve a higher selling price than if the home is furnished and staged.
  • Check with your bank and mortgage broker as to the conditions for mortgage approval, possibility of porting your existing mortgage, bridge financing options and costs.
 
We Live Here. We Work Here.
We Play Here.

 
We are pleased to have recently supported the Canadian Federation of University Women/Kanata Enchanted Mosaic Concert on November 15th in support the CFUW/Kanata Scholarship Trust to provide bursaries to local high school graduates who are in need of financial support in attending university.  www.cfuwkanata.ca
 
The Joan Smith Real Estate Family is pleased to support the following organizations:
 


Celebrating its 50th year! Beaverbrook, Kanata

We are pleased to share a watercolour of an interpretation of a classic Beaverbrook streetscape, painted by the late Alice Breckemeyer, on our 2015 Calendar.

 

ENJOY THESE HOLIDAY EVENTS
Dec.14
Christmas around the World
Dec. 15
Christmas in a Manager
Dec. 16-17
Handel's Messiah
Dec. 21
Christmas with Music and Beyond
Nov. 29 - Dec. 21
Vintage Village of Lights          
Dec. 6 - 22
Christmas Carolling
Dec. 31
Hogmanay Party
Dec. 31
Polar Hero Race
 

MORTGAGE UPDATE
Karen Lemieux
Mortgage Brokers Ottawa,
Down Payment Options & Requirments?
Down payment is almost always required when you are purchasing a home. There have been substantial changes to this requirement over the course of the last few years.  The most common paperwork required to confirm the source of the down payment is as follows:
1. Savings - mortgage lenders will generally require a 90 day transaction history confirming that the funds are indeed saved and not borrowed or gifted.  The source can be an RSP (as long as clients qualify under the RSP Homebuyer Guidelines), TSFA or a savings account.
2. Gifted - many parents help their children purchase a home by providing all or part of the required funds.  The funds have to come from a close relative - father, mother, uncle, aunt, sister, brother.  In-laws are not considered to be close relatives.
3. Borrowed - for this to be considered credit needs to have been managed impeccably, and the monthly repayment of this new debt will be considered as part of the qualification process.
4. No Down Payment - one lender will allow, the property needs to be within a 30 minute drive of a branch, net worth (assets less liabilities) cannot be less than 0, and credit management must have been pristine. 
As always, it is important to speak to a mortgage professional to understand your best options.

Karen Lemieux
Mortgage Brokers Ottawa, Mortgage Agent License 11759

www.karenlemieux.com

 

Royal LePage Kanata Office are proud supporters of Toy Mountain.

Hi Joan and team, Thank you.

We really enjoyed working with the team. We appreciated all aspects of your services (market evaluation, staging, marketing and negotiation). On the very first encounter we felt that we could trust you and your team and follow your advice on staging and market evaluation. The fast results proves you right. We decided to use your service on the advice of friends that were really satisfied with their experience. This was a sound decision. We fully recommend your services.

Hans & Paule

 
We would like to thank you for being a valuable client.  From time to time, you will receive market news to keep you apprised of local real estate. You can choose to unsubscribe at any time.  As always, never hesitate to call or e-mail with any real estate questions.

Joan, Stew, Victoria & Luc
Copyright © 2014 The Joan Smith Real Estate Family, All rights reserved.


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