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November 2022 - monthly market snapshot
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Good morning everyone,

Is this not the most beautiful November weekend ever!? I'm really crossing my fingers for this extended summer to continue, but sadly the forecast is looking a little more seasonal for the week ahead, so I truly hope you are all outside enjoying this beautiful day!

In this edition:
  • Of course we will kick things off with a look back at the past month of stats in the Ottawa real estate market.
  • There was some positive news this week concerning mortgage rates, we'll take a look at where things stand.
  • I've got a beautiful featured listing to share with you - with an open house today if you want to see it in person! - and a shout out to another just sold.
  • I hope you have all planted your tulip bulbs! Other than that, I also have some seasonal reminders for preparing your home for fall.
  • Finally, as usual, we'll wrap up with a photo of the month.
October 2022 Sales Stats

We have returned to a balanced market in Ottawa, here's how the numbers looked last month:

  • Last month in October 2022 members of the Ottawa Real Estate Board sold 1,987 residential properties, a decrease of 40.9% compared to October 2021. 
  • Year to date, 13,857 homes & condos have sold, which is 22.9% less than the January to October of 2021
  • There were 2,047 new properties listed for sale in October, leaving the total number of residential properties for sale at 3,219, an increase of 80.9% from the end of October 2021.
  • There is currently 3.3 Month of Inventory on the market and a new listing sales rate of 48.2%, which is a balanced market condition.
  • It took an average of 43 days for properties of all types to sell in October, which is 17 days longer than October 2021 and 2 days longer than last month.
  • Of these 987 sales, 758 were freehold houses, and 229 were condominiums.

Freehold Houses: Sales stats for the past 12 months:
*click to enlarge*
  • 758 freehold homes were sold in October, 40% less than in October 2021.
  • The average prices was just under $678,000, a decrease of 5.4% from the same time last year.

Condominiums: Sales stats for the past 12 months:
*click to enlarge*
  • In the condo market, 229 condos were sold last month, which is a decline of 44% from last October.
  • The average price was $446,000, which is 9.3% higher than in October 2021.
Mortgage Rate Update
This week the rates for some fixed mortgages actually came down for a change! This is happy news for future buyers looking to secure a pre-approval, or for those with existing pre-approvals that could now be improved upon.

For a snapshot of where rates stand across terms and lenders I recommend checking out ratehub.ca.

If you are considering a move in the future and are not sure where to start, of course I'd love to hear form you to get the conversation started, and I have a roster of great mortgage brokers to refer you to for the next step.
Featured Listing : 568 Malahat Way
Welcome to 568 Malahat Way! This almost new home was just built in 2019 in the master-planned community of Abbottsville Crossing - located between Kanata South and Stittsville -  where you will have easy access to all amenities, parks, playgrounds and the 417.
From the moment you step onto the stunning wrap around porch and through the front door, this home is bright and inviting. Benefiting from a corner lot, you will enjoy plenty of windows letting in unobstructed views and light. The open concept main floor is both spacious and cozy; whether you are looking to relax, entertain guests or just spend time with your family, it's the perfect setting. The kitchen has ample storage and prep space, gleaming granite countertops, stainless steel appliances, and a large island overlooking the living room with bar seating. Upstairs you will find 4 spacious bedrooms; whether for kids, guests, or a home office, everyone will have plenty of space. The principal bedroom is simply massive, and includes a custom feature wall, walk-in closet and stunning en-suite bathroom. More info on Realtor.ca.
 

If you want to see this stunning home for yourself, come visit me at my open house today!

Sunday, November 6th
from 1 PM to 3 PM


I'd love to give you a tour!
Just Sold : 320 Parkdale Avenue, Suite 402
 
I'm not surprised at all that this condo was snapped up in a flash! Congratulations to my seller, who is beginning a new adventure, and all the best to the buyers, who I am sure will be happy in their new condo for years to come!
10 things to do before the snow falls
Before the temperature drops too much, make sure your home is ready to handle the cold, wet winter months. A little prep work and elbow grease now will go a long way to help your home weather the coming storms:
  1. To avoid cracked hoses and burst outdoor faucets over the winter, turn off water valves in your home and drain all remaining water from the taps and hoses.
  2. To prevent ice dams — ridges of roof ice that prevent melting snow from draining — ensure attic vents are free of debris. A leaf blower or a pass with a pressure washer will clear them out and prep them for winter snow.
  3. Run the point of a fire poker inside the chimney liner and if there’s more than three millimetres of gunk, call a certified chimney sweep!
  4. If you decide to keep your collection of colourful clay pots outside for winter, make sure you empty the soil before you do. The moisture in the earth will expand when frozen, which can crack those precious ceramic containers.
  5. Get your gutters cleared out by a professional and make sure all downspout extensions run at least 1.5 metres away from your home’s foundations.
  6. A thin line of silicone caulking is one of the best ways to seal gaps in siding, windows and door frames. If you can see a gap that’s bigger than the width of a nickel, you need to get on it, to stop drafts and water damage in their tracks.
  7. Pull out a pair of binoculars and give your roof a careful once-over! Hire a handyman for patching jobs, or a roofing company for larger sections in need of some TLC before winter comes.
  8. Place a piece of made-to-measure plywood over the A/C unit during winter and protect it from large, falling icicles and snowdrifts.
  9. Consider getting a technician to inspect, test and clean your furnace or heat pump to ensure they’re in tip-top shape for winter.
  10. If your home is kitted out with ceiling fans, check the settings for a reverse option. Running fans in the opposite direction creates an updraft, pushing down heated air, which can help reduce your energy bill!
Photo of the Month
The weather might be warm today, but the trees are not fooled, they are getting ready for what's to come!
That's all for this month friends!

As always, if you, your friends or your family have any real estate related questions or needs, please don't hesitate to reach out to me, it would be my pleasure to help however I can,
 
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Kayla Meyer, Sales Representative · REMAX Hallmark Realty Group, Brokerage Independently Owned and Operated · 610 Bronson Avenue · Ottawa, On K1S 4E6 · Canada

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