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Elisabeth & Jim Hamilton

Fall 2022


THE MARKET INSIDER


Market Trends: Buyer Uncertainty Slows Market

Upgrading Windows | Extending Patio Season

Upgrading Windows

No, not that kind of windows! Unlike computers, people rarely think about upgrading their home’s windows. Here are a few tips:

  • Windows have a life of roughly 20 years. Drafts, leaks, UV damage are all signs that it may be time to upgrade.


  • Know which windows are best for which rooms – awning, casement, transom or bay? There are many options to suit your style and budget. Double hung are particularly nice for cleaning and maintenance!


  • Energy efficient windows are well worth the investment. Greater insulation reduces your energy bills and increases the value of your home.


  • People often shy away from upgrading windows in winter, but this may be your best time. Construction materials are weather resistant up to -20, and contractors and materials are in less demand.


CREA | https://bit.ly/3qrvvpy

Extending Patio Season

If you are like us, you want to squeeze every drop out of summer. Here are a few tips on how you can keep enjoying your patio well into the fall:

  • Add barriers – gazebos, pergolas, awnings and curtains not only protect you from sun in the summer, but also the wind and rain in the fall.


  • Bring the heat! Outdoor heaters and fire pits make outdoor spaces more inviting and cozier!


  • Blankets – keep a nice basket of blankets on hand for snuggling up when the temperature dips.


  • Add light – shorter days make for darker evenings, but a small investment in lighting can make all the difference.


  • Weather resistant furniture – the extra investment will not only extend the life of your furniture but let you enjoy it more. Be sure to store cushions, blankets and other items when the skies turn dark and not in use.


  • Want to extend your patio season even further? A hot tub is just the thing. 🙂


CREA | https://bit.ly/3U0e9NK

Market Trends

Buyer Uncertainty Slows Market

After two years of explosive growth, buyer apprehension brought about primarily by higher interest rates has cooled Ottawa’s market considerably. Consider the following:


  • The number of year-over-year house sales in August decreased by 27% from 1,565 in 2021 to 1,137 in 2022


  • Average Days on Market approached 30 in August (compared to 10 to 15 over the last two years)


  • Housing inventory increased to 2,093 or nearly 3 months for residential class properties (compared to less than one month seen over the last two years)


  • Prices are still up year-over-year at 4 and 5% for condo and residential properties respectively, but significantly lower from the heady days of 20 to 30% year-over-year increases. 


  • Prices are still rising in some neigbourhoods, but in the single digits. 


All of this indicates that lightening quick markets are a thing of the past and we are moving towards balance. This is further supported by fewer multiple offer scenarios and a return to standard financing and inspection conditions.


Given the new market realities, buyers and sellers need to adjust strategies. For sellers, level-headed pricing is more important than ever. Price and strategize for this market to optimize outcomes, not the past. For buyers, opportunities abound and unlike this winter and spring; patience will be rewarded, particularly with properties taking longer to sell. Also, consider well your financing options – this is more important than ever!


OREB | https://bit.ly/3d0c7g9

A Note from Us

Fall is a time of new beginnings. For us, it is good to be back after some R&R this summer. Do you have questions about the market, renovations, or just want to catch up? We always love hearing from you!

Elisabeth

(613) 276-1675 | Elisabeth@ElisabethHamilton.ca

Jim

(613) 867-1675 | Jim@ElisabethHamilton.ca

Our Clients Say the Nicest Things!

“The level of care and professionalism with which you conduct your business is perfect. You treated me like a million-dollar client, and it made all the difference.” Anika

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Elisabeth & Jim Hamilton

REALTORS®

 

Innovation Realty, LTD.

376 Churchill Ave N Unit 101

Ottawa, Ontario 

K1C5C3

 

Elisabeth: 613.276.1675

Jim: 613.867.2278 

 


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