TRU Realty is excited to welcome James Laniyan to our growing team! Since joining the Ottawa Real Estate Board in 2004, James has been a full-time, active Realtor serving Ottawa and the surrounding areas with professionalism and dedication.

James brings a unique and varied background to his work, holding a master’s degree in architecture and communications in computing from the UK. With deep experience as a real estate investor, residential income property owner, and manager, James understands the market from multiple angles, making him an invaluable resource to his clients. His trustworthy, reliable, and client-focused approach has made him a respected figure in the industry, helping buyers, sellers, and renters make confident decisions across Ottawa’s dynamic residential real estate landscape.

James and his family have called Ottawa home for nearly two decades, but he maintains close ties to both England, his birthplace, and Nigeria, his country of origin. Recently, he also celebrated the arrival of his first grandchild, bringing another meaningful dimension to his role as a family-oriented, community-driven Realtor.

At TRU Realty, we’re proud to have a Realtor of James’s caliber on board, drawn by our commitment to management support and exceptional value for our team. His nearly 20 years of real estate expertise, combined with his compassionate, client-centered service, perfectly align with TRU Realty’s mission.

Please join us in welcoming James to TRU Realty! We’re excited to see him continue his outstanding work and help clients reach their real estate goals with ease and confidence.

We are thrilled to announce that Itai Olej has joined TRU Realty, bringing with him a wealth of experience, skill, and dedication to the Ottawa real estate community. With a career that began in real estate investing, Itai mastered the art of property renovation and rental revenue creation before earning his REALTOR® license in late 2011. Since then, he has developed a reputation as a powerful advocate for his clients.

A Master Certified Negotiation Expert and Accredited Buyer Representative, Itai’s expertise in negotiation has helped him guide his clients through tough markets with impressive results. Known for his integrity, honesty, and patience, he is a trusted ally for those seeking both exceptional deals and sophisticated real estate strategies. Itai’s track record includes recent achievements such as his recognition in the RE/MAX Hall of Fame and his membership in the Platinum Club in both 2019 and 2020, along with his recent broker’s license.

Itai moved to Ottawa in 2006, where he and his wife, Nathali, are raising their two young daughters, Alma and Maia. Joining TRU Realty felt like a natural step for him due to our support, value, and flexibility. He looks forward to building new relationships within the Ottawa community and helping clients find the perfect place to call home or make their next investment.

Please join us in welcoming Itai Olej to the TRU Realty team!

The number of homes sold through the MLS® System of the Ottawa Real Estate Board (OREB) totalled 1,179 units in October 2024 — an increase over the 1,047 units sold last month.

Home sales were 3.9% below the five-year average and 0.9% below the 10-year average for the month of October.

On a year-to-date basis, home sales totalled 11,662 units in October 2024 — an increase of 9.4% from the same period in 2023.

“We’re seeing positive movement in Ottawa’s market with sales activity up,” says the OREB President. “This is especially interesting because there has been sustained activity throughout the year instead of the typical seasonal spikes and lulls. Consumer confidence is getting stronger, boosted by another consecutive Bank of Canada interest rate cut — though many are waiting for additional rate drops.”

The 50-basis-point reduction might offer optimism following Ontario’s tabling of the Fall Economic Statement where housing starts projections were scaled back to 81,300, representing another reduction in projections and is even further from the province’s goal of creating 125,000 new homes in 2024. The Ontario government cites high interest rates and a tough economic environment as pervasive challenges for homebuilders.

“The challenge remains supply. We know from experience that Ottawa’s inventory leans tight and can swing quickly from balanced territory to a seller’s market — which can compound affordability and accessibility challenges. Now is always the time for fresh action and innovative policies that can create much-needed inventory.”

OREB leaders and volunteers recently joined the Canadian Real Estate Association on Parliament Hill to present focused solutions to confront the ongoing housing supply crisis. With expertise and experience in market conditions and consumer needs, REALTORS® advocated to stimulate supply by investing in offsite construction technologies (i.e. prefabricated homes) and extending HST/GST relief for non-profit-built affordable ownership housing.

By the Numbers – Prices:

The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures.

• The overall MLS® HPI composite benchmark price was $639,500 in October 2024, a 0.4% increase from October 2023.

  • The benchmark price for single-family homes was $724,500, up 0.7% on a year-over-year basis in October.

  • The benchmark price for a townhouse/row unit was $506,900, up 1.6% compared to a year earlier.

  • The benchmark apartment price was $407,500, down 3.4% from year-ago levels.

• The average price of homes sold in October 2024 was $668,690, increasing 1.2% from October 2023. The more comprehensive year-to-date average price was $678,081, increasing by 0.9% from October 2023.

• The dollar volume of all home sales in October 2024 was $788.3 million, up 47.7% from October 2023.

OREB cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Prices will vary from neighbourhood to neighbourhood.

By the Numbers – Inventory and New Listings:

• The number of new listings saw an increase of 10.4% from October 2023. There were 2,089 new residential listings in October 2024. New listings were 6.7% above the five-year average and 17% above the 10-year average for the month of October.

• Active residential listings numbered 3,354 units on the market at the end of October 2024, a gain of 8.9% from October 2023. Active listings were 40.6% above the five-year average and 6.7% above the 10-year average for the month of October.

• Months of inventory numbered 2.8 at the end of October 2024, compared to 3.8 in October 2023. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

Courtesy of the Ottawa Real Estate Board