We are very thrilled to announce that Kim Duong-Vu has joined TRU Realty!

Kim studied tourism management and real estate at UBC in Vancouver before earning her license to sell real estate in BC and then in Ontario when she moved to Ottawa.

Kim is passionate about helping first-time home buyers, investors, retirees and families buy and sell a home as well as helping her community. Her energy and professionalism, is motivated for providing the unwavering support her clients need to sell or buy a home. She understands that every person, every family has special needs and requirements – and she strives to help make sure that each and every client takes steps to realize their dreams.

It was with that same passion and professionalism that TRU Realty strives to support their Realtors! We encourage all who know Kim to trust her with their real estate needs - you won’t be disappointed!

We are thrilled to announce that Marina Karshuli has joined TRU Realty!

Marina believes every home is unique and recognizes the same is true of every homeowner and with that mindset she approaches working with her clients. In just a few short years, Marina has gone from a newly licensed Realtor to one of the top agents in the city! Clearly, her efficiency, responsiveness and knowledge has earned her many clients trust!

When Marina chose to make TRU Realty her new brokerage, we were TRUly honoured! 

We encourage all Marina's clients, friends and family to contact her for all their real estate needs!

We are really excited to announce that Sophia Choroshansky has joined TRU Realty! 

Sophia has established herself as one of the top Realtors in Ottawa! Her no-nonsense approach, integrity and competence have attracted hundreds of satisfied clients and she is very proud of the relationship she has developed with them. In each transaction, she endeavours to make the experience a painless and pleasant journey so her clients can make the best decision for their families!

Sophia recognised that her level of service is enhanced by the great team of people surrounding her. In that regard, we were honoured to have Sophia join TRU Realty! The values that Sophia exemplifies are the same that our brokerage appreciates. 

We echo Sophia's own invitation to her clients, family and friends: "It would be my pleasure to help guide you along your personal journey to success!"

We are very excited to welcome Gisele Pethick to TRU Realty!

Gisele has enjoyed a long career in the real estate industry both in administration & sales. In 1999, she started her first position as a real estate office receptionist for a busy Ottawa office. From there she transitioned into an admin assistant, to licensed sales to deal processing to trade approvals to brokerage accounting and even brokerage management! That vast and varied experience is a unique and incredible asset that Gisele has gladly shared with colleagues and clients to assist them in their real estate goals!

Gisele was attracted to TRU Realty's management and dedication to professionalism in the industry. In return, we are thrilled to benefit from Gisele's integrity, honesty and loyalty, qualities that TRU Realty stands for. We are honoured to know Gisele chose TRU Realty as her real estate brokerage!

On behalf of Gisele, we invite all of her past clients, family and friends, to contact her with any and all their real estate needs!

• The average sale price for a condominium-class property in August was $421,966, an increase of 4 per cent from 2021.
• The average sale price for a residential-class property was $707,712, increasing 5 per cent from a year ago.
• With year-to-date average sale prices at $795,978 for residential and $457,771 for condominiums, these values represent a 10 per cent and 9 percent increase over 2021, respectively.*
• 2,093 properties were listed in August, boosting inventory to nearly 3 months for residential class properties and 2.2 months for condominiums.

“Prices are still rising slightly in some areas, albeit lower single-digit percentage increases, bringing back the moderate price-growth stability that is characteristic of the Ottawa resale market. What happened to prices in 2020 and 2021 was unusual. We are moving towards a balanced market state, where Buyers have choices and Sellers need to ensure they are pricing their properties accurately."

"The informed market knowledge and insight of a licensed REALTOR® is critical to both Buyers and Sellers navigating market shifts. Sellers will want to closely explore with their REALTOR® the best time and price to list their home to optimize a property's days on market. Buyers can use the extra time to work with their REALTOR® on due diligence and finding a dream home that meets their needs within their financial parameters."

REALTORS® also help with finding rentals and vetting potential tenants. Since the beginning of the year, OREB Members have assisted clients with renting 4,172 properties compared to 3,182 last year at this time.

Courtesy of the Ottawa Real Estate Board

We are very excited to welcome Youcef Cherid to TRU Realty!

Youcef is a civil engineering graduate with extensive experience in construction, home building, and renovations. His passion for real estate led him to become licensed to trade in real estate in 2016. Since then, he has had tremendous success assisting buyers and sellers navigate the real estate industry to make their home ownership and real estate investment goals come true! 

Youcef's clients appreciate his honesty, dedication and professionalism, which were qualities that Youcef in turn appreciated about TRU Realty and its management. On behalf of Youcef, we invite all his past clients, friends and family to contact him and make their real estate dreams come TRU!

Members of the Ottawa Real Estate Board sold 1,110 residential properties in July through the Board’s Multiple Listing Service® System, compared with 1,718 in July 2021, a decrease of 35 per cent. July’s sales included 840 in the residential-property class, down 36 per cent from a year ago, and 270 in the condominium-property category, a decrease of 34 per cent from July 2021. The five-year average for total unit sales in July is 1,691.

“We are witnessing a profound slowdown in Ottawa’s resale market. July’s numbers reveal that Buyers are indeed putting on the brakes more heavily than what is typically expected during the mid-summer sales dip. Aggressive interest rate increases are surely impacting the decision to buy at the moment as well as other factors that I mentioned last month,” states OREB President. “But there is a silver lining: with more properties continually being added to inventory, we are on the cusp of returning to a balanced market, and that is good news."

“July saw 2,338 new listings added to the housing stock, which is on par with the 5-yr average and 5% lower than last year at this time. Our inventory for residential-class properties is currently around 2.9 months and 2.5 months for condominiums. A market is considered balanced with at least four months of supply, so we are well on our way to that paradigm.”

The average sale price for a condominium-class property in July was $425,694, an increase of 1 per cent from 2021, while the average sale price for a residential-class property was $716,354, increasing 5 per cent from a year ago. With year-to-date average sale prices at $805,238 for residential and $461,557 for condominiums, these values represent an 11 per cent and 9 per cent increase over 2021, respectively.*

“The double-digit average price increases that we saw in the past couple of years right up until the early spring have now morphed into single-digit increases, which aligns more with our traditional stable year-over-year price growth. However, it is important to point out that average prices tally the entire spectrum of home sales across the city and region. If you look from neighbourhood to neighbourhood, there are so many differing characteristics and attributes, price increases will certainly fluctuate depending on where you live."

“If you are selling your home, now is the time to be patient as days on market return to more normal timeframes. There are still many Buyers out there, but with more choice, they have less pressure and may take their time. Even though interest rates are still quite reasonable from a historical perspective, consumers are adjusting to this new reality. The rising cost of all goods means people need time to evaluate and adapt their mindsets.”

“I also believe it is time for the federal government to adapt and reassess the stress test. It was originally designed when rates were very low to ensure Buyers could manage rate hikes. With interest rates where they are now, they have to qualify at a 7-8% rate which no longer makes sense and takes many Buyers out of the market.”

“Whether you are a Buyer or a Seller, a professional licensed REALTOR® will help you navigate this shifting resale market. They have access to minute-by-minute sales data and local neighbourhood expertise that will assist you in making the best decisions for your circumstances.”

REALTORS® also help with finding rentals and vetting potential tenants. Since the beginning of the year, OREB Members have assisted clients with renting 3,528 properties compared to 2,706 last year at this time.

Courtesy of the Ottawa Real Estate Board

We are very excited to welcome Dulaksha Herath to TRU Realty!

After studying business admin and computer programming at Algonquin College, Dulaksha found his true calling in real estate in 2018. Since then he has not looked back! Dulaksha has deep connections with family, friends and his community both here in Ottawa but also in Sri Lanka. He takes great pride in assisting many to relocate to Ottawa and eastern Ontario. From first-hand knowledge, relocating to another country and investing in real estate is a big challenge but with Dulaksha's experience, drive and insight, he has helped many make this dream come true and looks forward to assisting many more!

Dulaksha appreciated the flexibility, management and professionalism of TRU Realty and made the decision to partner with our brokerage. On behalf of Dulaksha, we invite all his past clients, friends and family to contact him and make their real estate dreams come TRU!

Members of the Ottawa Real Estate Board sold 1,508 residential properties in June through the Board’s Multiple Listing Service® System, compared with 2,122 in June 2021, a decrease of 29 per cent. June’s sales included 1,138 in the residential-property class, down 31 per cent from a year ago, and 370 in the condominium-property category, a decrease of 23 per cent from June 2021. The five-year average for total unit sales in June is 1,966.

“After the frenzy of the past two years, we are witnessing Ottawa’s resale market normalize in 2022 and shift towards the more traditional seasonal ebb and flow cycle. While June transactions do typically taper as many look towards their summer holidays, last month’s sales were at a slower pace than we have seen in well over a decade,” states the Ottawa Real Estate Board President.

“We can likely attribute the decrease in unit sales to economic factors such as rising interest rates and cost of living/inflation. Other dynamics could include Buyer fatigue combined with a wait-and-see approach towards home prices, lack of confidence amongst consumers, and perhaps the uncertainty surrounding back-to-work arrangements as a long commute with rocketing gas prices will certainly affect decisions about where to live.” 

The average sale price for a condominium-class property in June was $438,977, an increase of 1 per cent from 2021, while the average sale price for a residential-class property was $772,861, increasing 6 per cent from a year ago. With year-to-date average sale prices at $815,797 for residential and $465,573 for condominiums, these values represent an 11 per cent and 10 percent increase over 2021, respectively.*

“It’s no secret that price increases have become more modest in the last two months–there’s a new benchmark reality in Ottawa. While our average price statistics provide an overall picture, as the market settles, there will be adjustment differences in various pockets of the city. For example, what happens in Westboro will not likely mirror Findlay Creek.”

“But even as prices fluctuate, historically, real estate in Ottawa has always been and will continue to be stable and dependable in the long term. We aren’t likely to ever experience the significant dips that other regions may see. Prices won’t fall out; they are prone to level off to the reasonable rates of increase that we have historically experienced.”

“With an influx of 3,213 new listings in June, we are moving (albeit gradually) towards the goal of a more balanced market. Residential inventory has increased by 38% over last year at this time and is sitting at an approximate 1.9 months’ supply currently. Condominium housing stock has risen 14% to a 1.6 months’ supply for that property class. Once government-pledged supply measures are enacted, we are optimistic that goal is within reach.”

“Buyers, if you have been waiting on the sidelines, this may be an optimal time to venture back into your home search. There is more selection, fewer bidding wars, and less pressure to make a warp-speed decision. As for Sellers, your neighbourhood has its own characteristics and attributes that should weigh into the calculation of your property’s value. Contact a professional REALTOR® who has their hand on the pulse of Ottawa’s shifting real estate market today!”

REALTORS® also help with finding rentals and vetting potential tenants. Since the beginning of the year, OREB Members assisted clients with renting 2,919 properties compared to 2,252 last year at this time.

We are so pleased to welcome Amanda Dominique to TRU Realty!

Amanda has established herself as a successful real estate Broker in the Ottawa area for many years! While some Realtors measure their success in the number of deals they do, Amanda takes a more selfless approach by measuring her success in the people she serves and lasting relationships created.

Amanda understands that we are in the trust business and does not take it lightly. She endeavours to earn her client's faith in her and recognizes that this is a great privilege. To that end, Amanda is even more proud of her time and effort to give back to the community in which she serves through her support of housing initiatives and volunteering at the real estate board. Amanda was attracted to TRU Realty for its management, team spirit and values - values that she exemplifies and both clients and colleagues appreciate! We are very honoured to have Amanda join the TRU Realty team and invite all of her past clients, family and friends, to contact her with any and all their real estate needs!