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 1,047 units in September 2024. This was an 11.4% increase from September 2023.

Home sales were 17.4% below the five-year average and 15.4% below the 10-year average for the month of September.

On a year-to-date basis, home sales totalled 10,485 units in September 2024 — an increase of 6.4% from the same period in 2023.

“As we navigate a shifting housing market, Ottawa’s fall outlook is healthy,” says the OREB President. “Activity is robust with an uptick in sales and prices remaining steady. Meanwhile, both buyers and sellers are rethinking their purchasing power amidst news about additional interest rate cuts on the horizon, longer amortizations, and increased price caps for insured mortgages."

“There have been encouraging policy developments recently that will stimulate demand. But Ottawa’s market does not typically have demand problems — we have chronic supply issues. We’re not building enough homes in the city, and we’re not building enough of the right homes to address the ‘missing middle.’”

The Canada Mortgage and Housing Corporation (CMHC) recently reported that Ottawa's “population-adjusted construction is at its lowest level in nearly 10 years.” A City of Ottawa progress report shows that Ottawa is only at 22 per cent of its annual housing target at the end of August.

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 $642,800 in September 2024, an increase of 0.2% from September 2023.

  • The benchmark price for single-family homes was $729,000, up 0.5% on a year-over-year basis in September.

  • By comparison, the benchmark price for a townhouse/row unit was $500,000, down 1.7% compared to a year earlier.

  • The benchmark apartment price was $414,200, down 1.3% from year-ago levels.

• The average price of homes sold in September 2024 was $685,551 increasing 1.4% from September 2023. The more comprehensive year-to-date average price was $679,082, increasing by 0.9% from September 2023.

• The dollar volume of all home sales in September 2024 was $717.7 million, up 12.9% from September 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 3.9% from September 2023. There were 2,343 new residential listings in September 2024. New listings were 4.7% above the five-year average and 11.6% above the 10-year average for the month of September.

• Active residential listings numbered 3,529 units on the market at the end of September 2024, a gain of 16.9% from September 2023. Active listings were 43.3% above the five-year average and 4.6% above the 10-year average for the month of September.

• Months of inventory numbered 3.4 at the end of September 2024, up from 3.2 in September 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

The number of homes sold through the MLS® System of the Ottawa Real Estate Board (OREB) totalled 1,100 units in August 2024. This was a 10.2% increase from August 2023.

Home sales were 11.4% below the five-year average and 14.1% below the 10-year average for the month of August.

On a year-to-date basis, home sales totalled 9,444 units in August 2024 — an increase of 6.0% from the same period in 2023.

“Being a seasonal market, it’s very encouraging to see sustained levels of activity throughout the whole summer,” says the OREB President-elect. “And coupled with a third consecutive interest rate drop from the Bank of Canada, we are anticipating a heated market in the fall.”

“REALTORS® know firsthand how affordability remains a top concern for most buyers. With a stream of new listings hitting the market and prices holding steady, buyers are not moving with urgency. They are still using caution and taking their time to find the right property for their needs and budget. As such, sellers need to be patient and work with a REALTOR® who can use the latest neighbourhood-level data and insights to properly price their property and build a selling strategy.”

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 $646,000 in August 2024, a decrease of 0.3% from August 2023.

  • The benchmark price for single-family homes was $732,500, down 0.3% on a year-over-year basis in August.

  • By comparison, the benchmark price for a townhouse/row unit was $502,200, up 0.3% compared to a year earlier.

  • The benchmark apartment price was $416,800, down 1.2% from year-ago levels.

• The average price of homes sold in August 2024 was $660,341 increasing 0.3% from August 2023. The more comprehensive year-to-date average price was $678,327, increasing by 0.9% from August 2023.

• The dollar volume of all home sales in August 2024 was $726.3 million, up 10.5% from August 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 0.2% from August 2023. There were 1,907 new residential listings in August 2024. New listings were 0.2% above the five-year average and 0.9% above the 10-year average for the month of August.

• Active residential listings numbered 3,324 units on the market at the end of August 2024, a gain of 25.8% from August 2023. Active listings were 46.5% above the five-year average and 1.3% below the 10-year average for the month of August.

• Months of inventory numbered 3.0 at the end of August 2024, up from 2.6 in August 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

The number of homes sold through the MLS® System of the Ottawa Real Estate Board (OREB) totalled 1,439 units in June 2024. This was a marginal increase of 0.1% from June 2023.

Home sales were 7.5% below the five-year average and 13.2% below the 10-year average for the month of June.

On a year-to-date basis, home sales totalled 7,109 units over the first half of the year — an increase of 4.2% from the same period in 2023.

“Ottawa continues to see steady activity as we head into the summer market,” says the OREB President. “Unlike recent years, buyers have more room to wait, evaluate and be selective when searching for the right property at the right price, leading to a slight uptick in the days on market. Sellers are making moves as evidenced by the inventory and listings. After recovering from last year’s slowdown, Ottawa’s market performance is nearly back on par and continues to make gains.”

“It’s going to be an interesting summer and the next half of the year. As confidence builds, there will be ample opportunities for both parties. Now is the time for sellers to ensure their property is at its best and priced appropriately to attract buyers who remain slightly reluctant. Buyers would do well to remember that inventory levels — and competition — can swing quickly in Ottawa’s tight market.”

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 $647,700 in June 2024, a decrease of 0.5% from June 2023.

  • The benchmark price for single-family homes was $734,300, down 0.2% on a year-over-year basis in June.

  • By comparison, the benchmark price for a townhouse/row unit was $501,500, down 1.6% compared to a year earlier.

  • The benchmark apartment price was $420,800, down 1.7% from year-ago levels.

• The average price of homes sold in June 2024 was $686,535 increasing 0.5% from June 2023. The more comprehensive year-to-date average price was $681,345, increasing by 1.6% from the first six months of 2023.

• The dollar volume of all home sales in June 2024 was $987.9 million, up 0.7% from the same month in 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 4.7% from June 2023. There were 2,469 new residential listings in June 2024. New listings were 0.8% below the five-year average and 1% below the 10-year average for the month of June

• Active residential listings numbered 3,585 units on the market at the end of June 2024, a gain of 45.5% from June 2023. Active listings were 57.8% above the five-year average and 1.9% below the 10-year average for the month of June.

• Months of inventory numbered 2.5 at the end of June 2024, up from 1.7 in June 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

We are thrilled to announce that a new Realtor has joined our dynamic team at TRU Realty. Please join us in welcoming Mustafa Vurgun to the TRU Realty family!

#### About Mustafa Vurgun

Mustafa Vurgun brings a wealth of experience and a passion for helping clients achieve their real estate goals.

- Specialization: Residential

- Notable Achievements: Mechanical Engineering Degree

- Languages: English, Turkish

- Professional Associations: Ottawa Real Estate board, Ontario Real Estate Association, Canadian Real Estate Association

#### Why Mustafa Vurgun Chose TRU Realty

When asked why he chose to join TRU Realty, Mustafa shared, "The good reputation of management, the professionalism of the Realtors and the value!"

#### What This Means for Our Clients

With Mustafa Vurgun on board, our clients can expect even more personalized service and expert guidance. He is committed to upholding TRU Realty's standard of professionalism and excellence, ensuring that every transaction is smooth and successful.

#### A Message from Our Founder

Our founder, Kevin Saunders, expressed excitement about the new addition to the team: "We are delighted to welcome Mustafa Vurgun to TRU Realty. He embodies the professionalism and dedication that we value so highly. I am confident that our clients will greatly benefit from his expertise and enthusiasm."

#### Get in Touch

If you are looking to buy or sell a property in Ottawa, Mustafa Vurgun is ready to assist you with all your real estate needs. Contact him today to experience the TRU Realty difference.

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At TRU Realty, we are dedicated to defining professionalism in real estate, and our growing team of talented Realtors is a testament to that commitment. Stay tuned for more updates and exciting news from TRU Realty!

We are thrilled to announce the latest addition to the TRU Realty family, John Steele! With over 14 years of experience in the real estate industry, John brings a wealth of knowledge, expertise, and a proven track record of success to our team.

Throughout his career, John has been dedicated to helping clients achieve their real estate goals in the Ottawa area. His commitment to excellence and professionalism has earned him a reputation as a trusted advisor among his clients and peers alike.

What sets John apart is not just his extensive experience, but his dedication to providing exceptional service and going above and beyond for his clients. Whether it's navigating the complexities of buying or selling a home, John's clients can trust that they are in capable hands every step of the way.

When it came time for John to choose a brokerage that aligned with his values and goals, TRU Realty stood out as the clear choice. Our management team's commitment to supporting our agents and providing a competitive commission plan made joining TRU Realty an easy decision for John.

As part of the TRU Realty family, John will continue to uphold our commitment to professionalism, integrity, and excellence in everything he does. We are confident that his addition will further strengthen our team and enhance the exceptional service we provide to our clients.

Please join us in welcoming John Steele to TRU Realty! We are excited to see the incredible contributions he will make to our brokerage and the continued success he will achieve with us.

Stay tuned for more updates and exciting news from TRU Realty!

Exciting News: Welcome Tanya Cummings-Miller to the TRU Realty Family!

We are thrilled to announce the newest addition to our team here at TRU Realty: Tanya Cummings-Miller! With a passion for real estate and a dedication to helping others achieve their dreams of homeownership, Tanya brings a wealth of experience and enthusiasm to our brokerage.

Having been licensed for several years, Tanya has honed her skills in the real estate industry, consistently delivering exceptional service to her clients. Her commitment to professionalism and her genuine desire to make a positive impact are qualities that align perfectly with TRU Realty's values.

Tanya's background is as diverse as it is impressive. With a history of self-employment in sales, leadership, and direct marketing, she brings a unique perspective and a fresh approach to the table. Her dynamic and authentic personality shines through in everything she does, and we couldn't be more excited to have her as part of our team.

In addition to her real estate endeavours, Tanya also serves as a public servant with the federal government, demonstrating her dedication to making a difference both in the real estate industry and in her community.

Here's what Tanya has to say about joining TRU Realty:

"I am thrilled to be joining the TRU Realty family! My passion for helping others achieve their goals, coupled with TRU Realty's commitment to professionalism and excellence, makes this the perfect fit for me. I am eager to bring my energy, ideas, and positivity to the team and to contribute to our collective success."

Join us in welcoming Tanya Cummings-Miller to TRU Realty! Whether you're buying, selling, or investing in real estate, Tanya is ready to help you every step of the way. Reach out to her today to start your journey toward homeownership!

Exciting News: Welcome Andree Lamarre to the TRU Realty Team!

We are thrilled to announce the newest addition to our TRU Realty family: Andree Lamarre! With a passion for real estate ignited at the age of 21 when she purchased her first home, Andree brings a wealth of experience and dedication to our team.

In 2019, Andree transitioned that passion into a successful career, focused on turning dreams into reality for both buyers and sellers alike. Known for her unwavering commitment to client satisfaction, Andree prioritizes personalized solutions delivered with care and integrity.

What sets Andree apart is her dedication to her clients, guiding them through every step of their real estate journey with expertise and a personal touch. We are honoured to have her join our team at TRU Realty, where our mission is to redefine professionalism in real estate.

Andree chose to join TRU Realty because of our commission plan and management style, recognizing our commitment to providing cost-effective solutions without compromising on quality or service.

Please join us in welcoming Andree to the TRU Realty team! We can't wait to see the incredible impact she will undoubtedly make in the Ottawa real estate market.

#TRURealty #NewTeamMember #RealEstate #OttawaRealEstate #WelcomeAndree

Earlier today, the Bank of Canada announced it will continue to hold its overnight rate at 5.00%. The Bank of Canada has seen inflation trend in the right direction, but it's still not quite low enough. Markets expect inflation to continue its downward trend and the first cut is expected in June to stabilize inflation in the target range and prevent inflation from decelerating past their target range.

In the chart above, courtesy of Perch, you can see how the 5-year variable rate forecast has changed over time based on the Bank of Canada interest rate announcements.

Do you need a new mortgage or refinancing? Check out Perch and other TRU Realty partners - https://trurealty.ca/partners.html