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Ottawa Market Trends February 2023
Members of the Ottawa Real Estate Board (OREB) sold 855 residential properties in February through the Board’s Multiple Listing Service® (MLS®) System, compared with 1,411 in February 2022, a decrease of 39%. February’s sales included 633 in the freehold-property class, down 42% from a year ago, and 222 in the condominium-property category, a decrease of 31% from February 2022. The five-year average for total unit sales in February is 1,157.

“We’re going to see declines in transactions and prices when we compare current figures to last February — the height of the pandemic resale market activity,” says Ottawa Real Estate Board’s President. “On the other hand, with the Bank of Canada holding interest rates steady, prospective buyers have more budget certainty to work with as we head into the spring market.”

By the Numbers – Average Prices:
  • The average sale price for a freehold-class property in February was $708,968, a decrease of 15% from 2022. However, it marks a 5% increase over January 2023.
  • The average sale price for a condominium-class property was $410,927, decreasing 12% from a year ago.
  • With year-to-date average sale prices at $695,086 for freeholds and $411,449 for condos, these values represent a 14% decrease over 2022 for freehold-class properties and a 10% decrease for condominium-class properties.
“The average price increase for freeholds over January could be an indicator that buyers have normalized to the current interest rates. And perhaps, it’s a glimmer of more activity to come in the months ahead.”

By the Numbers – Inventory & New Listings:
  • Months of Inventory for the freehold-class properties has increased to 2.8 months from 0.7 months in February 2022.
  • Months of Inventory for condominium-class properties has increased to 2.5 months from 0.7 months in February 2022.
  • February’s new listings (1,366) were 22% lower than February 2022 (1,762) and up 3% from January 2023 (1,323). The 5-year average for new listings in February is 1,632.
  • Days on market (DOM) for freeholds decreased from 43 to 37 days and 47 to 43 days for condos compared to last month.
“A decrease in the days on market, paired with fewer new listings entering the market, is good news for sellers. However, if that trend continues to impact our supply stock and we don’t get more inventory, our otherwise balanced market could swing back into seller’s territory — but it’s too early to predict.”

“The best advice for sellers and buyers in today’s market is to pay close attention to the comparison and competition insights only a REALTOR® can offer. Ottawa is made up of many micro-markets, and neighbourhood-level data is vital to standing out and closing deals.”

REALTORS® also help with finding rentals and vetting potential tenants. Since the beginning of the year, OREB Members have assisted clients with renting 995 properties compared to 800 last year at this time, an increase of 24%.
Courtesy of the Ottawa Real Estate Board
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Welcome to TRU Realty - Virenis Avila

We are thrilled to announce that Virenis Avila has joined our real estate brokerage!

With over 25 years of experience in sales and customer service, Virenis is a seasoned real estate agent who is passionate about helping clients meet their residential and commercial real estate needs. She graduated with a degree in business administration and developed a love for the Canadian real estate market in 2006.

Virenis has chosen our brokerage because we adhere to high professional standards and offer our agents and clients exceptional support. We believe in providing our agents with the resources and tools they need to succeed, and Virenis shares this philosophy. We are confident that she will be an excellent addition to our team and that her expertise and dedication will benefit our clients.

One of Virenis's strengths is her ability to ask the right questions and listen attentively to her clients. This allows her to identify their unique challenges and expectations, and to guide them according to their needs. She takes pride in her clients' achievements and finds great joy in helping them achieve their goals.

Fluent in English, French, and Spanish, Virenis is licensed in both Ontario and Québec and serves clients in the l'Outaouais region on both sides of the river. She is excited to showcase the wonders of the area to her clients and welcomes the opportunity to provide exceptional real estate services.

We are thrilled to have Virenis on board and look forward to working with her. Please join us in welcoming her to our team!

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Welcome to TRU Realty - Alenka Patapovich

TRU Realty, Brokerage is excited to welcome Alenka Patapovich to our team of dedicated and professional Realtors! Alenka brings with her over 12 years of experience in the residential real estate industry in Ottawa, where she has assisted countless clients in buying, selling, and leasing luxury properties.

In addition to her extensive experience and expertise, Alenka is also a busy mother and wife, juggling the demands of family life with the needs of her clients. We are thrilled to have her on board and believe that her skills and dedication will be a great asset to TRU Realty and our clients.

Alenka chose to join TRU Realty because of our commitment to professionalism and superior management. As a company, we are dedicated to helping our Realtors provide the best possible service to our clients, and we believe that our approach to real estate aligns perfectly with Alenka's values and priorities.

We understand that buying or selling a home is one of the most significant decisions that our clients will make, and we strive to provide a high level of service and support to ensure that their experience is as smooth and stress-free as possible. Alenka shares this commitment to excellence, and we are confident that she will be an ideal addition to our team.

If you're looking for a luxury real estate specialist in Ottawa, we encourage you to get in touch with Alenka Patapovich at TRU Realty, Brokerage. With her years of experience and dedication to her clients, she is the perfect person to help you find your dream home or sell your property at the best possible price. We look forward to working with Alenka and seeing her continued success in the industry!

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Welcome to TRU Realty - Trevor Crane
We are excited to announce that Trevor Crane has joined our team at TRU Realty as a licensed Realtor. With over four years of experience in the real estate industry and a background in technology, Trevor brings a unique perspective to our brokerage.

Trevor chose TRU Realty because he was impressed by our Commission Plan, Value, Flexibility, and commitment to truth and honesty. These values are at the core of our business, and we are proud to have Trevor as part of our team.

As a Realtor, Trevor is committed to providing exceptional service and care to his clients. He understands that buying or selling a home can be a significant life event, and he is dedicated to making the process as smooth and stress-free as possible. With his knowledge of the Ottawa area and his experience in real estate, Trevor is well-equipped to help his clients make informed decisions.

At TRU Realty, we believe in building strong relationships with our clients. Trust and transparency are essential in any business transaction, especially in real estate. That's why we are thrilled to have Trevor, who shares our values and commitment to honesty and integrity.

Whether you are a first-time homebuyer or an experienced investor, Trevor is ready to help you navigate the Ottawa real estate market. He is dedicated to providing personalized service and tailored solutions to meet your unique needs.

We are excited to have Trevor Crane as part of our team at TRU Realty. If you want to buy or sell a home in the Ottawa area, we invite you to contact Trevor today. He is committed to providing exceptional service and care to his clients, and he looks forward to helping you achieve your real estate goals.
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Welcome to TRU Realty - Remik Kotecki

We are thrilled to announce that Remik Kotecki has recently joined our brokerage, TRU Realty. Remik is a licensed Realtor with over four years of experience and brings with him a wealth of knowledge and expertise in the real estate industry.

Prior to pursuing a career in real estate, Remik worked in the technology industry, which has given him a unique perspective on the rapidly evolving market trends and the intersection between real estate and technology.

Remik chose to join TRU Realty because he was impressed by our commission plan, value, flexibility, and most importantly, our commitment to truth and honesty. Our brokerage's values align closely with Remik's own values and he is eager to provide exceptional service and care to his clients in the Ottawa area.

Remik understands that buying or selling a home is one of the most significant decisions in a person's life, and he is committed to helping his clients navigate the complex real estate market with confidence and ease. He has a deep understanding of the local real estate market and is always up-to-date with the latest industry trends, ensuring that his clients are well-informed throughout the buying or selling process.

At TRU Realty, we are committed to providing our clients with an unparalleled level of service and support, and Remik shares our vision. He is dedicated to building long-lasting relationships with his clients and is passionate about helping them achieve their real estate goals.

If you are looking to buy or sell a property in the Ottawa area, we encourage you to reach out to Remik Kotecki at TRU Realty. With his experience, expertise, and commitment to excellence, you can trust that you are in good hands.

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Welcome to TRU Realty - Chris McCann

We are thrilled to announce that Chris McCann has recently joined TRU Realty! With his extensive experience in the industry, we are confident that Chris will be a valuable addition to our team and will help us continue to provide excellent service to our clients.

Chris has been involved in the real estate industry for over a decade, working in a variety of roles. He has a deep understanding of the market and has helped numerous clients successfully buy, sell, and rent properties throughout his career.

In addition to his professional experience, Chris is also known for his dedication to providing exceptional customer service. He understands that buying or selling a property can be a stressful experience and works tirelessly to ensure that his clients are supported throughout the entire process. His attention to detail and strong communication skills make him a pleasure to work with. Qualities that we appreciate at TRU!

We are excited to have Chris on board and look forward to seeing the positive impact he will have on our brokerage. If you're in the market for a new property, be sure to get in touch with Chris and experience his expertise and professionalism firsthand.

Please join us in welcoming Chris McCann to our team!

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Ottawa Market Trends January 2023

Members of the Ottawa Real Estate Board (OREB) sold 606 residential properties in January through the Board’s Multiple Listing Service® (MLS®) System, compared with 933 in January 2022, a decrease of 35%. January’s sales included 460 in the freehold-property class, down 30% from a year ago, and 146 in the condominium-property category, a decrease of 47% from January 2022. The five-year average for total unit sales in January is 819.

“January’s marked slow down in unit sales over 2022 indicates potential home buyers are taking their time,” says the OREB President. “While last month saw the culmination of the succession of interest rate hikes announced by the Bank of Canada, affordability remains a factor. They may be waiting for a shift in listing prices. They’re being cautious in uncertain conditions.”

By the Numbers – Average Prices:
  • The average sale price for a condominium-class property in January was $412,244, a decrease of 8% from 2022.
  • • The average sale price for a freehold-class property was $676,272, decreasing 12% from a year ago.
“Despite the decrease in average prices, the market should not be considered on a downward slide. A hyper COVID-19 seller’s market is now levelling out to our current balanced market state.”

“On a positive note, in comparison to December’s figures, January’s average price of freehold properties increased by 3%. The average price of condos did fall by 5% compared to December but condo pricing tends to fluctuate more due to the small data set.”

By the Numbers – Inventory & New Listings:
  • Months of Inventory for the freehold-class properties has increased to 3.8 months from 0.9 months in January 2022.
  • Months of Inventory for condominium-class properties has increased to 3.8 months from 0.8 months in January 2022.
  • January’s new listings (1,324) were 16% higher than 2022 (1,142) and up 89% from December 2022 (699). The 5-year average for new listings in January is 1,233.
“Ottawa’s inventory and days on market figures are typical for a balanced market and another sign that buyers are no longer racing to put in an offer. The increase in new listings and supply is a boon for home buyers, who now have more selection and the ability to put in conditions at a less frantic pace. REALTORS® are an essential resource in finding the right property for the right buyer. On the other side of the transaction, REALTORS® can help sellers with hyper-local insights about how to sell in their neighbourhood at a time when pricing is key.”

More people are turning to REALTORS® for help renting properties — 509 this month compared to 410 in January 2022, an increase of 24%. “Even with the increase in housing stock, the tighter rental market is another indication that affordability is keeping some potential buyers on the sidelines.”

Courtesy of the Ottawa Real Estate Board
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Welcome to TRU Realty - Zaman Naz

We are very happy to announce that Zaman Naz has joined TRU Realty.

Zaman has been licensed for several years to trade in real estate and in addition, has a lengthy career in business, administration and lending. Zaman appreciated TRU Realty's management, flexibility and dedicated team support which he recognized will be an asset for him that will in turn assist his clients.

We encourage all Zaman's past and future clients to contact him for all their real estate needs! 

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Welcome to TRU Realty - Patricia Clarke

We are really proud to announce that Patricia Clarke has joined TRU Realty!

Patricia has been selling real estate for over 17 years not only in Ontario but also in Latin America! Patricia is not one to rest on her laurels as evidenced in her pursuit of education. For example, her Bachelor degree in Business, her Master's degree in Marketing and her diploma in Interior Design & her Broker's designation to trade in real estate in Ontario have been put to good use in assisting her client's listing and purchasing real estate. That passion and experience have made her well-known throughout the city of Ottawa, the Latin community and within the industry. So much so that she has been voted a finalist as “Ottawa’s Best Real Estate Agent” in Faces Magazine for three consecutive years (2020, 2021 & 2022)!

With her husband and business partner Peter, Patricia looks forward to assisting many more to achieve their real estate goals! At TRU Realty, we are thrilled to support professionals that exude the same qualities of integrity and honesty that we have for real estate! We welcome all to contact Patricia & Peter today!

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Welcome to TRU Realty - Peter Clarke

We are so excited to announce that Peter Clarke has joined TRU Realty!

Since 2005, Peter has been assisting his clients' purchase and sell residential and investment properties. As an "Ottawa boy" born and raised in the city, he knows the intricacies and history of the area. That experience along with his background in technology & his Broker designation has made him the first person people call when they have questions about real estate. Along with his wife and partner Patricia, they appreciated the personal attention and support that TRU Realty offered.

We welcome all of Peter's family, friends, and past and future clients to reach out to him for all their real estate needs!

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Welcome to TRU Realty - Isam Hashweh

We are really proud to announce that Isam Hashweh has joined TRU Realty!

Isam is a Construction Engineer with decades of experience and in addition, a real estate entrepreneur who is passionate about helping others to achieve their goals. His background in Construction and Engineering gives him a firm grasp on the negotiation process that provides him with a unique edge over the competition. Isam has a proven track record for helping buyers find not just a home, but the right home for their needs, and for showing sellers how to navigate the pricing and marketing strategies that will help them achieve their goals.

Isam chose TRU Realty for its dedication to supporting its agents through consistent and responsive administration and management. We welcome all of Isam's past clients to contact him for all their real estate needs!

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