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!

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We are very excited to welcome Elissa Cheng to TRU Realty!

After a career in high tech during Ottawa's tech boom of the 1990s and 2000s, Elissa began her real estate career and never looked back! Almost 20 years later and hundreds of happy clients, Elissa is well known in Ottawa as a dedicated professional who puts her clients first! Her calm and collected exterior is matched with a strong work ethic and tireless dedication to assisting her family, friends and clients to realize their real estate goals. Admired among her peers and colleagues in the Ottawa real estate community, we were thrilled to hear that Elissa chose TRU Realty as her real estate brokerage! 

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

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Members of the Ottawa Real Estate Board sold 1,846 residential properties in May through the Board’s Multiple Listing Service® System, compared with 2,285 in May 2021, a decrease of 19 per cent. May’s sales included 1,384 in the residential-property class, down 22 per cent from a year ago, and 462 in the condominium-property category, a decrease of 11 per cent from May 2021. The five-year average for total unit sales in May is 2,031.

“With year-over-year resales declining in March and April, and now with this downward trend continuing into May, traditionally the highest performing month for resales, it is quite clear that Ottawa’s resale market is shifting away from the blazing pace of 2021,” states the Ottawa Real Estate Board President. “And if rising interest rates, cost of living, and inflation aren’t enough factors to cause a pullback, the powerful and deadly storm that brought our city to its knees last month has justifiably impacted the market as well.”

“Our data shows a sharp decline in new listings with a corresponding increase in cancelled/suspended listings on the MLS® System in the period following the storm. Overall, in May, however, there were 3,120 properties that entered the market. This is on par with last May and is 5% over the 5-year average. The result is an 18% increase in residential-class inventory. Meanwhile, there was a slight decline (0.4%) in condominium inventory, but this is not surprising since they have likely become an entry point for many first-time homebuyers due to the affordable price point.”

The average sale price for a condominium-class property in May was $472,920, an increase of 11 per cent from 2021, while the average sale price for a residential-class property was $802,393, increasing 8 per cent from a year ago. With year-to-date average sale prices at $824,276 for residential and $470,353 for condominiums, these values represent a 12 per cent increase over 2021 for both property classes.*


“Average prices, while still higher than 2021, are showing signs of adjusting to the pace of the market with a month-over-month decrease of 2% in both property classes. In April, we also saw a decline of 1-3%. In contrast, January to March experienced month-to-month increases ranging from 2% to 12%. This may be good news for Buyers, including the fact that the months of inventory have increased to 1.2 for residential and 1 month for condominiums. We are still a far cry away from a balanced market, but it finally seems to be moving in the right direction.”

“Additionally, another statistic that we see increasing is the cumulative days on market (CDOM), which is now 14 days, increasing from 11 days last May. CDOMs are typically between 30-60 days in a balanced market, and usually closer to that one-month mark in Ottawa. I mention this because we don’t want Sellers to panic if their homes aren’t selling as quickly as perhaps their neighbours’ properties did. Buyers will also have a little more breathing room if this trend continues.”

“But at the end of the day, each property for sale has its own hyper-local market factors (location, condition, other properties for sale in the same neighbourhood, etc.) that will affect the final sale price. If you want to know the most accurate price point to sell your home or what is the true market value of a home you are interested in, a licensed professional REALTOR® has the education and the experience with access to the most current market statistics and property information, to guide you into making the optimal decision for you and your budget.”

REALTORS® also help with finding rentals and vetting potential tenants. Since the beginning of the year, OREB Members assisted clients with renting 2,320 properties compared to 1,837 last year at this time.
Courtesy of the Ottawa Real Estate Board
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Members of the Ottawa Real Estate Board sold 1,889 residential properties in April through the Board’s Multiple Listing Service® System, compared with 2,394 in April 2021, a decrease of 21 per cent. April’s sales included 1,419 in the residential-property class, down 23 per cent from a year ago, and 470 in the condominium-property category, a decrease of 13 per cent from April 2021. The five-year average for total unit sales in April is 1,849.

“With the number of transactions just slightly over the 5-year average, this was one of the weakest performing Aprils we have seen in a while,” states the Ottawa Real Estate Board President. “Considering that the number of new listings increased last month, it is a bit of a surprise that sales were off.”

“Certainly, there are a few factors at play: rising interest rates, growing Buyer frustration, April’s cooler temperatures, as well as the housing supply measures recently announced by the government – these could all be causing Buyers to pull back with a wait-and-see approach. We are watching the rest of the spring market closely to determine if this could perhaps be an early indicator of a shift in the market. Since April is only one month, we will be monitoring to see if it becomes a trend moving forward.”

“The fact remains that it is still a Seller’s market with supply under one month. Bidding wars and multiple offers persist in some pockets, prices continue to rise, albeit more moderately, and the market remains relatively strong."

The average sale price for a condominium-class property in April was $473,702, an increase of 11 per cent from 2021, while the average sale price for a residential-class property was $829,318, increasing 12 per cent from a year ago. With year-to-date average sale prices at $830,588 for residential and $469,603 for condominiums, these values represent a 13 per cent and 12 per cent increase over 2021, respectively.*

“Limited supply and high demand will continue to place upward pressure on prices. And as long as there are buyers willing to pay, average prices will reflect the inventory shortage. However, it is conceivable that price growth may moderate as we do not see the level of price escalations that occurred earlier in the pandemic."

“Although the number of new listings in April (2,846) was down by 11% from 2021, the number of properties that entered the market was still 10% over the 5-year average (2,600), and 214 units more than what was added to the housing stock in March. This has increased Ottawa’s months of inventory to just under a month’s supply. In March, it was just over two weeks. This is good news for potential buyers as they will have more options and more opportunities to enter the market.”

“In fact, the condominium market may be performing slightly better than residential property classes due to the fact that they are the most affordable price point to enter the market and could possibly now be considered the new entry-level property type.”

“We have also noticed a marked increase in the number of rental properties listed on the MLS® System. Since the beginning of the year, OREB Members assisted clients with renting 1,786 properties compared to 1,458 last year at this time. An increase of 23% and almost double the quantity recorded in pre-pandemic years. As for lease prices, the average cost for a 1-bdrm is approximately $1,850, and a 2-bdrm is $2,200 for rentals listed on the MLS® System. These values are roughly 3-4% higher than this time in 2021. Ottawa REALTORS® are an excellent resource when it comes to finding a rental property or vetting tenants – contact one today!”

Courtesy of the Ottawa Real Estate Board

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We are very excited to welcome Julie Jamieson to TRU Realty!

For over 15 years, Julie has built her real estate career one happy client at a time! Those clients have in turn recommended Julie to their friends and family and during that time period, Julie has assisted hundreds of clients in further hundreds of transactions! Many of those satisfied homeowners have become good friends of Julie - a testament to Julie's professionalism, honesty & integrity!

Julie chose TRU Realty because of those same qualities. We are honoured to have Julie join our brokerage and invite all of Julie's past clients, family and friends, to contact her with any and all their real estate needs!

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We are very excited to welcome Sean Verma to TRU Realty!

Sean has been licensed to trade in real estate since 2016 after a career in IT. Since then, there has been no looking back as Sean quickly established himself assisting buyers and sellers across Ottawa! Sean has also branched in commercial real estate as well. So no matter what you are looking for, Sean will have the experience, knowledge and work ethic to assist you! Sean balances his real estate career with an equally busy home life as a father and a husband! 

Sean chose TRU Realty because of its support & management and its adherence to the highest professional standards. Qualities that Sean appreciates and exemplifies. We are very honoured to have Sean on the TRU Realty team and invite all of Sean's past clients, family and friends, to contact him with any and all their real estate needs!

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Members of the Ottawa Real Estate Board sold 2,011 residential properties in March through the Board’s Multiple Listing Service® System, compared with 2,274 in March 2021, a decrease of 12 per cent. March’s sales included 1,493 in the residential-property class, down 12 per cent from a year ago, and 518 in the condominium-property category, a decrease of 10 per cent from March 2021. The five-year average for total unit sales in March is 1,792.

“Although the number of sales in March decreased from last year at this time, it was still a robust and busy start to the spring season. Transactions increased 42% over February (590 units) and were 12% higher than the 5-year average. Last March was unseasonably warm in comparison, and the lion-like weather that pervaded most of this March may have played a role. More likely, the lifting of some restrictions and opportunity for unfettered travel during the spring break had peoples’ attention turning towards other activities during the month,” states the Ottawa Real Estate Board President.

“March tends to be the early indicator of the spring resale market pace, so we anticipate April’s numbers will be a better indication of just how the spring market will perform, which tends to be the peak time of year for resales."
The average sale price for a condominium-class property in March was $479,405, an increase of 10 per cent from 2021, while the average sale price for a residential-class property was $853,615, increasing 13 per cent from a year ago. With year-to-date average sale prices at $831,122 for residential and $467,915 for condominiums, these values represent a 14 per cent and 13 percent increase over 2021, respectively.*

“Average prices continue on their upward trend, albeit only increasing 2-3% over February’s figures, the year over year percentage increases of 13-14% validate that the housing supply shortage will continue to put strong upward pressure on prices until that is remedied.”

“Last month saw 2,632 new listings enter the MLS® System, and although 6% lower than March 2021, this is still 4% (or 100 units) above the 5-year average. Residential-class property inventory is approximately 10.5% higher than last year at this time, with condominium-class inventory down 12%. Overall, we are just slightly over (.6%) a half month’s supply of inventory and require at least four months of inventory to be considered within a balanced market.”

“It is encouraging to see new inventory entering the resale market. However, these properties are being quickly absorbed due to the unrelenting high demand, and more listings are crucial to meeting this need."

“We appreciate the provincial government has introduced the first phase of its More Homes For Everyone Act to tackle the housing shortage by implementing measures, including working with municipalities to get homes built faster and increasing the Non-Resident Speculation Tax. This is a good start, and we are hopeful that with the application of these and further measures, Ottawa’s many potential home buyers waiting on the sidelines will finally be able to get a foothold in our local market.”

In addition to residential sales, OREB Members assisted clients with renting 1,291 properties since the beginning of the year compared to 1,079 by March 2021.
Courtesy of the Ottawa Real Estate Board
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We are very excited to welcome Samad Hoveyda to TRU Realty!

Sam has been licensed in real estate for a few years and has put his background in paralegal work to great use by assisting clients with their real estate investment needs. An experienced investor himself, he knows what and what not to do when purchasing or selling real estate. 

Sam chose TRU Realty because of its support, management and its commission plan. He invites all his past clients, friends, family and others to contact him for all their real estate needs!

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We are very honoured to welcome Glenn Papineau to TRU Realty!

Glenn is very well known not only in the city of Ottawa but also in the real estate industry. Born and raised in town and earning his real estate license in 1984 while in his early twenties, Glenn by all accounts is a veteran Realtor! Starting his career at Campanale Realty, he was a quick learner, a hard worker and skilled at listing and selling property. Hundreds of clients and deals later, Glenn is still passionate about assisting his client's purchase, investing and selling all types of property in the Ottawa area!

Glenn chose TRU Realty because of its support, management and its reasonable commission plans. He invites all his past clients, friends, family and others to contact him for all their real estate needs!

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Members of the Ottawa Real Estate Board sold 1,421 residential properties in February through the Board’s Multiple Listing Service® System, compared with 1,385 in February 2021, an increase of 3 per cent. February’s sales included 1,095 in the residential-property class, up 7 per cent from a year ago, and 326 in the condominium-property category, a decrease of 10 per cent from February 2021. The five-year average for total unit sales in February is 1,184.

“Although February’s resales were only 3% higher than last year at this time, we saw a 52% increase in the number of transactions compared to January’s figures (936). While a month-to-month increase is typical for this time of year, the gradation of this increase is higher than previous years, which could be an indication that our spring market may ramp up earlier this year,” states the Ottawa Real Estate Board President.

“Whether this has to do with the easing of government pandemic restrictions and the opening up of the economy or perhaps due to apprehension of the (then) upcoming interest rate increase, which is now in effect, we can’t entirely be sure. We are watching intently to see how the 2022 spring market will play out considering not only the higher interest rates and inflation but also other macro factors in our global environment that could affect our local economy.”
“Undoubtedly, the interest rate increase along with the higher rate of inflation will weaken potential Buyers’ purchasing power. And even though average price growths are not as acute as they were in the past two years, we are still seeing significant increases that are without question a result of the unrelenting high demand and current housing stock scarcity.”

The average sale price for a condominium-class property in February was $466,682, an increase of 15 per cent from 2021, while the average sale price for a residential-class property was $837,517, increasing 17 per cent from a year ago. With year-to-date average sale prices at $812,813 for residential and $458,107 for condominiums, these values represent a 16 per cent increase over February 2021 for both property classes. *

“The number of new listings in February (1,762) offers a slight glimmer of hope for prospective Buyers. At 4% higher than the five-year average and 12% higher than February 2021, it resulted in an almost 10% increase in residential-class property inventory compared to last year at this time. Condominium supply, however, is down 20%. Overall, we are now at a 0.7 month supply of inventory which means that most listings that enter the market are going to be snapped up very quickly, as evidenced by the continuous decline in Days on Market (DOM). We certainly hope this trend of increased new listings will continue to supplement the housing stock going forward.”

“Ottawa is a beautiful city with a healthy, stable economy and is a utopic place to work, live and play. It attracts Canadians from other cities and people from all over the world. But it is deeply entrenched in a Seller’s Market. This means homebuyers need to have all their ducks in a row and are prepared to move expeditiously. A REALTOR® will have the knowledge to ensure you are making your best offer at the optimal time. Sellers also need the experience and resources a REALTOR® brings to ensure they are strategically positioning their homes given the conditions of their neighbourhood and property type. Don’t gamble with what is likely your biggest asset – contact a professional REALTOR® today!”

In addition to residential sales, OREB Members assisted clients with renting 800 properties since the beginning of the year compared to 674 by February 2021.
Source: Ottawa Real Estate Board
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The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are member’s of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.