RSS

The Bank of Canada maintains its overnight rate at 5.00%

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

Read

Ottawa Market Trends March 2024
The number of homes sold through the MLS® System of the Ottawa Real Estate Board totalled 1,165 units in March 2024. This was an increase of 10% from March 2023.

Home sales were 21.5% below the five-year average and 15% below the 10-year average for the month of March.

On a year-to-date basis, home sales totalled 2,678 units over the first three months of the year — an increase of 13.1% from the same period in 2023.

“Ottawa’s real estate market is overall healthy, providing fertile ground for an active spring and summer ahead,” says the OREB President. “The increases in new and active listings indicate that sellers are feeling more confident, boosted by the rise in showing activity. Buyers, however, aren’t acting as quickly as they perhaps should be — likely because affordability and supply are still roadblocks.”

“Something is around the corner in this market, though. People have adjusted to post-pandemic life and that means revisiting their housing needs. Some are downsizing or moving in from the city’s outskirts. Others are looking at more suitable properties that better meet all their needs, which weren’t accessible to them in the peak pandemic market. That’s creating pressure from multiple angles on the mid-range property market, which we know is tight to begin with in Ottawa. Just because you’re in the real estate market, doesn’t mean you’re safe from the market. If you’re a buyer or seller looking to make a move, I wouldn’t wait too long.”

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 $636,700 in March 2024, a gain of 2.7% from March 2023.
    • The benchmark price for single-family homes was $719,000, up 2.6% on a year-over-year basis in March.
    • By comparison, the benchmark price for a townhouse/row unit was $489,800, up slightly at 0.9% compared to a year earlier.
    • The benchmark apartment price was $423,200, up 4.3% from year-ago levels.
  • The average price of homes sold in March 2024 was $682,078 increasing 5.1% from March 2023. The more comprehensive year-to-date average price was $659,828, increasing by 3.2% from the first three months of 2023.
  • The dollar volume of all home sales in March 2024 was $794.6 million, up 15.6% 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 13.5% from March 2023. There were 2,074 new residential listings in March 2024. New listings were 2.3% below the five-year average and 11.1% below the 10-year average for the month of March.
  • Active residential listings numbered 2,543 units on the market at the end of March 2024, a gain of 18.3% from March 2023. Active listings were 58.6% above the five-year average and 17.7% below the 10-year average for the month of March. Active listings haven't been this high in the month of March in more than five years.
  • Months of inventory numbered 2.2 at the end of March 2024, up only slight from 2 in March 2023 and below the long-run average of 2.6 months for this time of year. 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
Read

Welcome to TRU Realty - Kevin Newman

Introducing Kevin Newman: A New Addition to the TRU Realty Team!

We are excited to introduce the newest member of the TRU Realty family, Kevin Newman! With a remarkable career spanning over three decades in Ottawa's real estate market, Kevin brings a wealth of experience, expertise, and a passion for helping clients achieve their real estate dreams.

Why Kevin Chose TRU Realty

Kevin's decision to join TRU Realty was influenced by several key factors:

Exceptional Management: Kevin was drawn to TRU Realty for its dedicated management team, who provide unparalleled support and guidance to Realtors. With a focus on mentorship and professional development, Kevin saw TRU Realty as the perfect environment to continue growing his career and serving his clients at the highest level.

Competitive Commission Plan: TRU Realty offers a competitive commission plan that ensures agents are fairly compensated for their hard work. Kevin was impressed by the brokerage's commitment to rewarding success and providing opportunities for financial growth.

Commitment to Professionalism: TRU Realty's emphasis on professionalism and excellence in real estate resonated with Kevin's own values. He saw TRU Realty as a brokerage that prioritizes integrity, transparency, and delivering outstanding service to clients—values that align perfectly with his own approach to real estate.

About Kevin Newman

With 40 years of experience in Ottawa's real estate market, Kevin Newman has built a reputation as a trusted advisor and expert negotiator. He has helped hundreds of buyers, sellers, and investors navigate the complexities of real estate transactions with confidence and ease. Kevin's dedication to his clients, coupled with his deep knowledge of the local market, has earned him a reputation as one of Ottawa's most respected Realtors.

Outside of real estate, Kevin is actively involved in the community and enjoys giving back through various charitable endeavours. He is passionate about making a positive impact both professionally and personally, and he looks forward to continuing to serve the Ottawa community with integrity and dedication.

Join us in Welcoming Kevin Newman!

We are thrilled to welcome Kevin Newman to the TRU Realty team and look forward to the contributions he will make as we continue to redefine excellence in Ottawa's real estate market. Please join us in extending a warm welcome to Kevin and stay tuned for more updates and insights from him as he embarks on this exciting new chapter with TRU Realty.

Read

Welcome to TRU Realty - Andrew Frankel

Meet Andrew Frankel: Your Trusted Realtor in Ottawa

We are excited to introduce Andrew Frankel, the newest member of the dynamic team at TRU Realty! With a passion for real estate and a commitment to client satisfaction, Andrew brings a unique perspective and a personalized approach to the Ottawa real estate market.

Get to Know Andrew Frankel

Originally hailing from the United States, Andrew made the life-changing decision to relocate to Ottawa, where he quickly fell in love with the city and decided to make it his home. Drawn to Ottawa's vibrant culture, rich history, and unparalleled quality of life, Andrew is deeply invested in helping others discover the countless opportunities that this beautiful city has to offer.

A Second Generation Realtor with a Personal Touch

As a second-generation Realtor, Andrew understands the importance of building long-term relationships and prioritizing the needs and goals of his clients above all else. With a more personalized approach to real estate, Andrew goes above and beyond to ensure that each client receives the individualized attention and expert guidance they deserve.

Making Dreams a Reality

For Andrew, the most rewarding aspect of real estate is the opportunity to help people improve the quality of their daily lifestyles while better securing their financial futures. Whether you're a first-time homebuyer searching for the perfect starter home or a seasoned investor exploring new opportunities in the market, Andrew is dedicated to making your real estate dreams a reality.

Join Us in Welcoming Andrew

As we welcome Andrew Frankel to the TRU Realty team, we invite you to experience the difference that personalized service and expert guidance can make in your real estate journey. With Andrew by your side, you can trust that you'll receive the support, knowledge, and expertise needed to achieve your real estate goals with confidence.

Please join us in extending a warm welcome to Andrew Frankel. We're thrilled to have him on board and look forward to the incredible contributions he will undoubtedly make to our team and our clients' success.

For more information or to begin your real estate journey with Andrew, contact us today!

Read

Welcome to TRU Realty - Patricia Howell

Introducing Patricia Howell: Your Expert in Investment Properties

We are delighted to introduce the newest member of the TRU Realty family, Patricia Howell! With a passion for real estate that spans generations, Patricia brings a wealth of knowledge, expertise, and a unique perspective to our team.

Meet Patricia Howell

Patricia's journey into real estate began long before she obtained her license. After buying and selling real estate personally, Patricia recognized the incredible potential and opportunities that real estate investment offers. Motivated by her love for the industry and her desire to help others achieve financial success, Patricia made the decision to pursue a career in real estate.

Specializing in Investment Properties

As a seasoned investor herself, Patricia specializes in helping clients navigate the intricacies of investment properties. Whether you're a seasoned investor looking to expand your portfolio or a first-time buyer exploring investment opportunities, Patricia has the knowledge, experience, and resources to guide you every step of the way.

With a keen understanding of market trends, property valuation, and investment strategies, Patricia is committed to helping her clients make informed decisions that align with their financial goals and objectives. From identifying lucrative investment opportunities to negotiating favourable terms and maximizing returns, Patricia is dedicated to ensuring her clients' success in the competitive world of real estate investing.

A Dynamic Mother-Daughter Duo

Partnering with her daughter Bianca, Patricia brings a unique dynamic to the TRU Realty team. Together, they leverage their combined expertise, industry insights, and unwavering commitment to client satisfaction to deliver exceptional results for their clients.

Join Us in Welcoming Patricia

As we welcome Patricia Howell to the TRU Realty team, we invite you to experience the TRU difference firsthand. Whether you're looking to invest in real estate or explore new opportunities in the market, Patricia is ready to provide personalized guidance and support to help you achieve your investment goals.

Please join us in extending a warm welcome to Patricia Howell. We're thrilled to have her on board and look forward to the invaluable contributions she will undoubtedly make to our team and our clients' success.

For more information or to start your journey into real estate investing with Patricia, contact us today!

Read

Welcome to TRU Realty - Bianca Howell

Welcoming Bianca Howell to the TRU Realty Team

We are thrilled to announce the newest addition to the TRU Realty family, Bianca Howell! With an unwavering commitment to professionalism, integrity, and client satisfaction, Bianca brings a wealth of experience and a refreshing perspective to our team.

Meet Bianca Howell

Bianca is not just a real estate agent; she's a dedicated advocate for her clients. With a career spanning decades in and around the real estate industry, Bianca's journey to becoming a licensed agent is a testament to her passion for helping others achieve their real estate goals and her determination.

Before finding her calling in real estate, Bianca explored a myriad of roles, each contributing to her diverse skill set and unwavering work ethic. This hands-on experience provided her with invaluable insights into the intricacies of real estate transactions and cemented her commitment to delivering unparalleled service to her clients.

A Personalized Approach to Real Estate

At the core of Bianca's philosophy is the belief that buying and selling homes should be a positive and stress-free experience. With a keen eye for detail and a genuine desire to exceed expectations, Bianca works tirelessly to earn the trust and confidence of her clients.

Bianca understands that every client and every transaction is unique. That's why she has assembled a team of industry experts, including stagers, inspectors, lawyers, mortgage brokers, tradespeople, and photographers, to provide comprehensive support throughout the buying or selling process. With Bianca by your side, you can rest assured that every aspect of your real estate journey will be expertly managed and seamlessly executed.

A Family Affair

In addition to her professional achievements and as a busy mother of three herself, Bianca is proud to work alongside her own mother as a dynamic real estate team. Together, they leverage their combined expertise, dedication, and unwavering commitment to client satisfaction to deliver exceptional results for their clients.

Join Us in Welcoming Bianca

As we welcome Bianca Howell to the TRU Realty team, we invite you to experience the TRU difference firsthand. Whether you're buying, selling, or investing in real estate, Bianca is ready to guide you through every step of the process with professionalism, integrity, and a personal touch.

Please join us in extending a warm welcome to Bianca Howell. We're excited to have her on board and look forward to the incredible contributions she will undoubtedly make to our team and our client's success.

For more information or to get started on your real estate journey with Bianca, contact us today!

Read

Welcome to TRU Realty - Burhan Celik

Welcoming Burhan Celik to the TRU Realty Team!

We're thrilled to announce the newest addition to our team at TRU Realty: Burhan Celik. With a rich background in teaching, translation, and a passion for real estate investment, Burhan brings a unique perspective and skill set to our brokerage.

Why TRU Realty?

Burhan's decision to join TRU Realty speaks volumes about our management and the value we offer to our agents. As a brokerage committed to defining professionalism in real estate, we prioritize providing our agents with the tools, support, and environment they need to thrive.

A Multilingual Asset

One of Burhan's standout qualities is his fluency in both English and Turkish. This multilingual capability enhances our ability to serve a diverse range of clients, ensuring that language is never a barrier when it comes to buying or selling real estate in the Ottawa region.

From Teaching to Real Estate Investment

Before venturing into the world of real estate, Burhan excelled in teaching and translation. However, his journey took an exciting turn when he began investing in real estate. Buying, renovating, and either selling or renting out properties in the Ottawa region sparked his passion for the industry.

A Journey of Experience

Burhan's experience extends beyond his real estate investments. He has previously worked with reputable agencies such as Right at Home Realty and ReMax, gaining valuable insights and honing his skills along the way. Now, he brings this wealth of experience and expertise to TRU Realty, where he is eager to continue serving clients with dedication and professionalism.

Joining TRU Realty

Burhan's decision to join TRU Realty marks an exciting new chapter in his real estate career. At TRU Realty, he found a brokerage that aligns with his values and offers the support and resources he needs to excel. We are delighted to welcome him to our team and look forward to the positive impact he will undoubtedly make.

In Conclusion

Please join us in extending a warm welcome to Burhan Celik. His dedication, expertise, and multilingual capabilities make him a valuable asset to our team and further strengthen TRU Realty's commitment to excellence in real estate services.

If you're looking to buy or sell real estate in the Ottawa region, don't hesitate to reach out to Burhan or any of our other knowledgeable agents at TRU Realty. We're here to help you achieve your real estate goals with professionalism and integrity.

Read

Ottawa Market Trends February 2024
The number of homes sold through the MLS® System of the Ottawa Real Estate Board totaled 886 units in February 2024. This was an increase of 15.2% from February 2023.

Home sales were 13.8% below the five-year average and 5.7% below the 10-year average for the month of February.

“Even with higher prices and the interest rate holding steady, Ottawa is a strong, active market,” says the OREB President. “With metrics across the board up from last year, it’s clear both buyers and sellers are making moves. The metrics, however, don’t tell us about all the people relegated to the sidelines because affordability remains out of reach for many.”

The Municipal Property Assessment Corporation (MPAC) recently reported that “communities with homes under $500,000 are becoming increasingly scarce.” A decade ago, 74% of Ontario residential properties had a home value estimate of less than $500,000 but that number has dropped to just 19% today.

"REALTORS® know firsthand there is a persistent demand for housing in Ottawa, and our market’s activity is constrained by a lack of affordable and suitable supply. That’s why we’re currently advocating for impactful measures such as allowing four residential units on property lots and getting rid of exclusionary zoning. There's a missing middle that we need to build up.”

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 $628,500 in February 2024, a gain of 2.8% from February 2023.
    • The benchmark price for single-family homes was $708,500, up 3.1% on a year-over-year basis in February.
    • By comparison, the benchmark price for a townhouse/row unit was $495,000, up slightly at 0.6% compared to a year earlier.
    • The benchmark apartment price was $417,000, up 2.7% from year-ago levels.
  • The average price of homes sold in February 2024 was $651,340, increasing 2% from February 2023.
  • The dollar volume of all home sales in February 2024 was $577 million, up 17.5% 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 29.5% from February 2023. There were 1,539 new residential listings in February 2024. New listings were 10.3% above the five-year average and 3.3% below the 10-year average for the month of February.
  • Active residential listings numbered 2,158 units on the market at the end of February 2024, a gain of 16.3% from February 2023. Active listings were 59.6% above the five-year average and 17.7% below the 10-year average for the month of February.
  • Months of inventory numbered 2.4 at the end of February 2024, unchanged from February 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

Read

Welcome to TRU Realty - Ramvir Ahlawat

**Introducing Ramvir Ahlawat: A Valuable Addition to TRU Realty**

We are thrilled to announce the newest member of our real estate family, Ramvir Ahlawat, who has chosen to join TRU Realty because of our management style and shared values. With over 14 years of experience in the real estate industry, Ramvir brings a wealth of knowledge and a commitment to excellence that aligns perfectly with our brokerage's mission.

Originally hailing from Toronto, Ramvir's transition to Ottawa has been seamless, thanks to his unwavering dedication to putting clients first. His unique guarantees, attention to detail, and friendly demeanor have earned him a reputation as one of the most trusted brokers in the field.

Ramvir's approach to client service is simple yet profound: "I tell every client that they're the most important part of the transaction, and I fully believe that." This client-centric philosophy drives his every interaction, ensuring that each individual receives the personalized attention and support they deserve.

Whether assisting first-time homebuyers or seasoned investors with multiple properties, Ramvir's commitment to guiding his clients through every step of the process is unwavering. His expertise in investment properties, coupled with his meticulous approach to client care, makes him an invaluable asset to anyone navigating the real estate market.

Beyond his professional accomplishments, Ramvir is deeply committed to giving back to his community. He has been actively involved in various charitable organizations, including the World Wildlife Foundation and CHEO. His belief in the importance of community involvement underscores his dedication to making a positive impact both in and out of the office.

At TRU Realty, we pride ourselves on providing exceptional service and support to our clients, and Ramvir Ahlawat embodies these values wholeheartedly. We are confident that his expertise, integrity, and passion for real estate will make him an indispensable member of our team, and we look forward to the positive impact he will undoubtedly have on our clients and community alike.

Please join us in welcoming Ramvir Ahlawat to TRU Realty. With him on board, we are more equipped than ever to help you achieve your real estate goals.

Read

Welcome to TRU Realty - Ravi Tangudu

We're thrilled to announce the latest addition to the TRU Realty family: Ravi Tangudu! Ravi brings with him a wealth of real estate experience, fueled by his numerous successful investments in residential multi-family properties. While he may be newly licensed, Ravi's hands-on involvement in various purchases and sales of investment properties has honed his skills and knowledge, making him a valuable asset to our team and to investors across Ottawa.

Ravi's journey into real estate began with a passion for investment and a keen eye for lucrative opportunities. Over the years, he has navigated the intricate landscape of property transactions, gaining invaluable insights along the way. Now, he's eager to leverage his expertise to guide and support fellow investors in their endeavours, whether it's finding the perfect multi-family property or maximizing returns through strategic sales.

At TRU Realty, we pride ourselves on bringing together professionals who not only excel in their field but also share our commitment to integrity and client satisfaction. Ravi embodies these qualities wholeheartedly, and we couldn't be more excited to welcome him to our team.

With Ravi on board, our clients can expect personalized attention, tailored strategies, and unwavering dedication to achieving their investment goals. Whether you're a seasoned investor or just dipping your toes into the world of real estate, Ravi is here to provide the guidance and support you need to succeed.

Join us in extending a warm welcome to Ravi Tangudu! If you're ready to explore the possibilities in Ottawa's real estate market, don't hesitate to reach out. Together, we'll turn your investment dreams into reality.

Welcome aboard, Ravi!

Read

Ottawa Market Trends January 2024

The number of homes sold through the MLS® System of the Ottawa Real Estate Board totaled 629 units in January 2024. This was an increase of 16.5% from January 2023.

Home sales were 10.7% below the five-year average and 3.9% below the 10-year average for the month of January.

“Ottawa’s market activity is seeing positive gains over last year but it’s still a relatively quiet market even by pre-pandemic standards,” says OREB President. “While REALTORS® are telling us there’s lots of showing activity — probably thanks in part to the forgiving winter thus far — it’s not all translating to sales. This tells us that buyers are back out there looking, but still approaching cautiously. During the pandemic market, buyers had to move quickly and sometimes settle for a property that didn’t check all their boxes. Today, buyers are using the slower market to take the time needed to find their perfect place. Sellers would be well-advised to adjust their expectations and thoughtfully consider their pricing and timing strategy using the negotiating expertise and hyper-local data their REALTOR® can provide.”

“Ottawa’s market conditions can fluctuate quickly, though, because our supply is chronically low,” adds Brandon Reay, OREB’s policy and external relations manager. “Ottawa needs more suitable and affordable homes to address the housing crisis, and we need to increase density to meet population demands. We can’t restore and grow upon the market activity Ottawa saw five and ten years ago without more houses for people to buy. OREB recommends direct solutions for meaningful policy change, including streamlining the process at the Ontario Land Tribunal, eliminating exclusionary zoning, and permitting four units on residential lots. To meet the aggressive housing targets, we need to close the labour gap with investments in colleges and trade schools. We don’t need any more reactionary and distracting policy, like the federal government’s extension of the foreign buyers ban.”

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 $621,600 in January 2024, a gain of 3.2% from January 2023.
    • The benchmark price for single-family homes was $703,500, up 3.7% on a year-over-year basis in January.
    • By comparison, the benchmark price for a townhouse/row unit was $462,200, down 2.1% compared to a year earlier.
    • The benchmark apartment price was $418,500, up 3.7% from year-ago levels.
  • The average price of homes sold in January 2024 was $631,722, increasing 1.8% from January 2023.
  • The dollar volume of all home sales in January 2024 was $397.3 million, up 18.6% 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. Price will vary from neighbourhood to neighbourhood.

By the Numbers – Inventory & New Listings:

  • The number of new listings saw an increase of 7.3% from January 2023. There were 1,271 new residential listings in January 2024. New listings were 17.5% above the five-year average and 0.8% above the 10-year average for the month of January.
  • Active residential listings numbered 1,961 units on the market at the end of January 2024, a gain of 4.5% from the end of January 2023.
  • Active listings were 57.4% above the five-year average and 16.6% below the 10-year average for the month of January. Months of inventory numbered 3.1 at the end of January 2024, down from the 3.5 months recorded at the end of January 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

Read

Welcome to TRU Realty - Dora Dalietos

We are delighted to announce the newest addition to our TRU Realty family – Dora Dalietos! As a brokerage that takes pride in defining professionalism in real estate, we are thrilled to welcome an agent who perfectly aligns with our values and brings a wealth of experience to the table.

**Why TRU Realty?**
Dora chose TRU Realty because of our commitment to effective management, exceptional value, and flexibility. Our dedication to providing a cost-effective solution for Realtors, along with a strong emphasis on professionalism, resonated with Dora as she embarked on this exciting journey with us.

**Multilingual Expertise**
One of the remarkable qualities Dora brings to TRU Realty is her multilingual proficiency. Fluent in English, French, and Greek, she effortlessly navigates conversations in all three languages. This linguistic diversity allows her to connect with clients on a deeper level and provide a personalized and inclusive experience.

**A Background in Event Management**
With over 10 years of experience in the Event Management industry, Dora brings a unique skill set to real estate. Her background has honed her attention to detail and customer service expertise, qualities that are invaluable when working with clients to buy or sell their homes.

**Passion for Real Estate**
After owning several homes and living in different provinces, Dora decided to pursue her passion for real estate. She obtained her real estate license in June 2021 and has achieved remarkable success in her career since then. Her journey reflects her dedication to continuous growth and excellence in the field.

**A Warm Welcome to Dora Dalietos**
We are honoured to have Dora Dalietos as part of the TRU Realty team. Her commitment to professionalism, linguistic versatility, and wealth of experience make her a valuable asset, and we look forward to achieving new heights together.

Join us in extending a warm welcome to Dora! We're excited about the expertise and enthusiasm she brings to TRU Realty.

Stay tuned for more updates and success stories from our growing team!

Read
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.