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Ottawa Market Update June 2024

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

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Welcome to TRU Realty - Mustafa Vurgun!

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!

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Welcome to TRU Realty - John Steele

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!

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Welcome to TRU Realty - Tanya Cummings-Miller

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!

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Ottawa Market Trends April 2024
The number of homes sold through the MLS® System of the Ottawa Real Estate Board (OREB) totaled 1,456 units in April 2024. This was an increase of 8.9% from April 2023.

Home sales were 2% below the five-year average and 6.9% below the 10-year average for the month of April.

On a year-to-date basis, home sales totaled 4,132 units over the first four months of the year — an increase of 11.5% from the same period in 2023.

“It’s a typical spring in Ottawa’s real estate market,” says the OREB President. “What sets it apart from recent springs is a restored mutual confidence among both buyers and sellers. Buoyed by recent sales activity, sellers are more confident that they can move their property as evidenced by the uptick in listings. For buyers, the pressure of the pandemic market has eased and they’re comfortable taking the time to find the property that best suits their needs. The pace is still conservative while the economy is holding some back, but overall Ottawa’s market is strong and stable, and that’s a win-win.”

“The real story is in the details. Looking more closely at what’s selling and for how much suggests the demographic of buyer is changing. While most of Ottawa’s market is in balanced territory, townhomes have shifted to the seller’s market side as supply shrinks. Single-family homes are the most active market, which is inflating the average sale price. The next few months will be both telling and interesting as people continue to redefine their post-pandemic normal amid an upcoming federal election and back-to-work mandate for government workers. The detailed insights and data that REALTORS® have unique access to will be invaluable in helping buyers fine-tune their strategy for their specific neighbourhood and property type.”

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 $643,700 in April 2024, a marginal gain of 1.6% from April 2023.
    • The benchmark price for single-family homes was $727,700, up 1.6% on a year-over-year basis in April.
    • By comparison, the benchmark price for a townhouse/row unit was $500,800, up slightly at 1% compared to a year earlier.
    • The benchmark apartment price was $423,100, up 2.1% from year-ago levels.
  • The average price of homes sold in April 2024 was $705,117 increasing 1.2% from April 2023. The more comprehensive year-to-date average price was $675,817, increasing by 2.4% from the first four months of 2023.
  • The dollar volume of all home sales in April 2024 was $1.02 billion, up 10.2% 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 40.5% from April 2023. There were 2,597 new residential listings in April 2024. New listings were 19.7% above the five-year average and 4.6% above the 10-year average for the month of April.
  • Active residential listings numbered 2,966 units on the market at the end of April 2024, a gain of 36.6% from April 2023. Active listings were 62.6% above the five-year average and 13.7% below the 10-year average for the month of April.
  • Months of inventory numbered 2 at the end of April 2024, up only slightly from 1.6 in April 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

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Welcome to TRU Realty - Andree Lamarre

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

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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
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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.

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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!

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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!

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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!

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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.

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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.