Members of the Ottawa Real Estate Board (OREB) sold 1,194 residential properties in March through the Board’s Multiple Listing Service® (MLS®) System, compared with 2,003 in March 2022, a decrease of 40%. March’s sales included 893 in the freehold-property class, down 40% from a year ago, and 301 in the condominium-property category, a decrease of 42% from March 2022. March sales transactions increased 40% over February. The five-year average for total unit sales in March is 1,698.

“The recent rise in transactions is a sign of typical spring activity, even if we’re behind the pandemic peaks of 2022. As spring unfolds, so too will a clearer picture of Ottawa’s balanced market state,” says the Ottawa Real Estate Board President.

By the Numbers – Average Prices:

• The average sale price for a freehold-class property in March was $710,070, a decrease of 17% from 2022. However, it marks a 0.2% increase over February 2023. Average freehold prices have climbed approximately 8% during Q1 2023 over December 2022’s market low.
• The average sale price for a condominium-class property was $418,670, decreasing 13% from a year ago, but still a 2% gain over February 2023.
• With year-to-date average sale prices at $701,837 for freeholds and $414,698 for condos, these values represent a 16% decrease over 2022 for freehold-class properties and an 11% decrease for condominium-class properties.

“As evidenced by the recent climb in freehold prices, Ottawa’s resale market is stabilizing along with the interest rate. Condos remain steady due to their lower price point, there’s more affordability based on the current interest rate structure. Prices are certainly headed in the right direction—if you are looking forward.”

By the Numbers – Inventory & New Listings:

• Months of Inventory for the freehold-class properties has increased to 2.3 months from 0.6 months in March 2022.
• Months of Inventory for condominium-class properties has increased to 2.8 months from 0.6 months in March 2022.
• March’s new listings (2,089) were 21% lower than March 2022 (2,632) and up 53% from February 2023 (1,366). The 5-year average for new listings in March is 2,474.
• Days on market (DOM) for freeholds decreased from 37 to 34 days and 43 to 39 days for condos compared to last month.

“Well-priced and well-prepared homes are selling. REALTORS® have up-to-the-minute statistics to ensure sellers are positioning themselves at the current market value based on recent sales and hyper-local market comparisons. Buyers can benefit from the same data along with their negotiation expertise to guarantee they are receiving the best value for their dollar.”

REALTORS® also help with finding rentals and vetting potential tenants. Since the beginning of the year, OREB Members have assisted clients with renting 1,599 properties compared to 1,291 last year at this time, an increase of 24%.

Courtesy of the Ottawa Real Estate Board

TRU Realty is proud to introduce our newest member, Ziba Feizi, who has been licensed as a Realtor for over 15 years. Ziba brings a wealth of experience and knowledge to our team and specializes in luxury real estate, residential sales, and residential leasing.

Ziba's expertise and experience have allowed her to assist many diplomats in relocating to the National Capital region. Her ability to understand their unique needs and provide tailored solutions has made her a trusted advisor to many high-profile clients.

As a specialist in luxury real estate, Ziba has a keen eye for detail and a deep understanding of market trends. She takes the time to listen to her clients' needs and works diligently to find them the perfect property. Whether you are looking for a luxurious mansion or a cosy townhome, Ziba has the expertise to help you find your dream home.

Ziba's dedication to her clients extends beyond the initial sale or lease. She believes in building lasting relationships and providing ongoing support to ensure her clients are happy with their purchase or rental property. Her commitment to excellence has earned her a reputation as a reliable and trustworthy Realtor.

At TRU Realty, we are excited to have Ziba Feizi join our team. Her professionalism, experience, and expertise make her an invaluable asset to our organization. If you are looking to buy, sell, or rent a luxury property in the National Capital Region, Ziba Feizi is the Realtor to call.

TRU Realty is excited to welcome Tina D'Angelo to our team of REALTORS®. Tina brings several years of experience and expertise in residential properties in Ottawa, and she is fluent in English, Italian, and French. We are thrilled to have her join our brokerage, and we are confident that she will be an asset to our team and her clients.

Tina has been licensed in real estate for several years, and she has developed a reputation for her professionalism, attention to detail, and dedication to her clients. She understands that buying or selling a home can be a significant decision, and she takes the time to listen to her clients' needs and guide them through the process with care and expertise.

Tina chose to join TRU Realty because she values the training and support we offer to our agents, as well as the professionalism and value we provide to our clients. She is excited to be part of a team that shares her commitment to excellence and her passion for helping people find their dream homes.

If you're looking for a REALTOR® who knows Ottawa inside and out, and who can guide you through the process of buying or selling a home with expertise and care, look no further than Tina D'Angelo. Contact her today to schedule a consultation and see how she can help you achieve your real estate goals!

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!

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!

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.