Members of the Ottawa Real Estate Board (OREB) sold 1,939 residential properties in May through the Board’s Multiple Listing Service® (MLS®) System, compared with 1,830 in May 2022, an increase of 6%. May’s sales included 1,477 in the freehold-property class, up 8% from a year ago, and 462 in the condominium-property category, a 1% increase from May 2022. The five-year average for total unit sales in May is 1,961.

“Typically the highest-selling month, May’s transactions did not disappoint,” says the Ottawa Real Estate Board President. “This month we saw the first year-over-year unit sales volume increase since February 2022. It is a promising year for sellers barring any interest rate adjustments, as we saw a correlated drop in sales every time there was an interest rate hike in 2022.”

“However, with only five to six weeks of inventory, we are in a strong seller’s market. With the pent-up high demand and sales volume increasing, we are likely to see upward pressure on prices as demand continues to outstrip supply.”

Members of the Ottawa Real Estate Board (OREB) sold 1,488 residential properties in April through the Board’s Multiple Listing Service® (MLS®) System, compared with 1,876 in April 2022, a decrease of 21%. April’s sales included 1,156 in the freehold-property class, down 18% from a year ago, and 332 in the condominium-property category, a decrease of 29% from April 2022. The five-year average for total unit sales in April is 1,739.

“Ottawa’s resale market is on a steady upward trajectory, narrowing the comparison gap to peak pandemic activity in 2022. However, with new listings not keeping pace, the available housing stock is declining, and with less than two months of inventory — we’re back into seller’s market territory,” says the Ottawa Real Estate Board President.

By the Numbers – Average Prices:

• Average prices have increased by 13.9% in four months since the market low in December 2022.
• The average sale price for a freehold-class property in April was $747,123, a decrease of 10% from 2022. However, it marks a 5% increase over March 2023.
• The average sale price for a condominium-class property was $435,875, decreasing 8% from a year ago, but still a 4% gain over March 2023.
• With year-to-date average sale prices at $718,633 for freeholds and $421,722 for condos, these values represent a 13% decrease over 2022 for freehold-class properties and a 10% decrease for condominium-class properties.

TRU Realty is proud to announce that Shawn Tobin has joined our brokerage as a seasoned Realtor with many years of experience in the real estate industry. Shawn's addition to our team is a testament to our continued commitment to providing top-notch services to our clients.

Shawn brings a wealth of knowledge and expertise to our brokerage, having worked in various capacities within the industry. His passion for the real estate business is evident in his dedication to his clients, and he has built a reputation for delivering exceptional customer service and building long-lasting relationships.

We at TRU Realty are thrilled to have Shawn as part of our team. His enthusiasm for the industry and his commitment to excellence align perfectly with our core values. At TRU Realty, we place a high value on professionalism, truth, and honesty, and Shawn shares these values wholeheartedly.

In addition to his impressive track record in the industry, Shawn was drawn to TRU Realty for our management and team. He appreciates our commitment to building a supportive and collaborative work environment that fosters growth and success for our Realtors. We are confident that Shawn will make valuable contributions to our team and help us continue to provide the highest level of service to our clients.

If you are looking to buy, sell or invest in real estate, we encourage you to reach out to Shawn Tobin or any of our experienced Realtors at TRU Realty. We are dedicated to helping you achieve your real estate goals with professionalism, truth, and honesty at the forefront of everything we do. Welcome to the team, Shawn!

We are excited to announce that Lee Swigger has joined TRU Realty as our newest agent. Lee comes to us after a successful career in high tech and multiple years of experience as a Realtor. He moved from Toronto to Ottawa to be closer to his family and has fallen in love with the city. Lee is eager to assist others in buying, selling or leasing property here.

Lee brings a wealth of knowledge and experience to the real estate industry. He has a strong background in negotiation, communication, and customer service, which are all essential skills for a successful real estate agent. Lee is also highly organized and detail-oriented, ensuring that all transactions are completed smoothly and efficiently.

One of the things that drew Lee to TRU Realty is our commitment to integrity, honesty, and professionalism. These are values that Lee shares, and he treats his clients with the same level of respect and transparency. Lee understands that buying or selling a home is a significant life decision, and he takes pride in guiding his clients through the process with care and attention to detail.

Lee is passionate about the Ottawa real estate market and is excited to help others discover all that the city has to offer. Whether you are looking to buy, sell, or lease a property, Lee has the expertise and experience to help you achieve your goals.

If you are interested in working with Lee, or would like to learn more about TRU Realty's services, please don't hesitate to get in touch. We look forward to helping you with all of your real estate needs.

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!