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!

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!

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!

We are very honoured to welcome Chinwe Iloabachie to TRU Realty!

Chinwe is very well known in the Ottawa area for her 33-year career teaching at the Ottawa Carleton District School Board during which time she touched the lives of hundreds of pupils! Setting the example for her students in education, Chinwe has studied at the University of Nigeria, Nsukka, M.A. Dalhousie, PhD. McGill, B.Ed. uOttawa and most recently at the faculty of Law, uOttawa, just to name a few! These experiences combined with her own personal investments in real estate have given her a unique and valuable advantage in the real estate industry. An advantage that she is eager to teach and share with buyers and sellers to realize their real estate goals!

Chinwe chose TRU Realty because of its support, management and its adherence to the highest professional standards. Qualities that Chinwe appreciates and exemplifies. She invites all her past clients, friends, family and future clients to contact her for all their real estate needs in English, French or Igbo!

Members of the Ottawa Real Estate Board sold 936 residential properties in January through the Board’s Multiple Listing Service® System, compared with 963 in January 2021, a decrease of 3 per cent. January’s sales included 661 in the residential-property class, down 2 per cent from a year ago, and 275 in the condominium-property category, a decrease of 5 per cent from January 2021. The five-year average for total unit sales in January is 840.

“January’s sales, almost identical to 2021’s, were very strong for a traditionally slower month, especially given the frigid temperatures and increased government Covid-19 restrictions we experienced,” states the Ottawa Real Estate Board President. “This increased activity compared to previous years is not solely a pandemic phenomenon. Yes, the pandemic has accelerated market activity in some ways, but pent-up Buyer demand due to the housing supply shortage has been an ongoing fundamental issue for the Ottawa resale market for well over 5 years now - and the price increases will continue to reflect that until the housing stock grows.” The average sale price for a condominium-class property in January was $447,943, an increase of 18 per cent from 2021, while the average sale price for a residential-class property was $771,739, increasing 14 per cent from a year ago.*

“Average prices continue to rise steadily with the lack of inventory pushing prices to levels previously unseen. We only need to observe the number of homes now selling over $1M for a clear demonstration. In 2020, they represented 3% of residential sales, in 2021, they held 9% of the market’s resales, and now in 2022, that number reflects close to 14% of detached home sales.”

“Meanwhile, the residential-class properties selling within the $650-$900K range represent 47% of all of January’s residential unit sales. In 2021, it was 33%. But we must keep in mind, average prices statistics amalgamate data from the entire city, so while in some areas the increases would be less, other pockets of Ottawa may see more."

“The condo market is also flourishing both in the number of sales and prices. Possibly due to the fact that residential units may be out of reach for some Buyers, they are finding themselves more open to this option and are actually able to find a condominium-class property within their budget.”

“Bad weather, pandemic lockdowns, it doesn’t matter - Ottawa remains a fast-moving, active, and robust market. So, if you are thinking of selling your property, there has never been a better time. Contact a REALTOR® who can explain the various factors that will help you get the best price for your home today.”

In addition to residential sales, OREB Members assisted clients with renting 410 properties in January 2022 compared to 333 in 2021.

Source: Ottawa Real Estate Board

Vladimir's studies at Tel Aviv University, his career in the home construction and electrical fields have given him extensive experience in the real estate industry. This experience will be a huge asset in assisting buyers and sellers to realize their real estate goals!

Vladimir chose TRU Realty because of its value, training and its adherence to the highest professional standards. Qualities that Vladimir exemplifies. He invites all his past clients, friends, family and future clients to contact him for all their real estate needs in English, Russian, Hebrew or Turkish!

Members of the Ottawa Real Estate Board sold 862 residential properties in December through the Board’s Multiple Listing Service® System, compared with 997 in December 2020, a decrease of 14 per cent. December’s sales included 601 in the residential-property class, down 15 per cent from a year ago, and 261 in the condominium-property category, a decrease of 10 per cent from December 2020. The five-year average for total unit sales in December is 809.

“December’s resale market performed as it typically does with a marked decrease in sales from November as families turned their attention towards the holiday break. Although slightly above the five-year average, the number of properties exchanging hands was lower than the year before due to the atypical market we experienced in 2020 when peak market activity shifted to later in the year because of the initial spring pandemic lockdown,” states Ottawa Real Estate Board’s 2021 President. “However, while the market normalized in the latter part of the year, looking at the year-end figures, 2021 was still a record-breaking year.” 

The total number of residential and condo units sold throughout 2021 was 20,302, compared with 18,953 in 2020, increasing 7 per cent. Meanwhile, total sales volume in 2021 was approximately $13.1B compared to $10B in 2020.

“This significant increase in sales volume reflects the price acceleration that we have seen over the last year and correlates with average sale price increases for the city.”

“As we have reiterated for the past few years, Ottawa’s housing inventory challenges have been and will continue to place an upward pressure on prices. Reviewing the year-end figures for 2021, the average sale price year to date was $719,605 for residential-class properties and $419,683 for condominium units. These values represent a 24 per cent and 16 percent increase over 2020, respectively.”

The average sale price for a condominium-class property in December was $399,125, an increase of 12 per cent from 2020, and the average sale price for a residential-class property was $709,980, increasing 18 per cent from a year ago.

“Six hundred new listings entered the housing stock in December, which represents a 58% decrease from November and down 15% from the 5-year average. At less than one month’s supply of units in both the residential and condominium property classes, we are firmly entrenched in a strong Seller’s market and will continue to be in this state until our inventory increases to a 3-4 month’s supply for a balanced market to be achieved.”

When asked for a forecast, Ottawa Real Estate Board’s new 2022 President suggests, “January through March are usually slower months. With the macro factors that are currently at play in the resale market, it is difficult to predict what the effects will be going forward. We are entering yet another pandemic wave, Buyers are fatigued, parents are focusing on remote learning, interest rate hikes are looming - I don’t expect we will see the first quarter increases as we did in 2021.”

“We are unlikely to see the true outcome of these macro factors until the spring. Presumably, we will see more of the same with the market performing as well as it can with the current housing stock. Unfortunately for homebuyers, it will sustain itself as a Seller’s market for quite some time until our inventory issues are remedied.

Whether you are buying or selling a home right now, the experience and knowledge of a REALTOR® is essential in this current challenging market.”

OREB Members also assisted clients with renting 4,813 properties since the beginning of the year compared to 3,364 in 2020.

Source: Ottawa Real Estate Board