TRU Realty is thrilled to announce that Jenny Svetec, has joined our team! Jenny brings a wealth of experience and an unwavering commitment to excellence in Ottawa’s residential real estate market. Her decision to join TRU Realty is a testament to the values that define our brokerage: trust, professionalism, and personalized client care.

Jenny’s diverse background sets her apart. An alumna of Ottawa, York, and Concordia Universities, she is a credentialed teacher, a professional writer, and a former organic farm entrepreneur in the GTA. Jenny also holds the distinction of being one of the first female Governor General’s Foot Guards, a role she took on in 1989. This unique blend of experiences has shaped her into a well-rounded professional REALTOR™ with a "never-quit" attitude.

At TRU Realty, Jenny is passionate about helping families and individuals navigate the complexities of buying, selling, and renting homes. Her client-first approach ensures that everyone she works with receives dependable, personalized service tailored to their needs. Living in Ottawa with her family, Jenny’s love for people and community, as well as building meaningful connections, shines through in every interaction.

We are confident that Jenny’s dedication and expertise will make a significant impact on our brokerage and the clients she serves. Please join us in giving her a warm welcome to the TRU Realty family!

The number of homes sold through the MLS® System of the Ottawa Real Estate Board (OREB) totalled 1,059 units in November 2024 — a slight dip down from the 1,179 units sold the month previous.

Home sales were 3.1% below the five-year average and 0.5% below the 10-year average for the month of November.

On a year-to-date basis, home sales totalled 12,882 units in November 2024 — an increase of 11.8% from the same period in 2023.

“Ottawa’s market is making headway on a long road back from the slowdown experienced in 2023,” says the OREB Past-President. “Buyers have been slow to come back to the market while watching the interest rates lower, and some are waiting to see how new mortgage rules — the extended amortization period and the increased default insurance cap — coming into effect in December may redefine their purchasing power. Sellers have noticed that caution and those who can are likely holding on for a more active spring.”

“There will be the typical slowdown at this time of the year as people’s attentions turn to the holidays, and the snow starts to cover a property’s selling features. With prices holding steady and open houses getting traffic, though, people are keeping a close eye on opportunities.”

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 November 2024, a 1.5% increase from November 2023.

  • The benchmark price for single-family homes was $722,400, up 2.1% year-over-year.

  • By comparison, the benchmark price for a townhouse/row unit was $491,500, up 0.3% compared to a year earlier.

  • The benchmark apartment price was $406,200, down 3.7% from last year.

• The average price of homes sold in November 2024 was $667,098 increasing 4.6% from November 2023.

• The more comprehensive year-to-date average price was $679,797, increasing by 1.2% from November 2023.

• The dollar volume of all home sales in November 2024 was $706.4 million, up 51.8% from November 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 a decrease of 7.3% from November 2023. There were 1,352 new residential listings in November 2024. New listings were 6.3% below the five-year average and 0.3% above the 10-year average for the month of November.

• Active residential listings numbered 4,036 units on the market at the end of November 2024, a gain of 38.2% from November 2023. Active listings were 72.8% above the five-year average and 44.3% above the 10-year average for the month of November.

• Months of inventory numbered 3.8 at the end of November 2024, compared to 4.0 in November 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

TRU Realty is excited to welcome James Laniyan to our growing team! Since joining the Ottawa Real Estate Board in 2004, James has been a full-time, active Realtor serving Ottawa and the surrounding areas with professionalism and dedication.

James brings a unique and varied background to his work, holding a master’s degree in architecture and communications in computing from the UK. With deep experience as a real estate investor, residential income property owner, and manager, James understands the market from multiple angles, making him an invaluable resource to his clients. His trustworthy, reliable, and client-focused approach has made him a respected figure in the industry, helping buyers, sellers, and renters make confident decisions across Ottawa’s dynamic residential real estate landscape.

James and his family have called Ottawa home for nearly two decades, but he maintains close ties to both England, his birthplace, and Nigeria, his country of origin. Recently, he also celebrated the arrival of his first grandchild, bringing another meaningful dimension to his role as a family-oriented, community-driven Realtor.

At TRU Realty, we’re proud to have a Realtor of James’s caliber on board, drawn by our commitment to management support and exceptional value for our team. His nearly 20 years of real estate expertise, combined with his compassionate, client-centered service, perfectly align with TRU Realty’s mission.

Please join us in welcoming James to TRU Realty! We’re excited to see him continue his outstanding work and help clients reach their real estate goals with ease and confidence.

We are thrilled to announce that Itai Olej has joined TRU Realty, bringing with him a wealth of experience, skill, and dedication to the Ottawa real estate community. With a career that began in real estate investing, Itai mastered the art of property renovation and rental revenue creation before earning his REALTOR® license in late 2011. Since then, he has developed a reputation as a powerful advocate for his clients.

A Master Certified Negotiation Expert and Accredited Buyer Representative, Itai’s expertise in negotiation has helped him guide his clients through tough markets with impressive results. Known for his integrity, honesty, and patience, he is a trusted ally for those seeking both exceptional deals and sophisticated real estate strategies. Itai’s track record includes recent achievements such as his recognition in the RE/MAX Hall of Fame and his membership in the Platinum Club in both 2019 and 2020, along with his recent broker’s license.

Itai moved to Ottawa in 2006, where he and his wife, Nathali, are raising their two young daughters, Alma and Maia. Joining TRU Realty felt like a natural step for him due to our support, value, and flexibility. He looks forward to building new relationships within the Ottawa community and helping clients find the perfect place to call home or make their next investment.

Please join us in welcoming Itai Olej to the TRU Realty team!

The number of homes sold through the MLS® System of the Ottawa Real Estate Board (OREB) totalled 1,179 units in October 2024 — an increase over the 1,047 units sold last month.

Home sales were 3.9% below the five-year average and 0.9% below the 10-year average for the month of October.

On a year-to-date basis, home sales totalled 11,662 units in October 2024 — an increase of 9.4% from the same period in 2023.

“We’re seeing positive movement in Ottawa’s market with sales activity up,” says the OREB President. “This is especially interesting because there has been sustained activity throughout the year instead of the typical seasonal spikes and lulls. Consumer confidence is getting stronger, boosted by another consecutive Bank of Canada interest rate cut — though many are waiting for additional rate drops.”

The 50-basis-point reduction might offer optimism following Ontario’s tabling of the Fall Economic Statement where housing starts projections were scaled back to 81,300, representing another reduction in projections and is even further from the province’s goal of creating 125,000 new homes in 2024. The Ontario government cites high interest rates and a tough economic environment as pervasive challenges for homebuilders.

“The challenge remains supply. We know from experience that Ottawa’s inventory leans tight and can swing quickly from balanced territory to a seller’s market — which can compound affordability and accessibility challenges. Now is always the time for fresh action and innovative policies that can create much-needed inventory.”

OREB leaders and volunteers recently joined the Canadian Real Estate Association on Parliament Hill to present focused solutions to confront the ongoing housing supply crisis. With expertise and experience in market conditions and consumer needs, REALTORS® advocated to stimulate supply by investing in offsite construction technologies (i.e. prefabricated homes) and extending HST/GST relief for non-profit-built affordable ownership housing.

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 $639,500 in October 2024, a 0.4% increase from October 2023.

  • The benchmark price for single-family homes was $724,500, up 0.7% on a year-over-year basis in October.

  • The benchmark price for a townhouse/row unit was $506,900, up 1.6% compared to a year earlier.

  • The benchmark apartment price was $407,500, down 3.4% from year-ago levels.

• The average price of homes sold in October 2024 was $668,690, increasing 1.2% from October 2023. The more comprehensive year-to-date average price was $678,081, increasing by 0.9% from October 2023.

• The dollar volume of all home sales in October 2024 was $788.3 million, up 47.7% from October 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 10.4% from October 2023. There were 2,089 new residential listings in October 2024. New listings were 6.7% above the five-year average and 17% above the 10-year average for the month of October.

• Active residential listings numbered 3,354 units on the market at the end of October 2024, a gain of 8.9% from October 2023. Active listings were 40.6% above the five-year average and 6.7% above the 10-year average for the month of October.

• Months of inventory numbered 2.8 at the end of October 2024, compared to 3.8 in October 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

The Bank of Canada announced on October 23rd that they will cut their policy interest rate by 50 bps which brings the current overnight rate to 3.75%. The Canadian economy continues to show signs of weakness and recent inflation figures dipped to 1.6% last month, below the 2% target. This has prompted the Bank of Canada to cut rates further to avoid inflation further decelerating and potentially risking deflation.

Save money on a new mortgage or refinancing! Check out our TRU Realty partners - https://trurealty.ca/partners.html

The number of homes sold through the MLS® System of the Ottawa Real Estate Board (OREB) totalled 1,047 units in September 2024. This was an 11.4% increase from September 2023.

Home sales were 17.4% below the five-year average and 15.4% below the 10-year average for the month of September.

On a year-to-date basis, home sales totalled 10,485 units in September 2024 — an increase of 6.4% from the same period in 2023.

“As we navigate a shifting housing market, Ottawa’s fall outlook is healthy,” says the OREB President. “Activity is robust with an uptick in sales and prices remaining steady. Meanwhile, both buyers and sellers are rethinking their purchasing power amidst news about additional interest rate cuts on the horizon, longer amortizations, and increased price caps for insured mortgages."

“There have been encouraging policy developments recently that will stimulate demand. But Ottawa’s market does not typically have demand problems — we have chronic supply issues. We’re not building enough homes in the city, and we’re not building enough of the right homes to address the ‘missing middle.’”

The Canada Mortgage and Housing Corporation (CMHC) recently reported that Ottawa's “population-adjusted construction is at its lowest level in nearly 10 years.” A City of Ottawa progress report shows that Ottawa is only at 22 per cent of its annual housing target at the end of August.

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 $642,800 in September 2024, an increase of 0.2% from September 2023.

  • The benchmark price for single-family homes was $729,000, up 0.5% on a year-over-year basis in September.

  • By comparison, the benchmark price for a townhouse/row unit was $500,000, down 1.7% compared to a year earlier.

  • The benchmark apartment price was $414,200, down 1.3% from year-ago levels.

• The average price of homes sold in September 2024 was $685,551 increasing 1.4% from September 2023. The more comprehensive year-to-date average price was $679,082, increasing by 0.9% from September 2023.

• The dollar volume of all home sales in September 2024 was $717.7 million, up 12.9% from September 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 3.9% from September 2023. There were 2,343 new residential listings in September 2024. New listings were 4.7% above the five-year average and 11.6% above the 10-year average for the month of September.

• Active residential listings numbered 3,529 units on the market at the end of September 2024, a gain of 16.9% from September 2023. Active listings were 43.3% above the five-year average and 4.6% above the 10-year average for the month of September.

• Months of inventory numbered 3.4 at the end of September 2024, up from 3.2 in September 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

We are excited to welcome Howard Marling, a seasoned Realtor with over 20 years of experience in the Ottawa real estate market, to the TRU Realty family!

Since 2003, Howard has been helping clients navigate the complexities of real estate with a unique blend of expertise and personalized service. What sets Howard apart is his extensive hands-on experience with construction and home renovations. Having built a bungalow and renovated three houses, Howard brings invaluable insights to clients looking to buy a fixer-upper or undertake home improvement projects. He knows what’s worth tackling yourself, what’s better left to the pros, and what to avoid altogether.

Howard’s background in Ottawa’s tech industry, having worked with companies like Mitel, BNR, Nortel, Newbridge, Alcatel, and Solantro, also adds a cutting-edge perspective to his real estate practice. His work in designing and installing solar power systems, including on his own home, makes him an incredible resource for clients interested in sustainable living. Whether you're considering buying a property with a solar system or looking to add one to your future home, Howard’s experience will guide you every step of the way.

Beyond his professional expertise, Howard understands the real-world challenges of buying and selling a home firsthand. Before becoming a Realtor, he successfully sold two of his own properties, giving him a unique understanding of the process from a seller’s perspective.

At TRU Realty, we are committed to providing the highest level of service to our clients, and Howard’s dedication to hard work, transparency, and client satisfaction fits perfectly with our core values. His wealth of knowledge and personalized approach will be a tremendous asset to both our team and clients.

Please join us in welcoming Howard Marling to TRU Realty! Whether you're buying, selling, or just exploring your options, Howard is ready to assist.

Welcome aboard, Howard! We look forward to seeing you thrive and continue to define professionalism in real estate with us.

The number of homes sold through the MLS® System of the Ottawa Real Estate Board (OREB) totalled 1,100 units in August 2024. This was a 10.2% increase from August 2023.

Home sales were 11.4% below the five-year average and 14.1% below the 10-year average for the month of August.

On a year-to-date basis, home sales totalled 9,444 units in August 2024 — an increase of 6.0% from the same period in 2023.

“Being a seasonal market, it’s very encouraging to see sustained levels of activity throughout the whole summer,” says the OREB President-elect. “And coupled with a third consecutive interest rate drop from the Bank of Canada, we are anticipating a heated market in the fall.”

“REALTORS® know firsthand how affordability remains a top concern for most buyers. With a stream of new listings hitting the market and prices holding steady, buyers are not moving with urgency. They are still using caution and taking their time to find the right property for their needs and budget. As such, sellers need to be patient and work with a REALTOR® who can use the latest neighbourhood-level data and insights to properly price their property and build a selling strategy.”

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 $646,000 in August 2024, a decrease of 0.3% from August 2023.

  • The benchmark price for single-family homes was $732,500, down 0.3% on a year-over-year basis in August.

  • By comparison, the benchmark price for a townhouse/row unit was $502,200, up 0.3% compared to a year earlier.

  • The benchmark apartment price was $416,800, down 1.2% from year-ago levels.

• The average price of homes sold in August 2024 was $660,341 increasing 0.3% from August 2023. The more comprehensive year-to-date average price was $678,327, increasing by 0.9% from August 2023.

• The dollar volume of all home sales in August 2024 was $726.3 million, up 10.5% from August 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 0.2% from August 2023. There were 1,907 new residential listings in August 2024. New listings were 0.2% above the five-year average and 0.9% above the 10-year average for the month of August.

• Active residential listings numbered 3,324 units on the market at the end of August 2024, a gain of 25.8% from August 2023. Active listings were 46.5% above the five-year average and 1.3% below the 10-year average for the month of August.

• Months of inventory numbered 3.0 at the end of August 2024, up from 2.6 in August 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

The number of homes sold through the MLS® System of the Ottawa Real Estate Board (OREB) totalled 1,241 units in July 2024. This was a 13.6% increase from July 2023.

Home sales were 7.1% below the five-year average and 8.8% below the 10-year average for the month of July.

On a year-to-date basis, home sales totalled 8,349 units in July 2024 — an increase of 5.5% from the same period in 2023.

“As the market pace typically slows in the summer, July’s activity is encouraging and could be a sign of more gains ahead,” says the OREB President. “Buyer confidence is slowly but surely catching up while sellers continue to add a steady stream of new listings. Of course, the extent to which that translates into transactions depends on the type of properties and price points available in our communities as supply and affordability issues persist.”

“It’s too early to tell, but recent policy developments could be a boost. Two consecutive interest rate cuts by the Bank of Canada, coupled with the federal government’s introduction of 30-year amortization periods on mortgages for first-time homebuyers purchasing newly built homes, will help some buyers. However, these are demand policies and Ottawa — as well as many cities across the country — needs action on the supply side.”

In its Monetary Policy Report, the Bank of Canada points to municipal zoning restrictions and high development fees as long-standing standing challenges to supply growth. Recent data from the Ontario government shows Ottawa is significantly behind its housing starts goal having only built 1,593 homes out of its 12,583 target for 2024. OREB and its member REALTORS® continue to advocate for direct solutions to address the city’s housing crisis, such as allowing four units per lot and reducing costly development fees.

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 $648,900 in July 2024, an increase of 0.1% from July 2023.

  • The benchmark price for single-family homes was $734,700, down 0.1% on a year-over-year basis in July.

  • By comparison, the benchmark price for a townhouse/row unit was $506,100, up 3.4% compared to a year earlier.

  • The benchmark apartment price was $422,800, down 0.9% from year-ago levels.

• The average price of homes sold in July 2024 was $679,610 decreasing 2.1% from July 2023. The more comprehensive year-to-date average price was $681,082, increasing by 1.0% from July 2023.

• The dollar volume of all home sales in July 2024 was $843.3 million, up 11.3% from July 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 17.1% from July 2023. There were 2,231 new residential listings in July 2024. New listings were 6.3% above the five-year average and 6.9% above the 10-year average for the month of July.

• Active residential listings numbered 3,480 units on the market at the end of July 2024, a gain of 37.0% from July 2023. Active listings were 50.6% above the five-year average and 2.3% below the 10-year average for the month of July.

• Months of inventory numbered 2.8 at the end of July 2024, up from 2.3 in July 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

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

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!