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!

The number of homes sold through the MLS® System of the Ottawa Real Estate Board (OREB) totaled 1,545 units in May 2024. This was a decrease of 9.2% from May 2023.

Home sales were 3.7% below the five-year average and 13.2% below the 10-year average for the month of May.

On a year-to-date basis, home sales totalled 5,673 units over the first five months of the year — an increase of 5.2% from the same period in 2023.

“Ottawa’s early spring market was unsurprisingly steady,” says the OREB President. “The increase in new listings indicates that sellers are more confident that properties are moving as market activity picks up. Some buyers, however, were likely waiting for the Bank of Canada’s interest rate announcement to see if it would affect their purchasing power. The first interest rate cut in four years is good news, but expectations still need to be managed as long as supply issues and high home prices persist.”

“Interest rate cuts, for example, can’t help get more homes built and make them affordable when the City of Ottawa is hiking development fees — a counterproductive move that OREB is firmly against.”

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 $651,300 in May 2024, a marginal gain of 1.2% from May 2023.

  • The benchmark price for single-family homes was $736,000, up 1.1% on a year-over-year basis in May.

  • By comparison, the benchmark price for a townhouse/row unit was $517,500, up 2.1% compared to a year earlier.

  • The benchmark apartment price was $425,000, up 2.0% from year-ago levels.

• The average price of homes sold in May 2024 was $690,683 increasing 0.8% from May 2023. The more comprehensive year-to-date average price was $679,862, increasing by 1.8% from the first five months of 2023.

• The dollar volume of all home sales in May 2024 was $1.06 billion, down 8.5% 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 26.2% from May 2023. There were 3,034 new residential listings in May 2024. New listings were 23.2% above the five-year average and 10.2% above the 10-year average for the month of May.

• Active residential listings numbered 3,552 units on the market at the end of May 2024, a gain of 59.4% from May 2023. Active listings were 72.2% above the five-year average and 2.9% below the 10-year average for the month of May.

• Months of inventory numbered 2.3 at the end of May 2024, up from 1.3 in May 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