April 2022 Newsletter

May 1

April has been an incredibly interesting month for real estate in Ottawa. As we take a look back on the first quarter and begin to review Canada’s new ideas for addressing housing concerns across the country, we’ve also noticed a sudden shift in the market! Where houses were once receiving an incredible amount of offers just a few weeks ago, competition has dropped steeply, more houses are going for closer to the asking price, and some are actually going without offers - what happened?

Read on for our take on the market and some insight into the year so far.

RE/MAX Hallmark Scholarship

The RE/MAX Hallmark scholarship is still available! Reach out to sign up if you have done a real estate transaction with any RE/MAX Hallmark agent and have a child or family member entering university or college this year. The deadline for applications is May 20th, so time is ticking!

Definition Series

We know Real Estate is a whole world of new words and ideas that aren’t always talked about in your day to day. We’ve been working to decode some of the terms your Realtor might be using in our weekly definition series. Every Monday we’re posting a new definition on our Instagram, Facebook, and LinkedIn. If you have any questions, feel free to message us!

Happy 1 year to Mitch and Husnain!

Both Mitch MacKenzie and Husnain Ali have been with New Purveyors for one year! We are so grateful to have such amazing, professional, and intelligent agents on our team.

News in Ottawa

Quarter 1 Recap

Mitch MacKenzie reviewed the condo data from Ottawa’s first quarter - there were a total of 316 sales, with less selling over asking, but also fewer days on market and a higher average sales price. To see all the details, check out the blog post linked above.

Budget 2022

The federal government proposed their Budget 2022, and it had a huge emphasis on altering the housing market in Canada. From new tax-free home savings options, to a ban on foreign investors, to more rights for home buyers, lots of changes were proposed! Also proposed was a huge budget for tax credits. Read more in the link above.

What is a buyer representation agreement?

In addition to breaking down definitions in the real estate world, we’re also taking the time to walk our clients through each of the forms you may have to complete during a real estate transaction. Linked above is our post on a buyer representation agreement. In short, this form gives a realtor permission to act on your behalf to offer on and purchase a property. Read the full description on our blog.

Client Story: What’s changing in the market?

We talked with Aly Ball, one of our amazing agents, about the state of the real estate market right now.

“It’s a confusing time right now for many buyers. There’s a lot of consumer fear right now about interest rate increases and inflation in general. We’re seeing the market flow down a bit because of this - including fewer multiple offer scenarios and some properties not getting any offers at all. But for buyers who are educated and know this is the natural progression of the market, there are great opportunities here to get into the market because it’s significantly less intense than it once was. A good agent can help guide you on how to use this market to your advantage.”

April Monthly Report

April was an unexpected month for real estate in Ottawa. We saw a 21% decrease in sales of residential and condo properties. Due to a number of factors like interest rates, weather, and buyer frustration, it seems as though more people are waiting longer to buy.

Despite this, we are still in a seller’s market, with low inventory and plenty of motivated buyers. Condos have increased 11% in price compared to last April, 12% for residential properties.

To read more, check out our BLOG POST

Dog of the Month

Everyone - meet Ollie. Ollie is a 2 year old French Bulldog, who really loves napping, and chewing bones! Thank you Rhiannon for sending in your adorable puppy pal.

Send us your dogs for the chance to be featured next month!