April 2024 Newsletter
April was a testament to just how intense the market is going to be this year! With listings and purchases coming in left and right, we were incredibly busy and very honoured to support a huge number of families in finding their dream homes this month.
Eclipse Day
The team celebrated the full eclipse together, heading out with friends and family to a great viewing spot.
Goodbye Karlie
We said a very sad but proud goodbye to Karlie, our administrative assistant and client concierge for the past 6 years, as she leaves the real estate industry! After nearly ten years working in real estate, Karlie was ready to apply her skills in a new profession. We’ll miss her dearly, but are so happy to see what she achieves next!
Check out some of our new listings!
Real Estate News
Interested in hearing more from our agents about real estate? Let’s dive into some of our top blog posts this month:
Insights and Advice for Buyers and Sellers in April 2024
In April 2024, Ottawa's real estate market showed resilience and activity, particularly in the residential sector. Unit sales in residential properties increased by 6.8%, with the average price rising to $815,646 and the median price reaching $730,000. Properties also sold faster, with the average time reduced to 31 days. In the condominium market, sales increased by 15.33%, but average prices dipped slightly to $442,247. Advice for buyers includes acting decisively, being mindful of budget, and conducting thorough market research. Sellers are advised to price competitively, enhance curb appeal, and be flexible with showings. Overall, the market reflects a healthy and dynamic landscape, emphasizing the importance of informed decisions and professional guidance for both buyers and sellers.
Downsizing and Financial Considerations
Retirement in Ottawa often involves downsizing for financial freedom and simplicity. To start, assess your current living situation and retirement goals, then research Ottawa's real estate trends and consult experts for insights. Develop a comprehensive retirement budget, including downsizing costs, and explore options like selling, renting, or retirement communities. Prepare your home for sale with the help of a real estate agent and maximize your retirement savings with tax-advantaged accounts and professional advice. Plan for potential long-term care needs and seek guidance from retirement planning experts and government resources. Embrace retirement by enjoying hobbies, travel, and community involvement, and regularly review and adjust your plan to fit changing circumstances and goals. Following these steps can ensure a fulfilling retirement journey in Ottawa, characterized by financial security and new experiences.
Best Commuter Neighbourhoods
Easy access to public transit is a priority for many Ottawa residents. Westboro offers trendy shops and restaurants, with bus routes and the Westboro Transitway Station linking to downtown and beyond. Hintonburg, adjacent to Westboro, has an artsy vibe and convenient bus routes, along with access to the Bayview O-Train Station. Centretown, downtown, boasts dense bus routes and Lyon O-Train Station access. Sandy Hill, east of downtown, features historic charm and transit options, including the Campus O-Train Station. Vanier, east of downtown, offers affordable housing and multiple bus routes, with access to the St. Laurent O-Train Station. These neighbourhoods simplify daily commutes and city exploration for Ottawa residents.
Discover the hidden world of off-market real estate with Knokd! Did you know that 1 in 3 properties are shared off the public market as "Coming Soon" or "Exclusive"? Gain access to this exclusive inventory and elevate your home search or listing strategy today!
Knokd offers personalized approaches tailored to your needs, providing targeted and discreet exposure for listings before they hit the open market. Say goodbye to one-size-fits-all listings and hello to a customized real estate experience.
Ourboro
At New Purveyors, we're excited to introduce Ourboro's co-investment partnership—a game-changing solution to expedite your path to homeownership. By co-investing with Ourboro, you can secure a 20% down payment without additional debt, gaining access to expert guidance and a competitive edge in the market. Contact us to learn more and unlock your dream home sooner!
Neighbourhood Monthly Statistics
In April 2024, the Ottawa Real Estate Board reported a significant increase in home sales compared to the previous year, indicating growing confidence among buyers and sellers. Although sales figures were slightly below the long-term averages for April, the year-to-date data showed promising growth, with an 11.5% increase in home sales over the first four months of the year compared to 2023.
OREB President, Curtis Fillier, noted a shift in market dynamics, with sellers feeling more assured to list their properties and buyers enjoying a less pressurized purchasing environment. Fillier highlighted particular trends, such as a transition to a seller's market for townhomes and increased activity in single-family home sales, leading to higher average sale prices.
A slight increase in months of inventory indicates a balanced market condition. Despite a surge in new listings, use caution when interpreting average sale prices, as they can vary significantly by neighbourhood.
In summary, the Ottawa real estate market remains robust and steady, with stakeholders adapting to post-pandemic dynamics with cautious optimism.
To learn more, check out our full blog post HERE
Pet of the Month
Meet Atlas! Atlas is Owen’s new dog. He is a two year old Great Dane, and despite his size, is absolutely convinced he is a lap dog.
Send us your pets for the chance to be featured next month!
