August 2022 Newsletter
Summer is coming to an end in Ottawa, and we’re doing our best to make the most of the final days of warm weather! From launching our New Purveyors beer - Bank Street Brew - to holding a block party for Ottawa’s Pride Parade, we’ve been having lots of fun with clients, friends, and family this month!
New Purveyors’ Block Party
New Purveyors celebrated pride with past clients, friends, family, and other agents at the first ever New Purveyors’ block party! We held our party across the street from the office with the help of The Merry Dairy ice cream truck, well as free face painting, some inflatable games, and free drinks and snacks. We watched the pride parade pass and really got to see the pride and love that the Ottawa community has - what a special moment!
Check out our full recap HERE
Bank Street Brew
We launched our New Purveyors beer this month - have you seen it around? Bank Street Brew is inspired by all things Ottawa - from Bank Street to the strength of our community. And the launch has just begun! Stayed tuned on the Bank Street Brew Instagram for more ways to get your hands on the beer.
Visit the Bank Street Brew Instagram and Website
Protecting Your Investment: Home Care
Interested in how to take care of your home like you do your other investments? Read this blog post to learn more about insurance, updates, cleaning, and more.
Read the blog post: HERE
How much does it cost to be a homeowner?
Did you know owning a home has more costs than just your mortgage? Regular monthly and yearly costs, including insurance, taxes, maintenance, and more are all worth considering when you’re deciding on your budget.
Learn more: HERE
Real Estate Market Stats in Ottawa
In the last two months, (June 5 to August 5), 167 condos were sold in Ottawa, with a slight increase in sale price over last year. If you want to learn more about how are market is looking right now, check out our most recent blog post.
Learn more: HERE
Neighbourhood Monthly Statistics
This month, the Ottawa Real Estate Board recorded 1137 residential real estate transactions, down 27% from 1565 in August 2021. This number is made up of 850 residential properties and 287 condominiums, decreases of 27-28% compared to this month last year. These numbers are also down significantly compared to the five-year average of 1600 sales.
The Ottawa Real Estate Board president, Penny Torontow, explains that August is traditionally a slower month in Ottawa for real estate due to summer vacations, school prep, and more. In addition, buyers are unsure about their ability to purchase homes, and at what budget, due to interest rate changes over the past few months.
The state of the market at the beginning of 2022 was unsustainable. As the market begins to slow, we can see the average days on market increasing, coming closer to 30 days. In addition, we’ve seen a return to the typical financing and inspection conditions on buyer contracts that were being skipped in order for buyers to make the most competitive offer. Homes are also seeing fewer multiple-offer scenarios.
Condo prices are still increasing, up 4% from this month last year to an average of $421,966. Residential properties are also up 5% for an average of $707,712. Year-to-date, these numbers are even higher, up 9-10% at an average of $457,771 for condominiums and $795,978 for residential homes.
2,093 properties were listed this month, increasing our inventory to nearly 3 months for residential homes and 2.2 months for condominiums.
To learn more, check out our full blog post HERE
Pet of the Month
Meet Juno! Juno is a 2-year-old mixed-breed owned by our amazing agent Owen Kennedy and his partner.
Send us your dogs (or other animals) for the chance to be featured next month!
Monthly Giveaway
This month, we’re giving away a stocked YETI Cooler - courtesy of Bank Street Brew! The contest is already running, be sure to enter ASAP!
You can enter the contest HERE on our Instagram by tagging a friend in the comments.
If you don’t have Instagram, feel free to email us back at info@newpurveyors.com and we’ll enter you into the giveaway manually.
Ottawa Fall Home Show
Send us an email or Instagram message if you’re interested in attending the Ottawa Fall Home Show on September 22-25 at the EY Centre! We have lots of free tickets to give away.
