December 2023 Newsletter
Wrapping up 2023, our team had an amazing and transformative year! From welcoming a number of new team members, to expanding to a new space - we’ve enjoyed all the wonderful growth 2023 has brought us. Regardless of when you joined our journey this year, we’re happy to have you along with us!
Welcome Reed!
We are honoured to announce Reed Allen has officially joined New Purveyors! Reed is a talented, awarded agent who has worked in Ottawa real estate for over a decade.
Christmas Party
This year’s Christmas Party and potluck was our best one yet! As our team continues to grow, our celebrations become more and more special. Our favourite ways to celebrate include Secret Santa and trivia games!
Toronto Trip
A few members of our team took a trip down to Toronto to celebrate Christmas with Key Rate Mortgages. They had an amazing time!
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:
The Best Time to Buy a House in Ottawa
Each season in Ottawa brings a different kind of market to real estate. In the spring, warmer weather heats up excitement. Buyers can expect lots of options available, but also lots of competition. Sellers with strategic pricing will see lots of success. Summer is filled with time off school for kids and lots of family activities, so the market typically slows down a bit for both buyers and sellers. In the fall, with kids back in school and cooler weather on the way, buyers and sellers can expect the market to speed up again - fall is historically the busiest season for real estate. In the winter, families typically begin preparing for the holidays, and accompanied by cold, uninviting weather, this is the slowest season of the year.
How to Buy a House for the First Time in Ottawa
If you’re interested in buying your first home, there are a few things to get started on right now. First and foremost, understand your budget and get pre-approved so that you don’t waste time looking at houses outside your budget. Second, identify your wants and needs early on with the help of a real estate agent, to make sure you’re touring houses that fit your interests. Next, start your house hunt with your agent - an agent will help you book showings easily and take the leg work out of the search. Finally, once you find your dream home, make an offer and negotiate with the help of your agent. Complete due diligence like a home inspection and getting a lawyer to review legal documents, and finally, finalize the purchase!
Beginners Guide to Real Estate Investing
Investing in real estate is one of the best ways to build wealth for yourself, and Ottawa is a great place to do it. Before you begin, you should meet with a real estate agent to discuss your strategy and learn about Ottawa’s job market, residents, and home types. Afterwards, you can decide whether you want to invest in freeholds, condos, commercial, or a mix of both. You should also review the risks of investments like market changes, maintenance costs, and the chance of vacancy.
Neighbourhood Monthly Statistics
In December 2023, the Ottawa Real Estate Board reported a total of 565 homes sold through the MLS® System, marking a 7.6% rise from the same month in 2022. However, this figure was 16% below the five-year average and 11.9% under the 10-year average for December. For the entire year of 2023, 11,978 homes were sold, reflecting an 11.0% decrease compared to 2022. OREB President Curtis Fillier noted a balanced market state, suggesting a possible resurgence in consumer confidence for 2024.
The MLS® Home Price Index (HPI) for December 2023 showed an overall benchmark price of $623,900, a 2.7% increase from the previous year. Single-family homes and townhouse/row units saw benchmark prices of $704,900 and $481,100, respectively, with both experiencing year-over-year increases.
However, the average home price in December was $632,487, up 1.7% from December 2022. The year-to-date average price for 2023 stood at $667,794, a 5.5% decline from 2022. Additionally, the dollar value of all home sales in December 2023 amounted to $357.3 million, a 9.4% increase from December 2022.
OREB reported a decline in new residential listings, with December 2023 seeing 523 new listings—a 12.4% drop from December 2022. Active residential listings by December's end numbered 1,844, up 3.0% from the previous December. Despite this increase, the months of inventory slightly decreased to 3.3 months, down from 3.4 months in December 2022.
To learn more, check out our full blog post HERE
Pet of the Month
Meet Thor, a mixed-breed Shitzu Yorkie! Thor is 6 years old. His listening skills aren’t excellent, but what he lacks there he makes up for in his special ability to sleep pretty much anywhere!
Send us your pets for the chance to be featured next month
