January 2024 Newsletter
2024 is here, and we’re so excited to be starting the year off with a bang!
Congratulations, Meg and Owen!
A huge congratulations to Megan and Owen on their wedding! The two enjoyed a lovely destination wedding in Punta Cana with their closest friends and family.
4.1 Million Impressions
We are proud to announce we increased our Google impressions by 600,000 from 2022 - with a total of 4.1 million Google impressions in 2023!
Holidays
The holiday season allowed for our team to relax and reset leading into the new year. As the real estate market slows down over the holidays, members of the team took some lovely trips with their friends and family, or relaxed at home and planned for the new year.
Knokd - Off-Market Properties
New Purveyors is proud to offer Knokd, an off-market service, to our clients. With change in legislation in Ontario, it is now harder than ever to market and promote properties before they hit the market. Within legal requirements, Knokd connects searchers with sellers while allowing all the flexibility of a ‘pocket’ listing as we’ve known before. Reach out to an agent on the team to learn more!
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:
Single Family Versus Townhomes
Single-family homes offer more space both indoors and outdoors, while townhouses are more compact and efficient. Single-family homes require more maintenance but offer customization and privacy, while townhouses often come with shared amenities and less upkeep. Neighbourhood characteristics vary for both property types impacting lifestyle and amenities. Single-family homes generally have higher upfront costs but may appreciate more over time, while townhouses are more budget-friendly for first-time buyers. Understanding these differences helps buyers make informed decisions based on space, maintenance, and budget preferences, ensuring they find a home that suits their needs in the Ottawa market.
Common Mistakes to Avoid When Buying a Fixer-Upper in Ottawa
Buying a fixer-upper in Ottawa offers the chance to create a dream home and increase its value, but it requires careful planning to avoid common pitfalls. Key mistakes to avoid include underestimating renovation costs, overlooking essential inspections, neglecting zoning and permit issues, ignoring resale value considerations, misjudging time commitments, not researching contractors thoroughly, neglecting energy efficiency, overlooking the neighbourhood vibe, and overextending financially. By addressing these concerns and conducting thorough research, buyers can turn a fixer-upper into a successful investment and a comfortable home.
First Time Home Buyer Incentive
The First-Time Home Buyer Incentive aims to make homeownership more accessible by boosting down payments. thus reducing mortgage costs.To qualify, individuals must meet income and borrowing limits, by first-time homebuyers, and fulfill residency requirements. The program provides a shared equity mortgage.
Neighbourhood Monthly Statistics
In January 2024, the Ottawa Real Estate Board (OREB) reported a notable increase in home sales via the MLS® System, with a total of 629 homes sold, marking a 16.5% rise from the same period in 2023. Despite this uptick, the market appeared subdued, as home sales were 10.7% below the five-year average and 3.9% below the ten-year average for January. OREB President Curtis Fillier observed an increase in showing activity but noted that it hadn't fully translated into sales, suggesting that buyers are more cautious in exploring options compared to the pandemic era when rapid decisions were common.
OREB's policy and external relations manager, Brandon Reay, emphasized the ongoing challenge of low housing supply in Ottawa and advocated for policy changes to address this issue. He stressed the need for more affordable housing options and increased density to meet the demands of the population. Reay proposed changes such as streamlining processes at the Ontario Land Tribunal, eliminating exclusionary zoning, and permitting four units on residential lots to alleviate the housing supply shortage.
In terms of pricing trends, the MLS® Home Price Index (HPI) showed a 3.2% year-over-year increase in the overall benchmark price to $621,600 in January 2024. Single-family homes experienced a 3.7% increase to $703,500, while townhouses/row units saw a 2.1% decrease to $462,200. The benchmark apartment price rose by 3.7% to $418,500. Additionally, the average price of homes sold in January 2024 increased by 1.8% to $631,722 compared to the previous year, with the total dollar volume of home sales rising by 18.6% to $397.4 million compared to January 2023.
To learn more, check out our full blog post HERE
Pet of the Month
Meet Nova, a 3 month old golden retriever! She is adjusting to her new home, and stopped by the office this month to meet some new people and build her confidence.
Send us your pets for the chance to be featured next month!
