July 2024 Newsletter
July was another amazing month - with exciting team news, fun in the sun, and uplifting predictions for the real estate market.
Hope Volleyball
The team had a great time competing in Hope Volleyball! Although we didn’t take home any wins, we had a great time on the court and are excited to compete again!
Congratulations, Chanelle!
A huge congratulations to Chanelle and her partner Winston on their engagement!
The New Purveyors Olympics
To celebrate the Olympics, New Purveyors is hosting our own! Stay tuned on our Instagram stories for competitions in caffeine consumption, phone time, and 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:
July 2024 Market Update with Charlene Weber
As we move into the second half of 2024, the real estate market shows promising trends. Residential sales are up by 5.5% compared to last year, with single-family homes and townhomes leading the charge. Inventory is gradually increasing, giving buyers more options while maintaining a healthy market for sellers. Condo sales have also seen a modest rise, reflecting shifting dynamics.
Top Neighbourhoods to Live in Ottawa
Whether you're a young professional seeking the buzz of urban life, a family looking for a safe and spacious environment, or someone with a taste for luxury, Ottawa has the perfect neighbourhood for you.
Explore trendy areas like Centretown and The Glebe, ideal for young professionals. For families, Kanata and Barrhaven offer excellent schools and community amenities. If affordability is key, Orleans and Alta Vista provide great value without compromising on convenience. For those seeking luxury, Rockcliffe Park and Westboro offer upscale living with unique features.
Hidden Costs of Buying a Home
Buying a home in Ottawa is an exciting journey, but managing hidden costs can be tricky. From land transfer tax and legal fees to home inspections and mortgage insurance, there are several expenses that can catch buyers off guard. Understanding these hidden costs is key to preparing your budget and avoiding surprises.
Learn about essential expenses like property insurance, title insurance, and closing costs, and get tips on budgeting for moving expenses, renovations, and utility setup fees. Being aware of these costs will ensure a smoother home-buying experience in Ottawa.
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
The Ottawa real estate market showed positive signs of recovery in July 2024, with a 13.6% increase in home sales compared to the previous year, despite still being below the five and ten-year averages. While prices remained relatively stable, with slight variations across property types, the market saw a significant increase in new listings and active inventory, suggesting more sellers are entering the market. Recent policy changes, such as interest rate cuts and extended mortgage amortization periods, may further stimulate demand, but ongoing supply and affordability challenges remain critical issues for the market's continued growth.
To learn more, check out our full blog post HERE
Pet of the Month
Meet Theo! Theo is Reed’s new boxer puppy - he loves sleeping on his back and is still a little too small for his giant paws.
Send us your pets for the chance to be featured next month!
