June 2023 Newsletter
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This month we had the honour of helping a huge number of clients, enjoyed the summer weather as a team, and saw some exciting trends in the market.
Karlie’s 5 Years
June marked 5 years at New Purveyors for Karlie, and we couldn’t be happier to celebrate with her! Karlie’s contributions to the team over the past five years helped us grow into the team we are today.
Welcome Back Owen!
After a lengthy recovery process, we are so happy to welcome Owen back into the office! Over the past few months, Owen has been resting and healing from his surgery. We’re so excited to see him back working with clients again!
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:
Pros and Cons of Buying a Home Near One of Ottawa’s LRT Stations
Ottawa's LRT system has transformed public transportation, making commuting more convenient. Properties near LRT stations are attracting homebuyers, but it's important to consider pros and cons. Pros include excellent transportation accessibility, increased property value, access to amenities, and reduced carbon footprint. However, cons include potential noise and disruption, higher property prices, crowded public transportation, and limited privacy and parking
Home Inspections in Ottawa Ensure a Sound Investments
Purchasing a home in Ottawa is a significant financial decision, and a thorough home inspection is crucial to protect your investment. Inspections provide insights into a property's condition, allowing informed decisions and avoiding future issues. They uncover hidden problems, identify safety concerns, estimate repair costs, and serve as negotiation tools. Inspections also aid in future planning, provide confidence in the purchase, ensure legal and insurance compliance, and offer professional guidance. With a home inspection, buyers gain knowledge that protects them from unexpected costs and assures a safe home for years to come.
Reimagining Industrial Spaces
Ottawa is witnessing a remarkable transformation as industrial spaces are converted into dynamic, multi-functional environments. These projects contribute to neighborhood revitalization, community connection, and blend history with contemporary functionality. The Ottawa Train Yards stands as an example, transformed into a retail and entertainment destination. Yard and Station showcases industrial-chic residences, while Arts Court revitalizes a former courthouse as a cultural hub. Zibi exemplifies sustainable urban development, and the Glebe Community Center preserves history and community. The Diefenbunker is a Cold War bunker turned museum. Ottawa's industrial space conversions create unique spaces that blend historical charm with modern needs, contributing to the city's urban fabric.
Client Story
John Haddad met a client at an open house - and was able to secure a new home for him within a short timeline that his client’s father was visiting from out of the country! Within a week, they were able to go conditional on a unit that had only been on the market for 1 day, and John was then able to connect his client with our preferred service providers and close the deal.
Neighbourhood Monthly Statistics
In June, Ottawa Real Estate Board (OREB) members sold 1,658 residential properties through the Board's MLS® System, marking an 11% increase from June 2022’s 1,493 sold properties. Within this, 1,234 were freehold, a 10% increase from last year, and 424 condominium properties were sold, a 16% increase from June 2022. The five-year average for total unit sales in June is 1,881.
OREB President Ken Dekker stated that while June's sales exceeded last year's, the number of sales, average prices, and new listings declined on a week-to-week basis throughout the month. The summer decline in activity combined with the Bank of Canada's interest rate adjustment at the beginning of the month may have contributed to this trend.
The average sale price for a freehold property in June was $746,445, showing a 4% decrease from 2022 but remaining consistent with May 2023 prices. The average sale price for a condominium property was $448,380, a 2% increase from the previous year and a 1% increase from May 2023 prices. Year-to-date average sale prices for freehold properties are $731,847, reflecting a 10% decrease from 2022, while average sale prices for condominiums are $432,885, indicating a 7% decrease from the previous year.
Dekker expressed optimism about the increase in inventory, which suggests sellers have confidence in the market. This growing resale housing stock is expected to provide more options for buyers and contribute to increased sales.
In terms of inventory and new listings, June's new listings amounted to 2,758, which is 14% lower than June 2022 and 2% lower than May 2023. The five-year average for new listings in June is 2,802. Months of inventory for freehold properties increased to 2.1 months from 1.9 months in June 2022 and 1.5 months in May 2023. For condominium properties, months of inventory decreased to 1.4 months from 1.6 months in June 2022 but increased compared to 1.3 months in May 2023. The days on market (DOM) for freehold properties remained at 23 days, while for condos, it increased to 27 days from the previous month's 26 days.
Dekker anticipates a strong second half of 2023 in terms of sales volume and prices compared to last year.
OREB Members have also assisted clients in renting properties, with 3,336 rentals facilitated since the beginning of the year, marking a 14% increase from the same period last year when 2,919 rentals were arranged.
To learn more, check out our full blog post HERE
Pet of the Month
Meet Dani and Charlie, two amazing dogs owned by Luke Thompson’s clients! Dani is 1 year old, and Charlie is 4 years old!
Send us your dogs (or other animals) for the chance to be featured next month!
