November 2023 Newsletter
Last month, we celebrated plenty of exciting announcements within the team! Read on to learn more about our November, the market, and some top tips for buyers and sellers.
Welcome Chanelle!
A huge congratulations to Chanelle who received her official spot on the New Purveyors team. Over the past few months, we’ve seen Chanelle show up for her clients and the team, and we couldn’t be more honoured to be a part of her journey in real estate.
Top 50 Teams in Ontario
We are very proud to announce that New Purveyors was awarded a spot in the top 50 teams in Ontario, the top 10 teams in Ottawa, and the top 3 teams in our branch at RE/MAX Hallmark! A huge thank you to every one of our clients, friends, and family who trust us to support them through one of the biggest decisions of their lives.
Office Decorating Party
The holidays are on the way! New Purveyors had so much fun decorating the whole office with holiday decor. Happy Holidays from the New Purveyors team!
Congratulations Vineet and Catherine!
A huge congratulations to Vineet and his wife, Catherine, on the newest addition to their family - a healthy baby boy!
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:
Exploring Ottawa’s Pedestrian Paradises: The Most Walkable Neighbourhoods
Ottawa has a variety of neighbourhoods - some walkable, and others where a car is necessary. This blog post will dive into some of the best and most popular neighbourhoods known for their walking trails, easily accessible amenities, and great community spirit.
Decoding Ottawa’s Land Transfer Tax
Land Transfer Tax is an important part of a real estate transaction, paid by the buyer when they take possession of their new home and the land it resides on. But did you know you may be eligible for a rebate on this tax?
Market Slowdown: Analysis with Charlene Weber
We spoke with Charlene Weber about Ottawa’s real estate market heading into the new year. Read more about how this impacts residential versus condo homes, single-family versus townhomes, and more.
Neighbourhood Monthly Statistics
In November 2023, Ottawa Real Estate Board reported 724 home sales, a 1.6% drop from November 2022. Monthly sales were 31.8% below the five-year average and 27.4% below the 10-year average. Year-to-date sales were 11,421, down 11.7% from 2022. OREB President Ken Dekker mentioned sales align with expectations for colder months, with increased listings offering more choices. Buyers can work with REALTORS® to explore the market, while sellers should manage expectations.
The MLS® HPI composite benchmark price was $628,900 in November 2023, a 1.4% increase from 2022. Single-family homes were $708,900 (up 1.6%), townhouses were $492,300, and apartments were $424,300. The average price in November 2023 was $633,138, down 0.8% from 2022. The year-to-date average price was $669,536, a 5.7% decline. Total home sales value in November was $458.4 million, down 2.4% from 2022.
OREB emphasized the average sale price for trend analysis, but not specific property values. New listings in November rose by 2.7% to 1,428, 8.4% above the five-year average. Active listings at 2,752 were up 15.8% from 2022, exceeding the five-year average by 53.9%. Months of inventory were 3.8, surpassing the long-run average of 3.3 for this time of year, indicating a slower pace of sales activity.
To learn more, check out our full blog post HERE
Pet of the Month
Meet Pyper, one of Charlene’s two cats! Pyper is three years old.
Send us your pets for the chance to be featured next month!
