October 2024 Newsletter
Paint Night!
We had a great time hosting a guided paint night for our clients, friends, and family. The amazing Sara Currie hosted the class for us - and everyone had an amazing time. Catch you at the next event!
Team Thanksgiving
We had an amazing time celebrating Thanksgiving in the office with a potluck!
Business Planning: 2025
We got together to get to work on planning our 2025. New Years sneaks up faster than we expect it every year, so starting the planning process early is key to getting ahead! We invited Chef Peter to cater lunch, spent some time getting to know each other’s goals, discussing the hurdles we overcame this year, and got to entertain Reed’s new puppy, Theo.
Welcome, Maryam!
A huge congratulations to Maryam Ouach on receiving her official invitation to join our team. In the past months, Maryam has shown extreme dedication to her clients and her work, and we’re so excited to see how she performs as a New Purveyor.
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:
Bank of Canada Cuts Rates by 50 Points: What It Means for You
With the Bank of Canada’s recent rate cut, Ottawa’s real estate market could get even more competitive. Fewer listings, increased investor interest, and prime borrowing conditions mean now’s the time to strategize your next move.
Why Ottawa is a Great City for Real Estate Investors
Ottawa may be overlooked by investors focusing on Toronto or Vancouver, but it’s quickly emerging as a hidden gem for real estate. From stable market trends to neighbourhoods on the rise and new infrastructure projects, Ottawa offers a unique opportunity for savvy investors.
Mortgage Updates: Big Changes Coming in December
Starting December 15th, two major changes could make homeownership more affordable: the unsured mortgage cap is increasing to $1.5M, and 30-year amortizations will be available to more first-time buyers. Plus, the recent 50-point rate cut from the Bank of Canada could lower mortgage rates even further.
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
In October 2024, Ottawa’s resale housing market displayed resilience with 1,179 properties sold, marking an increase over September’s numbers, even as sales remain below historical October averages. Year-to-date sales have risen by 9.4% over 2023, indicating steady demand fuelled by growing consumer confidence, partially due to a recent Bank of Canada interest rate cut. Despite a boost in consumer confidence, constrained housing supply remains a challenge, with new listings up 10.4% year-over-year but inventory still tight, shifting the market toward sellers. The MLS® Home Price Index shows slight price increases for single-family homes and townhouses, while apartment prices saw a 3.4% decline. OREB is actively advocating for policies to expand housing access, including offsite construction and affordable housing support, underscoring the need for strategic inventory solutions to support long-term stability and growth in Ottawa’s real estate market.
To learn more, check out our full blog post HERE
Pet of the Month
Meet Finn! Finn is only a few months old and belongs to a friend of the team. He came to visit for the first time last week!
Send us your pets for the chance to be featured next month!
