September 2022 Newsletter
September was a month of focus for our team, as we got our heads down to build out some new systems and strategies to assist our clients and agents. Stay tuned for exciting stuff coming up!
Kendall Bonner at New Purveyors’ Industry Talk
We were lucky enough to bring Kendall Bonner in to speak with Matt and the team at our regular Real Estate 2.0 meetings with agents from across Ottawa. Kendall spoke with agents about her expertise, including her dedication to finding passion in her work.
Real Estate News in Ottawa
Interested in hearing more about the current market? Let’s dive into some of our top blog posts this month:
Adjusting Expectations: The Fall 2022 Real Estate Market in Ottawa
In comparison to the insanity of the market for the past two years, many people believe that our current market is ‘crashing.’ In reality, our current real estate market is simply returning to a balanced level we would have seen pre-pandemic. Interested in learning more?
Bank of Canada Raises Interest Rates 0.75%
The Bank of Canada raised interest rates another 75 points on September 7th to accommodate for rising inflation in the country. This is the highest interest rate we have seen in decades, a total 3% increase from 0.25 to 3.35 in less than a year.
Preparing to Buy Your First Home
Before you buy your first home, there are a few things you can do to prepare to make the process easier for you. This includes getting your finances sorted, proof of employment, and utilizing as many efforts the government has as possible for first-time home buyers.
Client Story
John had an amazing open house this month, and held a giveaway for the attendees! Here is John with the winner of the giveaway.
Neighbourhood Monthly Statistics
This month, Ottawa real estate agents sold a total of 1080 properties, down 33% compared to September last year. The decrease is higher in residential properties, down 34%, than it is in condos, down 27%. This is also significantly lower than the 5-year average of 1586.
This is illustrative of buyers’ hesitancy about rising interest rates, OREB’s president Penny Torontow says. The mortgage stress test and inflation in the country have caused a lot of buyers to stop their search for the time being.
However, we’ve seen an increase of new listings that have entered the market! These are now higher than not only last month, but also last year, and the five-year average. This means that the market is coming closer to balance. Buyers and sellers can now take the time to weigh their options and see what works best for their situation.
Inventory in residential properties is up to 3.1 months. It was 1.2 this time last year! For condos, we’re seeing 2.7 months of inventory compared to 1.6 last year. New listings are 5% higher than in 2021 and 13% higher than this August.
We are also seeing prices begin to stabilize month to month, but are still increasing in yearly trends. Average condo prices are up 6% from 2021 to $450,987. Residential properties are up an average of 0.5% at $706,658.
To learn more, check out our full blog post HERE
Pet of the Month
Meet Arlo! Arlo is a two year old cat. In Arlo’s spare time, he likes to lie on Owen’s keyboard.
Send us your dogs (or other animals) for the chance to be featured next month!
Monthly Giveaway
This month, we’re giving away a ‘movies for two’ experience at Lansdowne cinemas!
You can enter the contest on our Instagram by tagging a friend in the comments.
If you don’t have Instagram, feel free to email us back at info@newpurveyors.com and we’ll enter you into the giveaway manually.
