Open House- The Real Estate and Mortgage Show: September 8, 2018

Steve, Frank and Lisa take you through some recent changes in the HOT Ottawa market! Growth in areas that are normally quiet and listings are down elsewhere - it's a great time to buy!

The Bank of Canada has maintained the key interest rate in the latest announcement. Job loss numbers increased significantly along with the continued uncertainty of the NAFTA negotiations which may have continued effects on the economy. Bond markets also came down slightly and some banks and lenders also dropped their rates slightly in response.

The stress test effects continue to become apparent, especially for those looking to purchase investment properties or second homes and the middle-class home buyers. This brings the need for more alternative lending options for clients. Although this branch of lending has had some strong criticism in the past, these are viable options for clients with reasonable rates and fees.

There was a shift in the Ottawa real estate in the month of August with buyers looking outside of the hotter parts of the city towards the peripheral markets. Good growth was seen in the Bells Corners and Blossom Park areas which had been quieter areas. Residential property listings were down in August about 16% year over year for the number of listings and condos were down about 25% year over year.

If you are thinking of listing your home, do the basic repairs to the home to ensure it shows well. A new coat of paint goes a long way. As we approach fall, ensure your furnace and heating are cleaned and functional. Wood burning stoves and fireplaces will need to have wet certifications ensuring they are compliant and safe to use. Some insurance companies require this and some may need to see a new certificate every 2 years. If you are selling your home, it would help to have your heating and air conditioner inspected to verify them to the buyers and it might benefit to have your pool professionally closed for the buyers as well.

Remember if you are looking for a home, visit your Mortgage Broker to ensure you are pre-qualified for the purchase. Giving your Mortgage Broker documents upfront is also important so they can start verification on your documentation. Financing condition periods are still very important to ensure both the lender and, if applicable, the insurer approves it as well.

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For more information, please contact your Mortgage Broker here.