Date Posted: February 14, 2018
Barb and Paul join host Steve Gregory on this week's episode of CFRA's Open House- The Real Estate and Mortgage show. The group talks about the Ottawa real estate market and what to expect in the mortgage rate environment.
The group discusses real estate agents that have “pocket listings” which are homes that will be going up for sale but haven’t hit the market yet. Paul emphasizes the importance of working with a credible agent when buying or selling your home to ensure you are not overpaying or leaving any money on the table.
Barb discusses the current mortgage rate environment and reminds listeners that pre-approval rates are quoted higher than if you were to obtain a rate when you have a live deal. Barb mentions that it takes more information from clients for Mortgage Brokers to be able to quote a proper rate.
The group discusses the Ottawa real estate market number for the start of 2018. The number of sales were up about 7% from last January but residential home sales were down about 1%. The increase of nearly 45% in the condo market impacted the overall figure mainly linked to the starter condo. The average sale price was up 8% on residential sale prices but the condo prices were down 8%.
The Ottawa market is still a seller’s market and it always important to work with a team of trusted professionals including reputable Real Estate Agents and Mortgage Brokers.