Date Posted: May 27, 2019
Canadians have more equity in their homes than ever before. Often, real estate is rarely involved in bankruptcy or consumer proposals which is often linked to credit card debts and marital breakdowns. Delinquency rates remain very low across the country.
Affordability remains a noticeable factor in Ottawa real estate, especially compared to the high-priced Toronto and Vancouver markets. Given the size of our country, it is not out of character to have a few high-priced cities.
May 27 marks another parliamentary meeting with mortgage industry professionals to discuss the state of the market and advocate for the mortgage industry. Stress test will continue to be a speaking point regarding the way it is managed, especially now in a decreasing rate environment. Changes can be made to make the stress test more effective.
When looking to sell you home that needs major renovations, it may be worthwhile to sell it as is and reflect that within the price. Bring is your realtor to evaluate the situation.
Listings in the Ottawa area remain low with only 96 new homes on the market for a total of 4454 residential and condos.
The assessed value, the MPAC statement, of a home is what the city uses to calculate taxes. This is not the true value of your home. The only time this amount would be considered is if the assessment is too high.