Date Posted: August 8, 2020
The housing market in Ottawa is now stronger year-over-year than in 2019, as we enter the latest phase of reopening during Covid-19. As we move into the summer months a handful of lenders are offering historically low interest rates at Mortgage Brokers Ottawa.
The tight housing supply and historically low interest rates continue to drive bidding wars for properties in Ottawa. As of the end of July 57% of home sales were a result of bidding wars. The average home sale price in Ottawa is now $511,723 and property sales are up 20.1%. Currently the number of listed properties is unable to keep up with the demand for home sales and therefore we are seeing fewer overall home listings week over week and increased bidding wars.
The fixed interest rate market continues to be at all-time lows, as well as variable interest rates. Variable interest rates are low and likely to remain low for quite some time. As such, it is a great time to reach out to your Mortgage Broker and secure a mortgage Pre-Approval. By locking in an interest rate for 120 days you are securing a rate in this low rate environment.
Having a trusted Realtor and Mortgage Broker during these fast-changing times is essential in making informed decisions.
Contact your Mortgage Broker today for trusted advice