Date Posted: March 6, 2021
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 start to move into the fall many lenders are still 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. For the first time in many months there are more listings than sales. In the month of February the number of sales are up 22.6% and the average sale price was up 27.5%. In the month of December the 2020 the average sale price wasn $531,000 whereas the February average sale price was $637,000 meaning that the average sale price went up around $100,000.
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