Date Posted: November 7, 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 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 October continued to show great improvement over the previous year. The number of sales were up 33.8% in the month of October. For residential homes, the number of sales were up 37.7%, and up 21.8% for condos. Average sale price for the month of October was up 24.3%, with the average sale price of a single-family residential home being 603,000.
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