SEPTEMBER 6, 2022 Buyer Uncertainty Slows Down August Resales Members of the Ottawa Real Estate Board sold 1,137 residential properties in August through the Board’s Multiple Listing Service® System, compared with 1,565 in August 2021, a decrease of 27 percent. August’s sales included 850 in the residential-property class, down 27 percent from a year ago, and 287 in the condominium-property category, a decrease of 28 percent from August 2021. The five-year average for total unit sales in August is 1,603. “August is a traditionally slower month in Ottawa’s resale market ebb and flow cycle due t ..read more

There has been some discussion recently on home prices in relation to mortgage rates. Some believe if there is a rapid rise of mortgage rates, home prices should decrease. Logically it makes the most sense for the price of the house to drop when interest rates are rising, but this is not always the case. This theory of home prices decreasing is typically discussed by future home buyers. As a buyer you would like to think if you are paying higher rates on your mortgage, you should be able to see a decrease in cost somewhere else. Unfortunately, these rates are rising because the economy is in ..read more

The season you sell your home can have an impact on how much you get for your home and how quickly it sells. The season that has the most success in selling homes is spring. This is a good time of year for families moving to new school districts and is also more convenient weather for moving. Because of this trend, most people will recommend waiting to list your home until after the winter is over. Avoiding the winter is a huge misconception in the housing industry and can cause homeowners to miss out on opportunities. Selling in the winter can give you a few advantages. There will be fewer h ..read more

It is easy to become overwhelmed when you enter the home buying market. Friends, family, colleagues, and even acquaintances will give you their opinions if you are a first time home buyer. While most of them are looking out for your best interest, they are not fully aware of what is happening in the housing market. It is important for you to be prepared and have your own questions ready. No matter what other opinions you are getting, you are the one buying the home and your comfort level will help make your final decision. Here are three important questions to ask before you purchase a home ..read more