Open House - The Real Estate & Mortgage Show: May 2nd, 2020
Realtors and Mortgage Brokers have been adjusting their practices to meet the needs of clients during Covid-19 and it is still business as usual.
Realtors and Mortgage Brokers have been adjusting their practices to meet the needs of clients during Covid-19 and it is still business as usual.
As of the end of March housing sales in Ottawa were up 19.3% year over year. And though we are living through Covid-19 buyers and sellers are still winning in this stable market. Buyers may have less competition for homes, but the huge bidding wars we were seeing earlier in the year are fewer. Conversely, sellers are still doing well in this market with less competition and the advantage of the equity appreciation that happened in 2019 and early 2020.
Fixed interest rates continue to move downwards, and variable interest rates are still very attractive right now. With the Bank of Canada having lowered their overnight lending rate 50 basis points three times in March the Prime rate of various financial institutions should remain low for some time and the Variable interest rate mortgage an attractive option.
Having a trusted Realtor and Mortgage Broker during these fast-changing times is essential in making informed decisions.