Another record month in House Sales in Ottawa – The trend continues.
The real estate sector has proven to be the investment of choice again for April. Predictions are for a busy May and June with the HST on the horizon. The fear of rate hikes is losing steam as the world economy putters below expectations.
The word on the street for mortgage rates is that they are expected to remain low. Even with some mortgage companies raising rates three times over the past 2 weeks, this is not expected to continue for very long. Good news for home buyers. Our advice would be to contact your mortgage broker to lock in at a rate before you purchase. If the rates do drop again before your closing date, most mortgage companies will honour the lower rates before the closing date takes effect.
The month of April 2010 posted real estate sales in Ottawa up 15.7% compared to April 2009. The demand for housing is up across the board from opening price points to the high end market. The key to selling in this market is to ensure that you have as many “eye balls” on your listing as possible, that you look your best the day you list and the speed that you can attract many buyers is very important.
Ottawa is seen as one of the most stable housing markets to invest in. The cities resilience to recessions, its increasing population and its high quality job growth continues to build in consumer confidence.
Written by Greg Hamre – Sales representative with the Hamre Team at RE/MAX Metro City in Ottawa