Interest Rate Will Rise in Ottawa

I cringed when I heard that inflation was on the rise again for the month of August for now in September. 😬💸

We know that we've seen this week that the banks and mortgage companies are increasing rates already in anticipation of another rate increase in October. 💰📈

That's tomorrow's news. 🗞️

My name is Greg Hamre from RE/MAX Affiliates in Ottawa and the Hamre Real Estate Team in Ottawa. 🏡👋

We are seeing inventory rise, new listings in the fall time period exceeding the last five years worth of attractive listings, the affordability rate, major issue, major issue and it will reduce the buyer pool. 📈🏘️

The last two of interest rate increases impacted the buyer by $50,000. They had to move to a lower category in pricing. It affected them by their purchasing power by $50,000. And we're anticipating that this next move in the fall time period will affect them as well. 💰💳

Supply demand, supply is increasing demand will decrease. This is changing the geography of the landscape of the real estate market here in Ontario in the fourth quarter of 2023. 🏗️🌆

I can argue both sides of this debate. There's a positive and there's a negative. But if you want to talk real estate and how this will affect you, please reach out to me. 🏠🗣️

My name is Greg Hamre from RE/MAX and the Hamre Real Estate Team. We hope to see you soon. Take care. 👋🏡