New High in Canadian Interest Rates

There's a flurry of action happening in our office this morning. 🔥💼

We just came out of an office sales meeting. 💼📊

My name is Greg Hamre from RE/MAX Affiliates in Ottawa and the Hamre Real Estate team. 👋🏢💼

Lots of jockeying positions for interest rates. 💸📈

Lots of people anticipating that we're going to have the hike we did and how are we going to deal with it? 🤔📈

We're dealing with an economy in Ottawa that is very strong and one of the strongest in Canada. 💪🌟📈

How is this going to affect us? 🤔💼

It's definitely going to put pressure on some buyers that will move them into the rental market or maybe from freehold townhomes or freehold properties into a condominium market just because of affordability, affordability will be impacted. 💰🔒🏢🏡📉

And that's what the government is trying to do. 🏛️🔒

They're trying to slow down the purchase. ⏸️🛒

🎯So it will put a lot of pressure on opening price points in both the condominium and residential market.

That's what we're talking about here today.🎩

🔒And how do we lock our buyers in?

They have a lower rate and they're locked in on it that they can close within the next 120 days.🗓

🗓So purchase within 60, close within 120, you can move those numbers around.

It could be 30 to 90 or it could be 90 to 30.📌

🚩But lots of pressure to close within the next 120 days.

If you have locked in at the lower interest rate last week, we were seeing 4.99.🗝

Now we're seeing 5.59.🔐

So that's a big difference in interest rates.

🗺But we can guide people through that.

Still an advantage if you can afford to buy because you have control of your life where you're going, your destination, and you're putting money into your future wealth, but definitely affecting affordability.

And we're seeing that, and it's pushing pressure on the opening price points.🛎

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

😀If you have any questions on real estate, we're here for you.

Hope to see you soon.👀

Take care.❤️