Overall sales activity for the month of November was down 1.6% from the previous year. Interest rates have dropped, and the bank of Canada has left its benchmark interest rate unchanged at 5.0%. It is anticipated that interest rates will begin to drop mid next year. The number of listings in November 2023 has increased by 2.7% over November 2022. If you are considering buying a home in the next few months, it may be a better time to start looking today. With higher inventory and less... [read more]

Should I wait for interest rates to go down before buying a home? This is a question I get asked quite often. I completely understand people are turned off by today’s high rates especially when compared to what was available during the covid years. The reality is the days of the “2% rates” are over and likely won’t come back for a very long time. The effect of the high interest mortgages are clear as day in the marketplace as the majority of listings have had major price... [read more]

September was a slower month this year with less demand and more inventory. I noticed several price reductions for homes that weren’t getting any movement, a ton of new rental listings and limited motivation from buyers. Inflation numbers are back up and could potentially trigger another rate hike. For any buyer who is on the fence and waiting for rates and prices to drop – it won’t happen. There are loads of good deals out there right now and prices are slowly increasing. If... [read more]

Its back-to-school season! The summer is officially winding down, and the real estate market is slowly heading towards a seller’s market. Inflation numbers are still high and may cause another rate hike before the year ends. Get your pre-approvals in before this happens! Contact me today to connect with one of my mortgage brokers to explore your options! What is Gross Debt Service? Gross Debt Service (GDS) is the percentage of your total monthly income that goes toward housing... [read more]

Members of the Ottawa Real Estate Board (OREB) sold 1,263 residential properties in July through the Board’s Multiple Listing Service® (MLS®) System, compared with 1,102 in July 2022, an increase of 15%. July’s sales included 979 in the freehold-property class, up 18% from a year ago, and 284 in the condominium-property category, a 6% increase from July 2022. The five-year average for total unit sales in July is 1,621. The average sale price for a freehold-class... [read more]