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The month of May has brought more inventory throughout and what appears to be a cool down in the market. I’m noticing a lot more pre-emptive offer options and less offer hold outs than ever before. Prices remain strong with townhouses selling in the 700’s and detached homes well into the Millions. Interest rates have increased significantly, which may have played a role in the market cooling down. Current mortgage fixed rates are around 3.5-3.6% while a variable will hover around the 1.9-2% range. The summer months ahead will likely be consistent with what we have seen in May, as many folks will be focused on vacations, entertainment and enjoying the outdoors. I suspect this will lead to more homes sitting on the market a little longer than usual.
Neighbourhood Feature: New Edinburgh
New Edinburgh is an affluent neighbourhood located in the northeast downtown core. It is home to several embassies and consulates including the Prime Ministers official residence on 24 Sussex Drive. Established in 1829, New Edinburgh is one of Ottawa’s oldest neighbourhoods. House prices here are well over 1 million including condos and semis. Popular cafes and restaurants in the area include The Fraser Café, Red Door Provisions, The Scone Witch, Clocktower Brew Pub and The Royal Oak Beechwood which has an upstairs spot called One Up Cocktail Pub. New Edinburgh is walking distance to downtown and only minutes away from Parliament Hill. A great area to visit, an excellent place to live!
As always, it would be my pleasure to assist you, your friends and family with any Real Estate needs. Please don’t hesitate to reach out with any questions!
613 262 5810
mero@merosellshomes.com
www.merosellshomes.com
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