Open House - The Real Estate and Mortgage Show
Steve, Frank and Paul take all your real estate and mortgage questions, including how to deal with selling your home during a separation.
On this week's Real Estate and Mortgage Show, Steve Gregory sits with Paul Rushforth, of Paul Rushforth Real Estate and Frank Napolitano of Mortgage Brokers Ottawa to talk about the current real estate and mortgage market, the future of mortgage rates, and to answer questions.
The gentlemen open the show by reviewing Ottawa's real estate statistics for the month of November, which point to a balanced market, despite speculation to the contrary. In the month of November, 931 homes were sold in Ottawa. The newly implemented mortgage regulations have cooled the market slightly, as November of the previous year saw 1023 homes sold. However, the figure comes in over the 5 year average of 890.
Mortgage rates are still sitting at historic lows, with several lenders still offering 2.99%, and many home owners are making the switch from variable mortgages to take advantage of the low rates. Many believe interest rates could increase as early as 2013, so locking in for 5 years at a fixed rate as low as 2.99% gives peace of mind. Home owners are encouraged to talk to an Ottawa Mortgage Broker to review their options.