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Ottawa Mortgage Rates:
Even with Ottawa’s ever-increasing demand for housing, the average sale prices are only modestly climbing. While rising home prices are a benefit to existing home owners in most cases, it’s tough on those trying to enter the market and gives many of them an unfortunate sense of urgency as they feel they might be priced out of the market in the near future.
Coupled with climbing home prices, mortgage rates have, inherently, been a topic of discussion over the last few months. This has generated many questions around the topic of mortgage qualification and its process. Few are noticing that what the homes they qualified for at this time last year are slightly out of reach, or close to the top of their budget this year.
In 2018, the Government of Canada introduced higher qualification standards for Canadian home-buyers. In the anticipation of continuous rising rate trends, these standards are used to ensure borrowers are capable of making higher payments on increasing rates.
The capital city of Canada, Ottawa stands on the south bank of the Ottawa River in the eastern portion of southern Ontario. At its centre is Parliament Hill, with grand Victorian architecture and museums such as the National Gallery of Canada, with noted collections of indigenous and other Canadian art. The park-lined Rideau Canal is filled with boats in summer and ice-skaters in winter.
With a population of 1,393,000, it’s the fourth largest metro city in Canada.
About the Ottawa Housing Market
Now is a good time to buy a home in Ottawa, as prices are expected to remain stagnant over the course of the Spring. Following a period of consistent price increases, mainly due to a lack of inventory, Ottawa claimed the title as the fourth-most-expensive housing market in Canada. Homebuyers with increased income will play a significant role in supporting demand for Ottawa’s housing market, taking advantage of record-low mortgage rates to help drive the market forward.
There has been a meaningful decline in mortgage rates over the past year and Ottawa homes are as affordable as they have been in some time. Condos and single-detached homes in Ottawa remain a bargain, yet sellers are still earning higher returns on their asking price. Ottawa buyers can expect that if it is found difficult to find a home in an established neighborhood, there will be the opportunity to buy new – with roughly 7600 new homes estimated to be built this year.
Ottawa Mortgage Brokers
Looking to buy in Ottawa? It’s best to speak to someone who understands the market to help you navigate mortgage rates in this city. Don’t hesitate to submit an application online and one of our advisors will be happy to help you find the best product for your needs.
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