I’m sure everyone’s been enjoying the late summer weather, and let’s be honest, we deserved it after the cooler summer we had (I think we were spoiled after summer of 2016 :-))
Quick update on the real estate market in this lovely city:
Sales volume of both condos & freehold houses are going strong in the 3rd quarter of 2017. For anyone who’s been shopping for a freehold home, you already know there really isn’t much inventory out there for sale (very frustrating). And when anything decent comes up for sale, it sells right away. And so, with the lack of options in the freehold department, condos sales are still on the rise (long overdue!). And as home prices continue to increase, condos become the affordable option for many. My prediction is we’ll see the trend of increasing condo sales for the next few years, with condo developments starting to pop up more frequently (think 2009-2010).
On a brighter note for buyers, the market here in Ottawa is finally ‘stabilizing’ and getting back to more balanced conditions. This past spring & summer was quite the red hot market with intense bidding wars unlike anything Ottawa has seen in a long while (it got a little crazy there for a while :))
Onwards to the topic of interest rates. Rates have taken a slight climb in the past couple months, and it looks like the plan for Canada is to have those rates creep up higher over the next year or so (I read something about 3 rate hikes forecasted 2018, but don’t quote me on that). I certainly don’t agree with these rate hikes, but if they happen, it will certainly affect afew of the markets here in Ottawa. Overall, it will most likely curb market growth slightly in certain areas, but we won’t see a ‘crash’. Best to speak to your mortgage broker about this situation and how you might be affected.
If anyone has more specific real estate questions, please do not hesitate to ask me. I’m always happy to help