Date Posted: November 16, 2021
The housing market in Ottawa is now stronger year-over-year than in 2020, as we enter the latest phase of reopening during Covid-19. As we start to move into the fall many lenders are still offering historically low interest rates at Mortgage Brokers Ottawa.
The tight housing supply and historically low interest rates continue to drive bidding wars for properties in Ottawa. The market is changing day by day, what was reported one day could be completely different the next. Mortgage rates are continually going up leading people to show a higher interest in a variable mortgage. If you are looking to lock in a rate now is the time. Home prices are not predicted to go down but stay steadier. Currently there is fairly low supply of houses on the market, with less than 1500 homes on the market.
The fixed interest rate market continues to be at all-time lows, as well as variable interest rates. Variable interest rates are low and likely to remain low for quite some time. As such, it is a great time to reach out to your Mortgage Broker and secure a mortgage Pre-Approval. By locking in an interest rate for 120 days you are securing a rate in this low rate environment.
Having a trusted Realtor and Mortgage Broker during these fast-changing times is essential in making informed decisions.
Contact your Mortgage Broker today for trusted advice