Date Posted: April 25, 2020
COVID-19 continues to have an impact on the real estate market, but realtors and mortgage brokers are adjusting to the new normal and are coming up with creative ways to assist their clients who still need to buy or sell a home and secure financing to do so.
As the Federal Government starts to work on plans to gradually reopening businesses many believe this will spur the real estate market in the coming weeks.
Currently there are 1946 home listings in Ottawa, which represents a seller’s market. With the lifting of many of our daily restrictions and the creative ways realtors are showing / listing homes right now, we will see a very active late Spring/Summer real estate market.
Fixed interest rates are moving downwards, and Variable interest rates are very attractive now. With the Bank of Canada having lowered their overnight lending rate 50 basis points three times in March the Prime rate of various financial institutions should remain low for some time and the Variable interest rate mortgage an attractive option.
Having a trusted Realtor and Mortgage Broker during these fast-changing times is essential in making informed decisions.