Date Posted: May 21, 2019
There are 4360 listings on the Ottawa market which has picked up a little but still low for the time of year. The average sale price has increased to around 6%. About 44% of sales have occurred in the $300,000-$500,000 price range. The townhome class has seen a drastic increase in prices over the last few years. Currently, it is one of the most active areas in Ottawa’s real estate with only 241 units for sale. With affordability issues in areas such as Toronto, buyers are still looking at the Ottawa area.
There are 3251 single family homes on the market with condo at 683. If you are selling your home and purchasing a new one, try and avoid closing both properties on the same day. Bridge financing is a great option to give you a few days or weeks to get organized. You need to have a firm sale on your home in order to qualify for it. If you run into a scenario that your home has not sold, you will need to refinance your existing home to get the funds for the down payment and then qualify to carry both homes. Fridays during the summer are also challenging for lawyers given the volume of requests. Aim for a mid-week closing to ensure a smooth process.
In this seller’s market, ensure you are working with your Mortgage Broker to get pre-approved to help in the offer stages and ensure you can afford and qualify for the property. The “60-second” pre-approval sites will not provide a comprehensive look at your application. A Mortgage Broker will analyse your income, debts, down payment sources and amount, and your credit bureau. Make sure your Real Estate Agent and your Mortgage Broker are working together because you can be approved as an applicant but there may be an issue with the property.