5 Year Fixed 3.74%

5 Year Variable 3.15%

Open House- The Real Estate & Mortgage Show: August 4, 2018

Open House- The Real Estate & Mortgage Show: August 4, 2018

Date Posted: August 7, 2018

Host Steve Gregory is joined by Frank Napolitano and Lisa Boutilier on this week’s edition of Open House: The Real Estate and Mortgage Show.

Lisa reminds sellers to keep your house cool in the summer and warm in the summer for any showings. The feeling when walking inside a home will be remembered and you want buyers to be comfortable and show that the furnace and air conditioner are in working order. If you have a pool, keep the pool maintained and clean when showing your home.

There is still a relative shortage of inventory in the real estate market and there is now a push in August for those who want to close before the school year. When looking at a short closing, both your Mortgage Broker and your lawyer need to be on board for the signing. When looking to close on a long weekend, double check on the availability of your lawyer and any moving companies you may be using. Bridge financing is becoming increasingly popular so that clients can obtain their new home and have some time to move from their old home. Bridge financing can be challenging between provinces, check with your Mortgage Broker for more information.

The group takes a call from a listener involving power of attorney.

In 2017 Mortgage Brokers accounted for 39%, up from 33% in 2015, of the mortgage origination across Canada which is a bigger share of the market the industry has ever seen. This push may in part to the millennial generation have less of a relationship with their banks and prefer the one on one business of dealing with a dedicated Mortgage Broker.

Ottawa west and south are still very active markets. East end has seen around a 5% increase in home prices to around $382,000 versus Barrhaven which is seeing closer to 10% increase, around $399,000. With the new Amazon location moving into the east end, the real estate should see some bigger increases and more activity.

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