Home prices increased an average of 1.6 per cent in Ottawa over the summer, as buyer demand remained weak and sellers 'stick with their listing strategy,' according to a new report. However, the Royal LePage House Price Survey is forecasting the aggregate price of a new home increases 4.
The Bank of Canada raised its key interest rate Wednesday in an effort to tame inflation, and cool red hot housing markets. Home prices increased an average of 1.6 per cent in Ottawa over the summer, as buyer demand remained weak and sellers "stick with their listing strategy," according to a new report.
"At the end of the summer, the Ottawa real estate market had approximately three months worth of inventory, teetering between a balanced and a seller's market," Jason Ralph, broker of record and president of Royal LePage Team Reality, said in a statement. Ralph noted new mortgage rules, including a 30-year amortization period for purchasers of new construction homes and first-time buyers, are "generating some buzz in the market" in Ottawa, with busier open houses and an increase in showing requests.
Company must refund $1-million deposit after failing to complete West Vancouver home on time, court rules Royal LePage’s latest housing market forecast predicts a real estate rebound that will see Canada’s “sluggish” markets in recovery mode by spring following a third straight interest rate cut.An Ontario man said he feels 'devastated' after learning his identity was stolen to take out two fraudulent loans under his name.
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