Open House- The Real Estate and Mortgage Show: September 29, 2018

With an inclination that the prime rates will increase with the upcoming October 24^th announcement, rates may inch higher as we approach this news in a few weeks.

With industry professionals still speaking up about the impacts of the stress test measures, many believe there is a need to revisit the program. Some of the noted impacts are the movement of people out of the more expensive markets to the more affordable ones and the reduction of purchasing power for those in the middle-class.

There is a push for both millennials and baby-boomers for smaller, more manageable homes.

If there is damage to a home that you have signed an agreement of purchase and sale to buy and there is damage (recent weather, flooding, etc.) incurred before you take possession, there is a clause in the agreement about insurance. There are a few options for the buyer- you can close on the home, and the sellers would provide the insurance money to complete the repairs after possession or they can walk away from the deal along with their deposit. Try and schedule a walk-through a day or two prior to closing to ensure the home is still in the condition you agreed to purchase. If you are the owner of the home, ensure you keep all the invoices and permits to be able to show the buyers the work completed.

With the severe weather the Ottawa area has seen in the last 2 weeks, many of the lenders and the insurers have stated that they are available to try and help customers who were affected.

With the fall season comes the closing of backyards and pools. If you have a pool and are selling your home, ideally have a professional come in to close it. This way you can provide the buyers with an invoice to the company and they can have a contact when they go to re-open the pool come summer.

With increases to the prime trending over the next few months, many people are gravitating towards the stability of fixed rates.

To listen to the full podcast, click here.

For more information, contact your Mortgage Broker.