Are you planning to buy your new home in Ottawa?
If you follow the news, you can’t miss either the doom-and-gloom articles about the economy or the news about skyrocketing real estate market prices. “How high can those prices go?”, wonder the journalists, right before they start mentioning the “b” word: bubble. Yes, there are a couple of markets in Canada where there’s a price boom: Vancouver and Toronto.
Fortunately for us – Ottawa is different. Smaller, tighter, more insulated, and a very sound financial bet in real estate market:
- We have a very secure employment base thanks to the federal government, the RCMP and the military. This means we’re not likely to see a huge drop in house prices, like in Windsor after the collapse of auto sector, or Calgary which is suffering due to the drop in oil prices.
- Mortgage rates are almost as low as possible without actually being zero. RBC, TD made a modest increase in January, but mortgages are still very cheap. Rates for most terms are available below 3% with some terms below 2.3%, depending on whether it’s fixed or variable and the term.
Are you planning to buy your new home in Ottawa? Give Erikson Law Firm a call and we’ll prepare all required legal documents. We have represented many clients who sold in Toronto and bought in Ottawa (almost mortgage free) and have experience in complex real estate transactions.
E-mail Ottawa real estate lawyer: firstname.lastname@example.org