What a week!
- Canadian voters have spoken - Justin Trudeau will form a new Liberal majority government. The stability of a majority government is generally good for Canadians and the economy. Time will tell if the change in policy of the new government will return economic growth and prosperity anticipated.
- The Bank of Canada has announced no change in the overnight bank rate (still 0.5%). Good news for all seeking loans!
- A category 5 hurricane has flooded north west Mexico and is dropping record rain as it slices across North America to the north east,
- The Blue Jays lost to Kansas ending their best season since their 1993 World Series win. There is always next year…
Real Estate related news & press releases…
- The Bank of Canada overnight rate unchanged at 0.5% will result in little or no change in the record low mortgage interest rates.
- The present low interest rates allow: lower monthly payments or a shorter mortgage period or a combination of both.
- Many new home buyers or those looking for a larger home can now afford homes that were previously out of reach.
- Low interest rates also allow home owner to pay off their home sooner reducing the total interest paid over the life of the mortgage.
- See: http://www.bankofcanada.ca/2015/10/fad-press-release-2015-10-21/
- Local Ottawa Real Estate Board (OREB):
- Residential Sales in the Ottawa Real Estate Board were up 10% in September (vs. September 2014).
- Inventory levels are down 4% bringing the Ottawa resale market to a more balanced state.
- The average price remains steady. Average “days on market” has increased slightly to 93 days.
- More details in the OREB press release: http://www1.ottawarealestate.org/home/NewsInformation/LatestNewsRelease.aspx
What does all this mean to the home buyer today?
Low interest rates and the near balanced market providing a good selection of homes and many opportunities for the home owner wanting to make a move!