Date Posted: June 4, 2018
Many clients have been asking their Mortgage Broker the likelihood that they can enter into offers with no financing conditions given the current market. This can be a challenge for both the Mortgage Broker and the Real Estate Agent when keeping in mind the best interest and individual scenario of the clients. As a reminder when over-paying for a property, the buyer will need to come up with the difference if the appraisal comes in lower than the purchase price on top of the down payment. In a multiple offer scenario, it’s very important to work with a Real Estate Agent that is experienced in presenting these offers if you are hoping to be successful.
The Bank of Canada held rates in their latest announcement but an increase is predicted in July. With the dip in the bond markets, some lenders actually in turn lowered their fixed rates by about 0.10%. The Ottawa real estate market is expected to maintain its strength through the month of June and into the summer months.