Ottawa real estate monthly report month of   Oct, 2016
The number of sold properties in Ottawa in September 2016,269 condominiums and 1,102 residential properties, the total of 1,371 compared with 1,241 in September 2015 an increase of 10.5% .

The average sale price for condominium-class property was $252,136 , a decrease of 2% from September 2015.

The average sale price for residential-class property was $383,793 , a decrease of 0.1% of from September 2015.

Attention Please:

Starting Oct. 17, all insured mortgages will have to undergo a “stress test,” to see if the borrower could still make payments if suddenly faced with higher interest rates. This test was already applied to borrowers who wanted an insured mortgage for a high-ratio loan with variable interest rates, and for those who had a fixed-interest rate mortgage for a term of five years or shorter.

The test will now be applied to all borrowers. Specifically, it means that although you can still enjoy current low interest rates lenders are offering on mortgages, you will need to show that you could also qualify at the Bank of Canada’s conventional five-year fixed posted rate. As of this writing, that’s 4.64 %.

If you have an existing mortgage or are looking to renew your existing mortgage, the new rules will not affect you. Mortgage loan applications received before Oct. 17 will also not be affected, as long as the mortgage is funded by March 1, 2017.

But if your application for an insured mortgage is received on or after Oct. 17, 2016, you should be aware of the new rules and how they will affect the price of the home you will be approved to buy.


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