The Real Estate and Mortgage Show - January 2
Listen to this week’s episode of The Real Estate and Mortgage Show with host Steve Gregory, Frank Napolitano of Mortgage Brokers Ottawa and Paul Rushforth of Paul Rushforth Real Estate Inc.
On this week's show, Paul Rushforth discusses Ottawa's condo market and how it will likely slow down sales again in 2016. Despite the sluggish condo sales in Ottawa, the entire real estate market will still have a slower, yet successful year with strong sales in detach and town homes.
Frank Napolitano recaps some of the new mortgage rules that have occurred in 2015, which comes on another year of record breaking profits by Banks in Canada. The intentions of these rules is to help prevent the real estate meltdown that occurred in the United States back in 2008 from occurring in Canada. Frank comments that economists are predicting that rates will be increasing this year, though only slightly. With the fixed rate and variable rate spread being so little now, Frank suggests that you are likely better off taking a fixed rate.
Frank and Paul point out one important factor that new home owners may not factor in to their budget, the maintenance of your home. With hydro, gas and general home maintenance fees climbing up in price, it is important that you factor a realistic monthly budget to ensure you are not purchasing a home solely based on its purchase price. Be sure to speak with a professional Real Estate Agent and Mortgage Broker to ensure you are purchasing and being placed into a mortgage that will suit your needs and fit your budget.