May Market Statistics
In the last month there were fewer residential properties sold compared to the same time last year.
There was a decrease of average sales prices in Ottawa by 14% and 19% in Lanark County.
The low inventory and slow pace of new property listings are also affecting the supply of properties.
What I’m seeing the last month is houses starting to fly off the shelf. Multiple offers are starting to come back on some homes.
We have savvy buyers and they are doing their due diligence with financing and inspections.
Keep in mind this is a very general market update and specific to your area can be different if there is no inventory.
Current Interest Rates
5-year fixed ranges 4.44% – 5.24%(Insured)
Variable rates ranges – .90
There is flexibility in these rates depending on what your plan is or specials offered by the brokerage/bank at the time of purchase
If you’re up for renewal reach out for a second quote to a trusted mortgage broker before you just renew your mortgage. Let me know if you need a recommendation.
As always if you have any questions please reach out.
Download the PDF – Market Snapshot – 2023