Open House - The Real Estate & Mortgage Show

Real Estate and Mortgage Answers

CFRA_Open_HouseEvery Saturday morning at 11 AM, Paul Rushforth and mortgage broker Frank Napolitano join CFRA's Steve Gregory on Open House.

They provide expert answers to real estate and mortgage questions from people just like you. You'll find plenty of information on how the market is doing and why, and they also have plenty of fun along the way!

Whether you're new to real estate or have plenty of experience already, you'll find the latest updates you need to prepare for your next home purchase or sale.

You can play the episodes by choosing a show from the list directly below, or click here to get a list of transcripts.

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Highlights From Recent Episodes

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September 16, 2017: Locking in a Mortgage Rate and Agent Training

Steve, Frank, and Paul met to talk about mortgage rates, the extensive training Rushforth agents go through, and the Coach Homes of Ottawa seminar on September 20.

You Should Lock in a Rate if You’re Worried About Upward Trends

The recent quarter point hike in the prime rate has people wondering whether or not they should be going from a variable mortgage to a fixed one.

Frank says that while each situation is different, if you’re someone who is extremely worried about another rate increase in October or December, you should consider locking in a fixed rate for a five year term. This is also recommended for those on a strict budget.

Remember: Consult a mortgage broker before making any decisions.

Paul Provides Extra Training to His Agents

Paul Rushforth Real Estate is on track to sell over 700 homes this year. His agents are selling roughly 10 times as many homes.

Agents with Paul go through a two-month training process, because he wants his agents to succeed.

Being a real estate agent, especially a new one, is hard. The extra training gives Paul’s agents the tools they need to serve their clients effectively.

Did You Know?

September 9, 2017: Another Prime Rate Hike and Coach Homes

Steve, Paul and Frank were back at it, talking about the latest hike in the prime rate and coach homes.

Prime Rate was Raised Another Quarter Point to 3.2%

There was another quarter point hike in prime rate, which is now 3.2%. This was a surprise to many people, who thought the hike would happen in October.

In some cases your mortgage payment may stay the same, but more of it will be applied to the interest rather than the principle. In others, your banks may increase your payment in accordance with the change in prime rate.

Frank advises that you look at your amortization payments, to see how this increase is going to affect your payment schedule.

If you have questions about your variable or fixed mortgage, talk to a professional.

See Coach Homes at the Fall Show

Paul predicts that coach homes are going to be a big trend in Ottawa. These stand-alone dwellings are built on your property and can be used for many things, including:

  • A rental
  • A home for seniors - senior care is included in some coach home packages
  • A space for older children

The size of the building has to be lesser of 40% of your home’s square footage, or the square footage of your back yard.

If you’re interested in learning more, there will be a coach home seminar on September 20. Coach Homes will also be at the Fall Home Show from September 28 - October 1. You’ll be able to see three model homes.

What Should I Know?

September 2, 2017: Changing Rental Regulations and When to Reduce Your Asking Price

Frank, Steve and Paul talked about the recent rental regulation changes and when you should consider reducing the asking price of your home.

Tenants Need One Year’s Notice

Owning a rental property means occasionally having a bad tenant. The only way to get rid of them was to break the lease by moving yourself or a family member into the property.

Paul explains that people would move in for a month or so, then rent the property back out again.

New regulations have been put into place that close this loophole. To break a lease with a tenant by moving in yourself or a family member, you now have to:

  • Express interest in living in the rental property for at least a year prior to moving in, and,
  • Pay one month’s rent to the tenant.

Paul recommends going through an extensive vetting process with prospective tenants, even if it means your property is empty for a short period of time.

Reduce Your Asking Price Every Three Weeks

If your home has been on the market and you haven’t gotten any offers, you have either a condition or a price problem. No offers means that the buyers recognize that the price isn’t comparable to other homes in the area. Paul advises that the price be lowered every three weeks.

Looking to Sell?

August 26, 2017: Breaking Mortgages and Appraisals

Steve and Paul were joined by Barb for another info-packed Saturday.

83% of People Break Their Mortgages

Barb shared the fact that 83% of people break their mortgages within their five year term. Reasons for this include:

  • Sale and purchase
  • Equity takeout
  • Better interest rate
  • Marital breakdowns
  • Life circumstances
  • Paying the mortgage off

Breaking a mortgage will have penalties, which will differ between mortgages from banks vs. lenders. She advises that you should learn about your penalties before signing up for a mortgage, and before breaking it.

Other Homes Aren’t Your Pricing Benchmark

Paul spoke about appraisals, and explained that just because you’re neighbour’s home sold for $300,000 doesn’t mean that is what your home is worth.

There are some homes that are priced lower due to circumstance, and some homes that fetch a higher price because of bidding wars. The only way to know what your list price should be is to talk to a realtor and get a comparable appraisal.

Other Useful Ottawa Real Estate Information

August 19, 2017: Turnkey Properties and Missing Mortgage Payments

Frank and Paul were replaced by Barb from Mortgage Brokers Ottawa and Lisa from Paul Rushforth Real Estate. They talked to Steve about the increase in demand for a turnkey property, and how to handle potential mortgage payment problems.

People Want a Move-In Ready Home

In the past, fixer-upper homes were more in demand. In today’s market, everyone from millennials to seasoned homeowners want turnkey properties: homes that are in move-in condition.

According to Lisa, people either don’t want to get into the process of making major changes, or they’ve been there, done that and are looking for a home that won’t require more than a few cosmetic changes.

Talk to Your Lender If You Are In Danger of Missing a Mortgage Payment

Barb said what we all know: lenders/banks do not like it when you’re late with or miss a mortgage payment, and it will be reported to the credit bureau. This could lead to lending problems in the future.

Sometimes it is due to circumstance - you have a family emergency, you’ve switched banks and the scheduled payment gets lost, or you simply can’t make it that month. It doesn’t matter; but it is hard to get it removed from your record.

The important thing is to contact your broker or lender, and don’t avoid their calls. The sooner you let them know, the sooner they can help you come up with solutions. Chances are they’ll have a program in place to help, but only if you let them know what is going on.

Is It Time to List Your Home?

Open House Transcripts

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