Open House - The Real Estate & Mortgage Show
Real Estate and Mortgage Answers
Every 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 following the link below, or click here to get a list of transcripts.
Here are some highlights from past episodes. If you'd like to listen to the episode, visit the podcasts page.
June 16, 2018: Shop Around for Your Mortgage and the Green Ontario Program
Frank and Steve were joined by first-time participant Tammy. Tammy has been working with Paul Rushforth for 6 years, and gave plenty of advice on everything from the current market conditions to the Green Ontario program.
Don’t Be Afraid to Shop Around for Your Mortgage
Frank urges home buyers not to be afraid to shop around for their mortgages. Often, banks will give their customers a rate, and they won’t question it.
But there are so many banks and lenders out there - don’t sign on for the first rate you hear. Using a mortgage broker is a great way to find out your options, and get the best mortgage.
Take Advantage of the Green Ontario Program Now
Tammy says that homeowners looking to make their home as energy-efficient as possible should make inquiries into the Green ONtario Program now.
This year’s big ticket items are windows and insulation. You can get some really great rebates from the program when you apply through certified contractors/suppliers.
But because there’s so many people interested in the program, it takes a while to get the installation. If you wait until November, you might not even be able to take advantage of the program.
That’s why Tammy recommends looking into it sooner rather than later.
More Real Estate Resources
June 9, 2018: Prime Rates and Sticker Shock
Paul called in from the cottage to talk to Steve and Frank about the May real estate market numbers, and upcoming rates.
What’s Next for the Prime Rate?
Frank explains that with a softening in the bond market, rates aren’t going to go up right now.
But he does say that there’s an 80% chance that the prime rate will go up a quarter point on July 11, the date of the next announcement by the Bank of Canada.
If you have questions about rates, you should consult your mortgage broker.
First-Time Home Buyers and Sticker Shock
Paul says that about 35% of the market is first-time home buyers. While it’s really enjoyable helping them become homeowners, Paul mentions that it’s common for them to get ‘sticker shock’.
They see the price of a home, and become overwhelmed with the cost. So he recommends taking the time to break down the cost, and show how the equity will build.
This makes buyers more comfortable and helps them understand the process even better.
What Else is New?
- We sold 97 homes last month - how was the rest of the Ottawa real estate market?
- You’ve sold your home - now what?
June 2, 2018: Hold Onto Investment Properties and Paul’s Market Predictions
Paul called in from Montreal to join Steve and Barb in a lively discussion about the May market, current rates, and predictions for the coming months.
Investment Properties Are a Great Asset Right Now
Many people are choosing to rent a little longer. For homeowners who have paid off their mortgage, taking the equity and investing in a rental property is a great idea in the current market.
Paul advises that if you’re comfortable becoming a landlord - or continuing as one for those who currently have investment properties - then you should hold onto as many properties as possible.
There Are No More Seasonal Rules
Barb noted that in the last couple years, seasonal rules aren’t applying to the real estate market.
Generally, summer is a slightly slower time. This is due to people wanting to actually move in the summer, rather than buy and move in the fall or winter.
But the Paul Rushforth team had 97 firm sales in May, and Paul expects June to continue to be busy.
If you’re planning to sell or buy, talk to a real estate agent. They’ll use current market research and data to help you, and determine the best time for you to act.
May 26, 2018: More Development in Ottawa East and Proper Pricing
Paul, Frank, and Steve talked about their busy weeks, and how the market is shaping up for summer.
Amazon Plans to Create 1,000 Jobs in Ottawa East
It’s been reported that Amazon is opening a distribution centre in the Carlsbad Springs area. Paul says this is going to have a huge impact on real estate in Ottawa’s East End.
This is going to balance out all the development that has been happening on the west side of Ottawa, and Paul expects to see a lot more activity in the eastern market
Proper Pricing is Always Important
The market is still on a roll, but Paul stresses that your home won’t sell if it’s improperly priced.
Home sale prices should be based on market research and comparables, not the notion that a hot market means you can ask for more money.
Talk to your realtor about proper home pricing. Any mistakes could end up costing you.
May 19, 2018: Variable Rates and LRT Talk
After Prince Harry and Meghan got hitched, Paul, Frank and Steve turned the conversation back to Ottawa real estate.
Frank Talks: Rates
Right now all the banks have posted the prime minus 1 variable mortgage, which is about 2.45%.
“This is an awesome rate,” Frank says, but don’t get too excited just yet. There’s some math you need to do to figure out if it’s worth it for you - and you may not want to go with a variable option.
If you want more information, talk to Frank or any of his brokers at Mortgage Brokers Ottawa.
Development Along the LRT Line
As we all know, the LRT line is a major development project in Ottawa that could go on into 2031. That means plenty of home development as well.
According to a recently-issued report, this is how the development will progress:
- 20% townhomes and semi-attached houses.
- 20% apartments and condos.
- 60% single attached homes.
Trends in buyer interest indicate that many of these homes will be on the smaller side, and require less maintenance.
What Else is New?
- A strong April contributing to a great sales year >
- What’s else do you have to do after you sell your home? >
Open House Transcripts
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