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 1, 2019: Bank of Canada Rates and Barb’s Did You Know
Barb joined Steve and Paul in the studio today to talk about the latest in real estate news and trends.
40% Chance Bank of Canada Will Drop Rate
The Bank of Canada recently announced that rates would not be changing this term, and in fact, many are predicting a 40% chance that the next time rates change, they’ll actually go down.
Barb’s Did You Know
Did you know that if you’re having funds for a downpayment gifted to you by a related family member, the gift letter has to match the deposit. This is dependent on you 90 deposit history, and while it doesn’t occur often, Barb has run into situations where the letter and the funds didn’t match.
A Septic Tank Nightmare
One homeowner called in to ask advice about selling her home. She recently discovered that the septic tank for her property they bought will not pass inspection as it was homemade - and the agent she bought the home from can’t find any paperwork.
Paul gave her some advice, and reminds everyone that buyers should always ask for inspections or proof of inspections.
May 25, 2019: Making Upgrades and Finding Comparables
Paul, Frank, and Steve kicked off show #601, and received multiple calls with homeowner questions.
When Do You Make a Large Upgrade?
Our first caller wanted to know if they should update their old kitchen and bathroom in their rental unit before selling.
Paul says that in general, it doesn’t make sense to put a whole bunch of money and time into upgrades that won’t actually add value to your home. If you’re planning to sell, consulting a real estate agent is the place to start - they’ll be able to help you make an informed decision about upgrades.
One upgrade that’ll be worth it? Hiring a professional to apply a fresh coat of paint to your walls. This freshens up a space, and is a cost-effective upgrade.
Comparables May Not Be Right Next Door
We use comparables to help with house pricing - but that doesn’t mean that these comparables are right next door.
A homeowner called in today to ask about her home: the neighbourhood she’s in has a lot of unique properties.
Paul explained that our team has access to a lot of data on houses, and while we may have to find comparable houses slightly outside the neighbourhood, we would be able to find comparables.
May 18, 2019: It’s Our 600th Show!
Today is a huge milestone - 12 years and 600 episodes of our show. Frank, Paul, and Steve were all in to spend their 600th hour discussing the Ottawa real estate market.
Buyers Are Expanding Their Search
Frank says that he’s getting many clients who are expanding their search area for homes to neighbourhoods like Aylmer because they feel they have fewer options in Ottawa.
Paul says that if you do choose to look outside of Ottawa, make sure to research the pros and cons and ask questions, as not every neighbourhood has the same home value growth, amenities, or conveniences.
Closing in June? Don’t Wait Until the End of the Month
Paul advises buyers to avoid closing deals for the last Friday of June, or even the last few days of June altogether. Many people choose that date, and lawyers become completely swamped. Due to the sheer number of people trying to close, not everyone can be accommodated, and the closings are delayed, creating an inconvenience for you.
May 11, 2019: Advice for Buyers and Current Rates
Josh Batley joined Frank and Steve in the studio to talk about the market.
Buyers: Be Prepared to Move Quickly and Decisively
The number of listings is still down, and buyers need to be prepared to put in an offer when they find something they like.
They best way to do this is to get a firm pre-approval for a mortgage, work with an agent, and be prepared for multiple offer situations.
Frank Talks Rates
The bond market went up slightly last week, yet some of the lenders dropped their rates. Frank suspects this is due to being in the busy season for real estate.
A 5 year fixed rate is in the low 3% range, and a 5 year variable is in the high 2% range. Make sure to speak with a mortgage broker about rates available to you.
May 04 2019: The Impact of the Food and Selling Prices in Ottawa
We’re back! Last week we were preempted with coverage of the flooding occurring in Constance Bay, Britannia, Gatineau, and beyond.
What Impact Does Flooding Have on Home Values?
Paul spent a lot of the past weekend helping with sandbags in the Constance Bay area, and did get a lot of questions about what kind of impact flooding will have on the value of affected homes.
“I really don’t know,” Paul says. This really hasn’t been factored into home value calculations because floods of this magnitude haven’t been the norm.
Frank mentioned that if you bank with Scotiabank, they’ve come out offering payment relief for homeowners affected by the flood. Other lenders and default insurers also have relief payment programs in place - call a mortgage broker to discuss your particular situation and options.
Only 33% of Homes Are Selling for Over Asking
All of us have been saying how hot the market is, and discussed situations of homes selling over asking. But Paul broke down the numbers in Ottawa, and only 33% of homes are selling over asking, with 50% actually selling under asking.
Having an agent sell your home gives you the best chance of finding the right buyer and getting the best price.
Open House Transcripts
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