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Considering the five percent Bank of Canada interest rate announced last January 2024 and the lesser number of properties available, we can call this real estate market a “Seller’s market”.
With not enough homes available in the Ottawa market, and only affordable for families that can demonstrate a $130 K + income per year; to afford to buy and qualify to have a mortgage between 3-3.5 %, the market is becoming more expensive and exclusive for only higher income Buyers. (data from the last CREA report),
Fortunately, there are other emerging house prices and locations off of the general market for different incomes such as $60K per year and do not exceed $1750 total mortgage payment per month.
Finding serviced land may be the solution to building a smaller house. Homeowners with houses on bigger lots may be able to build more than one housing unit.
A good real estate agent is the key to determining where to build and what to build based on the zoning by law, your income and lifestyle.
The decision to hire a contractor or to buy a modular home is your option.
Finding your dream home should be a must-step in your life.
Counting on me is having a team of professionals at your service.
MARIA DE GUZMAN, Realtor, Century 21 Synergy Realty Inc.
Realtoronthego.ca
mariaemilia.deguzman@C21.ca
613.866.0672
