Market still warm

Although the mad rush to get things done before July 1 had passed, the market is still pretty warm. From other agents, home inspectors and mortgage specialists, the market still seems pretty active. There are pockets of really hot activity and pockets of no activity, but all in all the market in Ottawa seems pretty good.

As a side note, fixed mortgage rates have dropped. I've seen posted 5 year rates under 4%. I'm still a fan of variable rates as those rates have historically outperformed fixed rates. Variable rates have dropped as well, not as a result of prime going up, but as a result of the market trying to remain competitive. Prime -.7% seems to be out there for the right buyer.

Of course, please consult your own financial advisor about what kind of rate you should acquire for your personal needs. If you are tight on cash, you may want to play it safe and fixed your rates.