Date Posted: March 28, 2020
In the past few weeks COVID-19 has reverberated across all segments of Canadian society and has impacted how we do business today.
In the past few weeks we have seen many instances of ‘multiple offers’ for home purchases in major cities across Canada. However, in the last few days we have seen the number of Open Houses decline, but Realtors have become creative to assist their clients in the home buying process i.e.)facetiming viewings and clients accessing a home one-at-a-time.
In the past week there were 432 home sales in Ottawa, though realtors are now seeing a slowdown in the housing market. The common theme with realtors at the moment is that if you do not need to sell your home do not list – wait!
This past week has seen the Bank of Canada cut their overnight lending rate for the third time in two week to 0.25% and the government has postponed changes to the Mortgage Qualifying Rate (Mortgage Stress Test) until further notice.