Mortgage rates and condo prices inching up

I'm just back from a CMHC luncheon that offered some interesting nuggets of information, including the forecast that mortgage rates will likely end up around 5.64% by the end of the year (for a 5-year fixed rate). Also of note was the fact that so far this year Ottawa's housing prices have increased by 1%.

But in the downtown condo market, prices have actually increased by 2.7% since 2008 with an average sale price of $306,794. I attribute this to supply and demand; there just isn't enough 'inventory' of downtown condos for the number of active buyers looking to purchase.

Prices going up, mortgage rates going up: naturally the conclusion was that "now" is a good time to buy, at least here in Ottawa.

On that note, here are more than a dozen new condos that have come up for sale downtown over the past week:

Note that some of these have already sold so please get in touch if you're looking to buy and would like to review what's on the market.