How easy is it to buy or sell your house during the Covid 19 Virus?
Pat Walchuk talks about how things have changed in the real estate market in Ottawa and continue to change as we journey through this scurge called Covid 19. More rules, more clauses, more restrictions. Watch the video for the real life description of what is like from the perspective of an experienced agent.
Pat discusses what buyers and sellers are now doing different to prevent catching or spreading the virus. There could even be liability cases.
If you have any questions about this video please get in touch, use the form below or call Patrick 613-788-2590
This income property in Heron Park, Ottawa had 12 units and sold in February, below are the financials.
This month we are giving you two possible scenarios, one with a 20% downpayment and the other with a 35% downpayment. You can see the difference it makes to the ROI and cash flow.
The image below shows you the two scenarios laid out side-by-side. You can see that the 35% down gives the buyer a positive cash flow of $28,000, while the 20% down gives a negative cash flow of 5,500.
ReMax is predicting a 6% increase, and Royal Lepage is predicting a 4.5% hike. We’ll go with that! Average house prices will break through the $500,000 mark with the average being predicted for 2010 is $516,200, by Royal Lepage.
We have a minority government supported by centre-left to left wing big spenders, so the financial taps will continue to flow.
Canadas major banks are predicting the TSX to go up to a range of 17,700 to 18,500. (currently at 17,000)
We hope inventory levels increase. (especially for condo inventory)
I don’t see how we can have another year of such scarcity especially with condominiums. There were times in 2019 when there were only 4 to 6 weeks of inventory for sale. It can’t get worse than that.
Going into 2020 we still expect that there will be a lot of competition for certain types of home, especially those between $200,000 up to $400,000 in the areas of Orleans, Kanata and Barrhaven and area close to the new LRT line.