12/09/2022
On behalf of Lisa and myself, we would like to express our sincere appreciation to our clients, family, and friends for your support and valuable contribution, and for once again, making this year a great success. We thank you not just for your business, but for referring us to your family and friends as well. Over 95% of our business these last few years has been past clients, or referrals from past clients. We want you to know how much we appreciate your belief and trust in us.
Just a quick overview of the real estate market. The last three and a half years have been like a journey through an amusement park, filled with roller coaster rides and surprises around every corner. Until recently, sellers have benefited from receiving multiple offers on their homes with sale prices well over asking price whereas for buyers, it was a time of frustration. In the last three or four months, there has been a significant shift in the real estate market that now is slightly tilted in favour of the buyer. We anticipate that the real estate market will once again be very active starting early in the new year.
We have been asked these last few months about the interest rates, where the rates are headed and their impact on the real estate market. There’s no denying that the increase in rates have had a significant impact on the shift in the real estate market. We do however believe that mortgage rates will see a decline in the next year, resulting in a more balanced and reasonable real estate market. Lianna Napolitano, a mortgage broker with Mortgage Brokers Ottawa recently told me that there’s already been a marginal drop in 5 year fixed mortgages for high ratio purchases and some mortgage renewals. Let’s hope that this is an omen of further future rate decreases this next year!
Lisa and I would like to wish all of you a very Merry Christmas and a wonderful and prosperous new year.
