Canada’s capital city offers its residents rich culture and deep heritage. Besides being home to parliament and the country’s top political individuals, the city is bursting with colourful neighborhoods, fine dining, shopping, and many attractions that offer fun for the whole family. Ottawa is also a great place for young professionals because it presents them with affordable housing options. The city is bordered by Gatineau, Quebec and together they form the Ottawa-Gatineau census metropolitan area with Ottawa itself providing the bulk of the population with an estimated 943,260 residents. If you’re looking to buy a home in this vibrant city, you may need help getting started.
If you are in the market for a new home or looking to purchase your first home, you may have many questions. An Ottawa-based realtor can provide you with answers to your queries and show you different properties that are for sale. To find a realtor you can try OREB. The Ottawa Real Estate Board is an association of over 3,000 registered real estate professionals that operate within the Ottawa area. The Board offers resources in different Ottawa neighborhoods and home prices, and helps you find a realtor to work with. Once you’ve found a realtor and they’ve shown you the home of your dreams, you will need a mortgage to buy it.
An Ottawa-based mortgage professional will be able to find the right lending package to fit your economic situation. Brokers work with an array of lenders and will represent your interests to each one to find your ideal mortgage and lowest interest rate.
It is important to note that if you are looking for a home in the Ottawa-Gatineau CMA, and to settle on a home in the Quebec side of the area, you will need to find a broker who operates in QC. There are different lending laws that apply to Quebec.
Fast Facts About Ottawa:
Your home is your most valuable asset. It is probably the single largest investment you will make in your lifetime. Your home is more than a place to rest your head and raise a family. Your home contains equity. It is a treasured resource and in some cases, can even be used as an ATM (aka cash back mortgages and HELOCs – don’t worry we’ll get there).
Everyone who is looking to purchase a home will need a mortgage. But, what is a mortgage exactly and why do you need it? Besides being the term to describe a loan secured by real estate, a mortgage allows you to access funding to procure your dream home.
There is a massive difference between mortgages and home equity loans. Read More
The Bank of Canada had hiked the interest rates on three separate occasions over the past eight months. Read More
Many first time home buyers have heard the term “mortgage insurance” but may not understand what it is and why it’s necessary to have. Read More
For new homeowners, or for those looking to renew a lease, rising interest rates will have an effect on your finances. Read More