Record Month for Home Sales in Ottawa

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Despite increase in mortgage rates, Ottawa posts record home sales for April 2010, reports the Wilson Team, a leading Ottawa mortgage brokerage.

Consider the fact that mortgage rates are projected to increase further in the future.

The Ottawa real estate market remains strong with sales continuing to rise, reports Ottawa mortgage broker service provider, the Wilson Team. “There’s never been a better time to invest in property,” says Laurie Wilson, “particularly if you consider the fact that mortgage rates are projected to increase further in the future.”

Despite the recent rise of mortgage interest rates in Canada, Ottawa reported a record month in home sales last April. Sales saw a climb of almost 16 percent compared to last year, according to the Ottawa Real Estate Board, with 1,841 homes sold through the Multiple Listing Service (MLS).

Condominiums accounted for about a quarter of those sales, surging to an increase of 32%. As for average sale prices, they managed to continue an upward trend to $332,979, which was an increase of 11.6% from 2009.

Homebuyers mainly rushed to sign deals in order to beat the implementation of tougher mortgage rules by Canada’s major banks, as well as the imposition of Ontario’s new harmonized sales tax (HST) due to take effect in July 2010.

While mortgage rates are on the rise, the record sales numbers show a lot of promise. “Canadians remain optimistic and confident about the economy,” says The Wilson Team. “Mortgage rates in Ottawa via our company are floating between three and five percent, which are incredible rates considering recent legislative changes,” she further stated.

Armed with 35 years worth of industry experience, The Wilson Team provides successful mortgage solutions with some of the lowest Canadian mortgage rates structured to fit personal financial goals and risk tolerances. As part of the top 1% of mortgage producers in Canada, The Wilson Team has forged successful alliances with over 30 lenders and private fund providers, enabling them to offer hundreds of mortgage products for their clients’ needs.

For more information on The Wilson Team and their various mortgage broker services for purchasing, refinancing or renovating purposes, call them or visit their website at http://www.WilsonTeam.CA.

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