Building Update

Claridge Icon - Sales Update

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** For more information about Claridge Icon, visit our Claridge Icon page, with all of the renderings, floorplans, detailed information, etc. CLICK HERE.**

Claridge Icon, located at 505 Preston street and just north of Dows Lake and in Little Italy, is continuing to sell units as construction moves along. Currently the building is over 50% sold out and has a good selection of sizes and prices. Units start at $336,000 for the Gable (610sqft), or the Redford (625sqft) for $338,000.

Occupancy is slated for October 2020. Prices average $604sqft. Deposit is 15%.

The River Terraces 1 and 2 - Greystone Village - Sales Update

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** For everything The River Terraces related, visit our River Terraces page. There you can find more information, floor plans, renderings, news reports, etc. CLICK HERE **

EQ Homes has been moving along with sales at its newest projects, located at Greystone Village. Located in between Main Street and the Rideau River, The River Terraces 1 and The River Terraces II are well underway.

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The River Terraces 1 is 90% sold out, with construction currently pouring the 6th floor. EQ Homes is expecting a Fall 2019 occupancy (starting with the lowest floors).

The River Terraces 2 is just over 20% sold out (20 units sold out of 99), with construction starting next month. EQ Homes is pushing for a fall 2020 occupancy.

There are still units of all sizes and price points in either building available.

Looking for pre-construction condos in Ottawa? Fill out the form below to chat.

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Monocle Westboro - Sales Update

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**For everything about Monocle Westboro, visit our Monocle page which has all of the information, including floorplans, renderings, etc. Click Here**

Monocle Westboro, built by Ashcroft Homes, was launched earlier this year and will be located at 91 Shannon Street near the corner of Richmond and Island Park. Monocle is comprised of 62 suites and penthouses, over four floors. As of today, the project is 35% sold, with a decent supply of different sizes and price points. Pricing for available units starting at $686,990. Construction is set to begin this spring with occupancy expected for spring 2021.

Ottawa Condo Market Statistics - November 2018

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As we do every month, we have taken a closer look and broken down the sales data for the month of November 2018 for the top five "downtown" area's - Centretown, Byward Market and Sandyhill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment style condominiums, and only what sold through the MLS. Also, DOM (Day's On Market) is calculated to include the conditional period which in Ottawa is almost every single transaction to be roughly 10-14 days.


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Questions about how these numbers affect your investment/condo? Contact us to chat more!

Bank Of Canada - Interest Rate Holds at 1.75%

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The Bank of Canada has revealed that it will keep its benchmark interest rate unchanged at 1.75%. This comes from the previous raise in October, which was the fifth time since the summer of 2017 that the BoC has decided to raise the rate.

What does this mean? The BoC’s rate directly affects the rate that you will get from a retail bank for lending (mortgages and lines of credits) and savings products. When the rate is low, it means that it is cheaper to borrow money, but not as lucrative to save.

The BoC has eight fixed dates each year on which it announces whether or not it will change the policy interest rate. The next announcement will be on January 9th (followed by March 6th, April 24th, May 29, July 10, September 4th, October 30th, and December 4th).

Zibi - O and Kanaal - Sales and Construction Update

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For everything about the Zibi development - check out the Zibi page HERE.

Zibi development located in both Ontario and Quebec is moving along quite well. The first building, named “O”, is located at 3 Rue Eddy in Gatineau. The second building, named “Kanaal” is located at 6 Booth street in Ottawa.

“O” - has started seeing its new residents take occupancy last week. It is 82% sold of the original 70 units. Of the units that remain, prices range from $339,900 up to 782,900. Sizes of remaining units range from 653sqft to 1362sqft. Some amazing views coming from every single unit. Check out the two storey “Traverse” floorplan, 1362sqft open concept corner unit, complete with 228sqft terrace.

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“Kanaal” - is currently under construction - currently pouring the grade slab. The roof is expected to be finished by February, with the first occupancy around November. The building is currently 89% sold out of the 67 units. Designed by Barry J. Hobin & Associates Architects Inc., Kanaal is a collection of 67 urban condo flats, two-story towns, and flow-through penthouses with private rooftop terraces. 

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Looking for more information about pre-construction condos in Ottawa? Fill out the form below to chat!

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HLMRK Luxury Residence - Launching Soon

Without much information available, a new tower is coming to Centretown! HLMRK Luxury Residences, by M Developments is set to launch this December.

From the website “HLMRK heralds the arrival of a new residential landmark in Ottawa - a visionary union of modern design, locally sourced building materials, dramatic spaces, and carefully curated sweet amenities.”

View the website at www.hlmrk.ca or clicking this link.

For more information about pre-construction condos in Ottawa, fill out the form below.

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Condos + Babies: Interview With Sam

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We sat down with Sam Hetz who is the Owner and Medical Director at Concept Medical to ask him about his first hand experience with having and then raising his daughter while living in their condo. Sam and his wife Hana, raised their daughter Ava in a 1057 sqft two bedroom two bathroom hard loft in Hintonburg.

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Hana, Sam, and Hana

What are some of the biggest issues you had raising Ava in the condo? How were you able to overcome them?

We actually found it a total breeze. Given we had two bedrooms, it made it easier than what I think it would have been if we had a smaller space. The only concern we had was that we have a loft-style condo, with open spaces at the top of the door way, which means sounds travel very easily! In the end, this was actually a benefit, as Ava got use to having ambient noice, and now sleeps through anything! Now that Ava is almost 3 years old, we have found that she is expanding her real-estate and taking over more of the condo.  

Babies take up a lot of space, how did you cope? Any tricks?

The first thing would be to buy what you NEED not what you think you’ll need. Babies, especially in the first 6 months really only require the basics. Loading up your condo with extras is a sure way to fill up your space - and stretch the budget. Second, is organize - we installed a closet organizer (thanks, Ikea) which maximized our storage space. As well, we purchased a crib that has an attached changing table and numerous drawers, and internal shelves which allows us to tuck away diapers, etc… 

You live in an open loft, how did you handle noise and keeping things quiet or getting sleep yourselves?

Honestly, this was a non-issue for us (see question 1). At first it was a major concern of ours. However, I think if your baby gets use to surrounding noise, they become use to it, and are able to fall asleep.  

What did you need and what did you waste your money on?

One of the best things we received as a gift was a Diaper Gene. So worth it! It takes up very little room, and kept our condo smelling fresh! If you’re not fortunate to receive one as a gift, it’s worth the buy. I would say the one disappointing buy was a Jolly Jumper. It DID take up a lot of space, and our daughter out grew it really quickly. Given the set up/take down in the condo, I likely wouldn’t buy another one unless we had more space. Oh, and being in a condo we really had NO need for a baby monitor (although we did buy one as well). 

Did you raise, or do you know someone who raised their child in a small space? We would love to talk to them - we want to help expecting parents with things that can help them with this upcoming transition! Click the button and fill out the form below!


The LRT + Ottawa Condo's - Which Buildings Are Close To an LRT Stop?

Currently under construction, the new LRT is certainly going to help transform the city and make getting around easier. 13 stops in total (not including what is currently built or planned for the second and following phase), including three stops in the underground tunnel which is located downtown. The LRT will without a doubt, transform our city.

However, when I went to try and find an easy way to see exactly where the stops are, or how far away I was from one, there didn’t seem to be an easy resource. To solve this problem we put together a quick (and still a work in progress) interactive map with all of the stops and condo buildings!

Click on this link - or visit https://ottawalrtstations.com

Keep in mind it is still a work in progress as we add buildings, future phases, and stops. If you have some feedback or if there is something we can fix, let me know!

Ottawa Condo Market Statistics - October 2018

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Each month we take a closer look at the previous monthly condo sales data for the top five "downtown" Ottawa area's - Centretown, Byward Market and Sandyhill, Little Italy (which includes Lebretown Flats), Hintonburg, and Westboro. The information will be specific to apartment style condominiums, and only what sold through the MLS. Also, DOM (Day's On Market) is calculated to include the conditional period which in Ottawa is almost every single transaction to be roughly 10-14 days. Questions?


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Questions? Want to know how it affects your condo? Fill out the form below and let’s chat.

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SoHo Italia - March 2019?

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Looks like SoHo Italia will start moving forward sooner rather than later. Notice was posted on the entrance to the Presentation Centre on Champagne, that brings more than just a rumour to a possible start date. Block it off in your calendar, the pre-launch party will be in March of 2019!

The Mastercraft Starwood project is set to be located at 500 Preston Street in Little Italy. While it has not yet launched, it was to have 161 units over 30 stories, with pricing originally from the low $200k’s.

For more information about Soho Italia, or pre-construction properties in Ottawa, fill out the form below.

 
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Claridge Icon - Construction Update

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Claridge Icon, located at the corner of Carling and Preston street, is currently on the 27th of 45 floors. Glass has started being installed in the lower flooring as things continue to move along well. It’s hard to imagine exactly how high that will be when looking at the building…. Keep in mind this is a rough example below.

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There will be 320 units with an estimated completion of early to mid 2020. Prices range from $330,000’s and up, with unit size ranging from 610 to 1630 square feet.

 

St Charles Market - Sales and Construction Update

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St Charles Market, located at the corner of Barrette street and Beechwood, is well underway with most of the below ground poured and crews getting ready to move above ground. The building is 70% sold out with remaining units priced from the low 500’s. Modbox is looking for a completion date of late 2019.

For more information about St. Charles Market Luxury Condominiums, visit this page with all of the links and update information.

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The River Terraces 2 at Greystone Launch Date

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EQ Homes is launching the latest condo building The River Terraces II this Saturday, October 13th at 10am. The building is a sister building to Terraces 1, which is located inside of Greystone Village - sandwiched between Main Street and The Rideau River. The building will be designed by Hobin Architecture Inc. and will consist of 99 units over nine floors. Units will range from 300sqft to 2,500sqft plus balconies or terraces.

River Terraces II at Greystone Village
October 13th 2018, 10am-5pm
175A Main Street in Ottawa

If you have questions about pre-construction projects in Ottawa, fill out the form below and let’s chat!

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Ottawa Condo Market Statistics - September 2018

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Every month we take a closer look at the sales data for the previous month for the top five "downtown" area's - Centretown, Byward Market and Sandyhill, Little Italy (which includes Lebretown Flats), Hintonburg, and Westboro. The information will be specific to apartment style condominiums, and only what sold through the MLS. Also, DOM (Day's On Market) is calculated to include the conditional period which in Ottawa is almost every single transaction to be roughly 10-14 days. Questions?


CENTRETOWN

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Huge jump in the average selling price for Centretown condos this year compared to September of 2017. Part of the reason for the large jump was due to a number of sales over the $500k mark. Over last month, we saw a similar number of new listings, while we saw quite a few more properties sell (33 vs 24). The list to sold price ratio stayed about the same, with the days on market increasing slightly (63 vs 51).


BYWARD MARKET AND SANDY HILL
(INCLUDES LOWERTOWN)

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Compared to last month, the Byward Market saw a healthy jump in average sold price with the number of sold condo units fell over last month (16 vs 24). Other than the differences in sold price, September of 2018 is pretty much the same as last year.


LITTLE ITALY
(INCLUDING LEBRETON FLATS)

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Little Italy continues to see fewer sales compared to new listings which is great if you are a buyer looking to enter. The average selling price is up over last month (362,330) and last year (329,086). Take the sold data with a grain of salt, since there is only a few sales to provide an average.


HINTONBURG

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Hintonburg continues to be an area with healthy demand and very few options for buyers. Lots of older product with very few modern buildings that continue to cause havoc on the numbers. Like last month, we saw the same amount of new listings that ended up selling, providing no increase or decrease to number of available product. With that, the DOM and list to sold price continue to weaken. We are seeing first hand that nice product that is priced right will sell quick!


Westboro

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Westboro continues to stay in great shape with one of the highest average selling prices. The DOM tightened up over last month, however we saw more activity which brought the other numbers more in line with what we are seeing across the city.


Looking for specific information about an Ottawa condo building or area? Thinking of buying and maximizing your dollar? Let's chat. Fill out the form below.

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Ottawa Condo Market Statistics - August 2018

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We have taken a closer look at the sales data for the month of August 2018 for the top five "downtown" area's - Centretown, Byward Market and Sandyhill, Little Italy (which includes Lebretown Flats), Hintonburg, and Westboro. The information will be specific to apartment style condominiums, and only what sold through the MLS. Also, DOM (Day's On Market) is calculated to include the conditional period which in Ottawa is almost every single transaction to be roughly 10-14 days.


CENTRETOWN

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The market in Centretown slowed down over the month of August as most buyers and sellers are typically traveling or enjoying the summer before heading back to work. Compared to last month, (July 2018 stats) we saw our average selling price drop from $371,512 to $358,201, and only 32 new listings to July's 48. List to Sold prices came back to along what it was last year. 

What does this mean? While you could argue things slowed down, the lack of demand (fewer buyers) showed its head, and unless we see an increase in new listings in September, the DOM and list to sale price ratio will tighten up as there will be less to buy. We saw a more balanced market in August.


BYWARD MARKET AND SANDY HILL
(INCLUDES LOWERTOWN)

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Compared to July, we saw a $90,000 reduction in average sale price, fewer days on market, and a tighter list to sold price. In August we saw an equal amount of new listings to sold listings.

What does this mean? There was a higher demand for lower priced properties, and a strong pull from investors looking in that sub 300k market. The low amount of new listings, shorter days on market, and higher list to sold price ratio means things can easily jump in September unless we see more product come on the market. A sellers market below $300k, and a buyers market above $300k.


Little Italy
(INCLUDING LEBRETON FLATS)

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The seven sales in July were hot, which is evident in the 99.7% average list to sold price and the 35 average days on market. The average selling price dropped, which needs to be taken with a grain of salt since we have such low number of data points.

What does this mean? The properties that sold, were priced well and hot for the buyers looking. Its a buyers market, unless you are looking at one of the hot listings. Last month saw 14 new listings with only 4 sold. 


HINTONBURG

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Looking at the differences over last year might give you a scare - however with such few data points, you need to understand it is not a perfect example and rather use trends to better understand the market. We saw more new listings and more sales this month than last month. The days on market stayed the same, and the average selling price dropped. Other than price, things have certainly improved over last year!

What does this mean? As with other areas, the amount of sales below the 300k continue to dominate. The market has certainly improved over last year, and I would be willing to bet that next month you will see the selling price jump back up. The lower DOM over last year still signifies that more buyers are looking here than before, and would be a good time to sell!


WESTBORO

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Like last month, Westboro continues to be one of the hot markets with high prices and low inventory. A very tight List to Sold Price ratio and such few new listings makes this a unique market when you see the high DOM. The right properties are selling for close to ask, but taking longer. I would be willing to bet that September will see DOM drop.


Looking for specific information about a building or area? Thinking of buying and maximizing your dollar? Let's chat. Fill out the form below.

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SoBa - Public Sales Event Announced

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For those who didn't take advantage of the sales before it went public, Lamb Developments has announced a date, with no other specifics (pricing). September 12th at 6:30 pm - and you must be registered. 

Keep in mind - We have access to sell this product NOW before it is released to the general public and before prices are increased. If you are interested, fill out the form below to recieve pricing and to take advantage of the investor promotion (two-year rent guarantee, two-year free property management, etc. ), or to be registered for the event.

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Ottawa Condo Market Statistics - July 2018

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Let's break down some specific data for the month of July for the top five "downtown" area's - specifically Centretown (including Golden Triangle), Byward Market and Sandyhill, Little Italy (which would include Lebreton Flats),  Hintonburg, and Westboro. The information will be specific to apartment style condominiums, and only what sold through the MLS. Also, DOM (Day's On Market) is calculated to include the conditional period which in Ottawa is almost every single transaction to be roughly 10-14 days.


Centretown

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The market in Centretown continued to tighten for July which is noticeable in the higher list to sold price ratio of 99.1% compared to 98.8% (from last month) and the fewer days on market of 43 compared to 46 (from last month). We still have a similar amount of new listings as last month, however the amount of units that sold have dropped from 43 (June) to 29 (July). Prices are up compared to last year, however holding about the same as last month.

What does this mean? While things have tightened up, the numbers would show that there is going to be more units available going into August. This might ease up the DOM, Sold Price Ratio, or the average sold price - more supply with equal or less demand.... Could be seeing a shift to a more buyer focused market.


Byward Market and Sandy Hill
(Includes Lowertown)

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Compared to last month we have seen similar numbers except for two. The average price has jumped from $362,773 in June 2018, to $410,517 for July 2018. Keep in mind that in May 2018 it was almost $400k, so the large change is expected and due to the few number of data points that are used can vary the number. At the same time, the days on market has increased from 50 last month, to 84 this month. Note - the DOM hit 162 days back in January of 2016.

What does this mean? With the DOM jumping up to 84 days, yet amount of new and sold listings staying almost the same as last month, we would expect the price to come back down or the list to sold price ratio to drop. Still continues to be more of a buyers market, especially with the higher DOM, lower LTS price ratio, etc. 


Little Italy
(Including Lebreton Flats)

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Average price has jumped over last month (June 2018) to $395,175. However that is based on the only four sales that happened this month. We continue to see more new listings, and fewer sales. DOM has increased to 50 days and the LTSP ratio has nudged up to almost 98.9%. 

What does this mean? A buyers market. Higher DOM, more options (listings), etc. With only four sold it means you have less competition. However the high LTSP ratio says that for the sellers who are serious, and priced right, you can and will sell.


Hintonburg

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The average sold price has dropped to $318,173, when it was $374,620 last month (June 2018). Activity has dropped (both new and sold listings), and the LTSP ratio edged up slightly. 

What does this mean? More of a sellers market. With fewer units available overall, a higher sold price ratio, and a somewhat low DOM, It would be a good time to sell. Buyers will want to see more supply, or need to be quick on their feet for the best units.


Westboro

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The average price is up over last month, but down over this time last year. Less activity then last month, but similar ratio of new vs sold units. Same LTSP ratio as last month with DOM increasing slightly. 

What does this mean? Sellers market. Highest average price, and highest LTSP ratio, along with the similar ratio of new vs sold listings, make it a very difficult buyers market. Not much negotiating is going on. Chances of multiple offers are strong. Again, the higher price point is due mainly to the larger, longer planned living (compared to the studio and sub 600sqft units in Centretown etc.).


Looking for specific information about a building or area? Thinking of selling and want to get the best return? Let's chat. Fill out the form below.

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Corners On Main - Sales Update

Domicile has done very well with its newest development on Main street. Corners on Main Phase One is now fully sold out. Located at 11 des Oblats Avenue, phase one consisted of 74 suites.

Located next door, Phase two is 70% sold out and still under construction. Located at 166 Main Street, the building has 64 units in total with sizes that range from 346 to 1552 square feet. Prices range from $209,100 to over $741,500 depending on size, floor, view. Occupancy is set for Spring of 2019. All units include parking in the price (except for the Pied a Terre Suites or the Willard/Rosedale/Sloan/Marco floorplans). Monthly condo fees are estimated at 42 cents per square foot, and an additional $33/month per parking spot.

Looking for more information on pre-construction condos in Ottawa? Fill out the form at the bottom of the page.

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How does the latest BOC rate increase affect you?

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This week, the Bank of Canada increased the trendsetting interest rate to 1.5 percent. This was the fourth rate increase in the past 12 months. Knowing this is good, but we keep getting asked how it affects us (as a condo buyer or owner in Ottawa who has a mortgage, etc). We reached out to Mathieu Nesbitt, who is the Manager of Mobile Mortgages in Ottawa for TD Bank, to explain exactly what it means and if we should even care! 


For the fourth time in the past 12 months the Bank of Canada has increased its key monetary policy interest rate, the last increase went to 1.25% from 1.00% [January 2018].  Each increase can have an effect on your monthly mortgage interest cost which will affect your overall cost of borrowing.  There is good news though, there are ways you can protect yourself to prepare for those interest rate increases.  If you build a buffer by increasing your regular payments by 10% to 20% you will be paying mortgage loan quicker which also reduces your amortization.  Because most mortgages calculate interest based on the daily balance by paying down the principal quicker interest rate increases won't impact your cost of borrowing as much.

This also brings me to another point, if you have a pre-approval in place an interest rate increase can affect the amount of money you have been approved to borrow.  You will need to check in with your lender to see if your pre-approved dollar amount has changed.

For those who are looking at getting into the housing market, you need to know that TD bank can do a mortgage approval for you and hold your interest rate for 120 days on resale purchases.  For new build purchases, we can go up to 24 months which will protect you from interest rate increases. 

For those who are already making mortgage payments, there are some options for you to help when rates increase.  If you've chosen a fixed rate mortgage your interest rate is fixed for the term of your mortgage so a rate increase will not affect your payments until your mortgage term ends.

On the other hand, if you are in a variable rate mortgage it can change at any time during the term of your mortgage, therefore, changing your monthly mortgage payment.  One way to prepare yourself for an increase is to make an inflated mortgage payment, increasing your payment to more than you are actually obligated to pay.  The benefit of this is the excess payment amount goes directly to the principal portion of your mortgage, reducing the total interest paid on your mortgage as well as shortening your amortization.  So if rates do go up and your payment increases making your cash flow tight, either eliminate or reduce the extra principal reduction payment to either offset or help with the increase should it happen.

While some of this can seem overwhelming or confusing it is what I specialize in and I welcome the opportunity to provide you with advice and help, making your mortgage needs simple and comfortable.

-- Mathieu Nesbitt is the Manager for Mobile Mortgages with TD Bank and works outside normal banking hours to provide the best service for clients. You can connect with him directly at 613-868-9197. CLICK HERE to contact Mathieu Nesbitt.