Ottawa real estate industry watching anticipated interest rate cut closely

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There’s anticipation of a further rate cut from the Bank of Canada this week due to plummeting inflation and back-to-back interest rate cuts this year.

A new home is shown for sale in a housing development in Ottawa on Tuesday, July 14, 2020. to speed up the pace of interest rate cuts and lower its policy rate by half a percentage point this week.

"I think Canadians have a lot to be happy about moving forward when it comes to interest rates. You know, we got to think about the fact that we're hitting the five year anniversary of the pandemic and of course, the pandemic also spell ultra low interest rates. So we're going to see a lot of Canadians have their mortgage come up for renewal in the summer and fall that locked in at 1.5 per cent in 2020," said Napolitano.

Homebuyers needed an average income of $126,100 in September to buy the average priced home for sale in Ottawa, down from $127,830 in August. In May, the average income required to buy a home in Ottawa was $132,060.Small Business Week kicks off Sunday, Ottawa celebrates its entrepreneursB.C. wakes to election uncertainty, with Conservatives, NDP in tight race

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