Ottawa house price
How the MORTGAGE-RATE is increased? My prime is only 2.5 %.
Whne people talk about house price, it is about general. It is possible that individul one is increased because good location, new, and facing south..., It is very clear that whole price is drop down. Canada economic (lay off) just started later Nov. 2008, almost 8-10 month later than US. the IT high tech just started lay-off in Ottawa.
Regarding to hiring new people, I saw an news: 2007-2008, totally 4200, 2008-2009 totally 4200. This number is cross Canada, not just in Ottawa, also lots of are new graduates and no plan to buy a house here. Also including some cases like me and mywife (she hold offer until August but maybe still deny to come but already count into the total hired number). Because Ottawa is too cold, maybe some people like me will leave after two-3 years without buy house. Several of my colleagues are planing leaving Ottawa after probation. Those peole who hired from Ottawa most already own house here. So .....Hired from out of Ottawa is limited and also maybe left late.
But, if economic continue bad (at least 1-2 years) and after IT high tech start lay-off.. The house price here will drop soon. As long as the people who move out more than move in (How many immigtant move in every year?Ottawa has only two small university, how many students will stay to buy house here?), people who lost job and can not support two house, more people are waiting, like me.... The house will drop down for sure! Now just start! at least wait for 1 year.