Buying a Home During the Holidays

Starbucks red cups are in the mittens of nearly everyone on the street and the Hallmark Channel has launched its onslaught of Holiday winter romance. It must be Christmas. And here you are, amidst all of the festive hustle and bustle, preparing to buy a home. With all that is going on at this time of the year, does it make sense? Should you wait until the New Year has sprung? Not necessarily, especially in the dog days of 2021. Here’s why.

3 Reasons Why It’s a Good Idea to Move Forward With Buying a Home During the Holiday Season

Black Friday to Boxing Week Borrowing Rates?

Holiday season shopping deals are everywhere, with blowout discounts running from Black Friday all the way through to Boxing Week. Will you be able to score lower mortgage rates at this time of the year too? While Banks and other lending institutions are limited by Bank of Canada activity in the bond market as far as fixed rates are concerned, they will be more competitive amongst one another during this period. They are indeed desperate to bring in extra business before their fiscal annum comes to a conclusion. They will also market their lowest possible variable rates during Christmas, seeing as the Bank of Canada committed to keeping the prime rate at just .25%. Near record low rates remain in play for those who are interested in variable rate terms.

Where buyers see the biggest Holiday season deals from lenders, is with respect to other concessions, namely cash-back offers. For instance, it’s common for banks to market $1000-3000 cash back offers (etc.) to buyers who commit to locking-in to a mortgage agreement on Black Friday or Boxing Week. The cash back value will be dependent upon how much your mortgage will be. An example of what this sort offer will look like, is this:

Source: BMO

As you can see, there is financial incentive to moving forward with buying a home during the Holidays. Of course, the best thing you can do is connect to a mortgage broker beforehand. Like with variable and fixed rates a broker will have received a heads-up from lenders so that they know what the deals are. Your local broker may even be able to get you access to special offers outside of the Black Friday and Boxing Week windows. At the very least a reputable broker with longstanding relationships with lenders can ensure that you’re fist in line for these offers. If buying a home in Penticton or anywhere in the BC Southern Interior, contact Carloni Mortgage Brokers today to get in on the Holiday season action.

Beat Other Holiday Season Buyers to the Punch

The real estate market can be a lot like your local mall and Walmart Supercentre during the Holidays. There are a flurry of shoppers out there, combing through listings in the BC Southern Interior. The Penticton Herald just reported on Canadian Real Estate Association (CREA) data. The report indicates that as we enter the Holidays, home sales across the country have experienced the largest month-over-month increase since the summer of 2020 (when the market was red hot). Buyers and investors from across Canada are looking to scoop up remaining properties in the Okanagan before the year comes to an end. Don’t any of them beat you to your dream home. Instead, get in touch with Carloni Mortgage brokers today. Our team will get you access to lower unadvertised mortgage rates, and if you’re a first time buyer will connect you to a variety of first time buyer incentive programs that will lower your downpayment requirement and/or reduce your overall cost of buying a home. Let’s get you pre-approved this season! Contact us today.

The Ultimate Gift for Your Household

Even since the ending to the Miracle on 34th Street (circa 1947) people have imagined what it would be like to surprise their loved ones with a brand new home for the Holidays. Turn this sugar plum vision into a reality this Christmas by finally buying a dream home, and surprise your family or companion with it this December 25th. This may not be as practical of a motivation as the two other big reasons to buy a home during the Holidays, but it’s most certainly the most magical. Give us a call to get pre-approved.

CALL 250.493.9111