Penticton Real Estate News | Dec 2022
We’re in the middle of December, and households throughout the Okanagan eagerly await the arrival of something special. That’s right – a Penticton real estate news update from Carloni Mortgages Brokers! But instead of waiting for Christmas Eve to get to the goodies, we’re releasing valuable intel early for those who may be in the market for a mortgage before the year comes to a close. Let’s get to it!
Real Estate Updates for Penticton and the Surrounding Area that New Buyers Want to Know About
Year-Over-Year Sales Drop, But to Pre-Pandemic Levels
November home sales updates have been tallied, and as expected the balancing of the market (addressed in October) continues. Real estate sales dropped by nearly 50% compared to November of 2021. But before one incorrectly concludes that the market is in trouble, take note that 2021 was a banner year across the country for real estate sales as variable and fixed mortgage rates were very low. As it turns out, November 2022 real estate sales are nearly on par with what they were pre-pandemic, which speaks to the sustainable health of the southern Okanagan real state market. Taken together, this is both good news for buyers as not only will they (you) enjoy greater supply and lower prices, there is peace of mind to be had that we’re picking up from where we left off before the world went bonkers. View more on why Penticton real estate continues to be a great investment.
Prime Rate Gets One More Hike to Close the Year
We can’t have a year-end real estate news update without a report on the final Bank of Canada prime rate announcement. At the beginning of the month, the Bank of Canada raised the prime rate one final time for the annum, by 50 basis points,. View details on what this announcement means for new buyers.
2022 Makes it Into Top 3 Years for Penticton Construction
Prior to the summer we announced a wave of new mixed commercial/residential construction projects in Penticton. We predicted this to increase real estate supply, ease the tightening of inventory, and reduce prices of desirable homes. This is indeed occurring, and then some. Recent reports state that Penticton’s annual construction value is nearing $180 million, That number puts 2022 in the Top 3 spot of all time when it comes to new construction in Pentiction, with 2016 and 2017 holding the top two spots, respectively., Amidst this new construction, are a number of multifamily residential properties that will draw the interest of new buyers early in 2023. Get pre-approved on a mortgage right away, before the most desirable new developments get snatched up by eager investors.
Stay tuned to our blog as we continue to keep you updated on Penticton real estate news and everything else you need to know about getting a mortgage in the beautiful Okanagan Valley. For those we are ready to get pre-approved on a mortgage, simply give us a ring at the number below.