Penticton Real Estate News | July 2022
For the first time in 3 years, summer (as we have always known it) is in full swing in Penticton BC. The Peach City Cruise once again rolled into town, and Elvis has been spotted everywhere. The 14-day weather forecast is all bikinis and board shorts.
Collectively, the season thus far is the reminder you needed that this is the best place in the province to get a mortgage. On that note, you’re in the market for a new home, which is why you’re online and searching for Penticton real estate news. You’ve come to the right place. Below is a quick and easy breakdown of everything you need to know as we dive into the month of July.
Real Estate Updates for Penticton and the Surrounding Area that New Buyers Want to Know About
Managing Expectations of Mortgage Rate Hikes
The Bank of Canada has delivered 0.5% increases in its two most recent policy rate announcements. This has caused variable mortgage rates to increase. At press, BMO (example) is marketing their variable rate at 3.25%. The Bank of Canada has another rate announcement on deck for next week, with some experts suggesting that it will mirror the US Federal Reserve’s recent move to hike their own benchmark rate by 0.75% to curb inflation. We’ll keep you updated right here when they make their announcement.
However, before you balk at getting a mortgage due to what you’ve heard about current rates, please have a look at these two charts for variable and fixed rates (courtesy of RateHub):
When you look at variable rates (top chart) you can see that rates are essentially where history expects them to be. The dip that occurred (lowest rates of all-time) between 2020-2022 was an anomaly. We all know what caused that. When you look at fixed rates (bottom chart) you can see that July of 2022 remains to be an ideal time to enter the market. This is especially true if you work with a mortgage broker who can connect you to first-time buyer incentive programs.
Don’t let the media scare you away from buying your dream home in a dream location (Okanagan Valley). The summer of 2022 is the season to become a homeowner.
Demand Outpacing New Construction (Act Fast!)
One Penticton real estate news report that you do need to heed is the fact that new construction in the Okanagan is not keeping pace with demand. That said, in our last press release we informed readers that there are some exciting new builds underway. Don’t let eager home-hunters beat you to the punch. Get pre-approved today and contact Carloni Mortgage Brokers to increase your buying power through lower rates and access to preferred mortgage programs.
Enter the hottest real estate market in Canada this July of 2022. Contact Carloni Mortgage Brokers today to get the ball rolling, then feel free to hit the beach with peace of mind.