Penticton Real Estate News | May 2022
There’s just one month left in the spring season. Given that buyers prefer to move into their new home in the summer, now is the perfect time to get a mortgage. If you’re among this lot, you’re invested in the process and researching everything you need to know before contacting a mortgage broker. We’ve got you covered. Below is a breakdown of recent real estate news that current and prospective buyers in Penticton BC will be excited to learn.
Real Estate Updates for Penticton and the Surrounding Area that New Buyers Want to Know About
Investment in Penticton Incites Confidence
Even when buying a home as a place of residence, you want assurances that you’re making a sound investment that will grow your equity in the near and long term future. While steadily rising home values are a key performance indicator (KPI), it’s also important to look towards commercial and hospitality investment in the city. If multi-million (or billion) dollar corporations are investing heavily in the region, you know that your own residential investment is safe. Look no further than the 105-room Four Points by Sheraton Hotel development that is coming up on Vernon Avenue as a direct indicator that you’re making a wise real estate purchase. This is just one example of many examples of commercial growth in the area.
New Construction Underway
In our last Penticton real estate update, we addressed the limited supply of detached family homes. We followed that press release up with an article on how a condominium could be a better option for you. In addition to a lower buy-in, lower monthly payments, and lower maintenance costs, buyers enjoy far greater inventory access thanks to continuous condo development occurring in this neck of the Okanagan Valley. This ongoing trend persists, as it has just been announced that the very same group that is bringing the Four Points Sheraton to Penticton (above) is also set to break ground on two new mixed residential-commercial construction projects in town. One intends to bring 70 residential units as well as two 1,500 square-foot commercial units on the ground floor. The second (and already confirmed) project features three 4-plexes that will soon add 12 residential units to Penticton’s housing supply. This is great news for those who are not yet ready to buy today, but are indeed ready to get an early start on the mortgage process. Is this you? If so, find out what your buying power is, what mortgage programs you qualify for, and how you can get access to lower unadvertised variable and fixed mortgage rates. Call 250.493.9111 to get ready to capitalize on new construction mortgages for today and tomorrow.
Get ready for the summer (and seasons to come) by entering the hottest real estate market in Canada. Contact Carloni Mortgage Brokers today to get pre-approved.