Penticton Real Estate News | Oct 2022
You can smell the pumpkin spiced lattes in the air, which means that it must be autumn in the Okanagan. Indeed it is. With the summer season locked away for another 300+ days, many households have switched focus to more responsible matters – one of them being a real estate purchase. Is now a good time to buy a home, or should you wait until the new year? Let’s have a look at current real estate news for the Penticton BC area and find out!
Real Estate Updates for Penticton and the Surrounding Area that New Buyers Want to Know About
The Market is Balancing (and that’s a good thing)
Prior to the spring of 2022, real estate sales in the BC Southern Interior were breaking records. This was followed by a shortening of inventory which increased prices and cooled the market down as summer temperatures were heating up. For certain types of properties (single detached family homes) listings fell, with only condos being snatched up by eager beavers. Eventually desirable condos (new developments) became sparse too. But as August came to a close and September arose, the number of real estate listings rose across the board. Home inventory jumped up by over 30 percent. This has rekindled buyer interest, but the inventory boost is keeping prices at a very reasonable level. The mid-September $791,000 benchmark on single family home in the South Okanagan is expected to drop in October/November, making the autumn an ideal time to buy. New years bring uncertainty when it comes to Government of Canada decisions regarding borrowing rates, and after a wave of interest rate increases, few people are holding their breath for a drop.
Simply put, a balanced market is a good thing. It’s required for a sustainable local economy, which is better for all involved -buyers/investors included. Better yet, by working with Carloni Mortgage Brokers, you will gain access to lower unadvertised mortgages rates when compared to what you would pay by getting a mortgage on your own. And if you’re a first time buyer, our brokerage will verify your qualification for Canada’s first time buyer incentive program which will reduce your downpayment requirement and/or monthly payments. All that you need to do is call us at 250.493.9111 to inquire.
Mortgage Rate Hikes
In our most recent Bank of Canada announcement analysis we predicted (logically) that buyers should act fast as mortgage rates were sure to increase. They have increased. At press, the Big Banks (BMO, etc.) are marketing their 5-year fixed at 5.17% (on a default insured mortgage) while the same lenders (such as RBC, etc.) are marketing their 5-year closed term special variable offer at 5.25%. These fixed and variable rates are significantly higher than what they were at the same time last annum. That said – please note the “marketing” qualifier. These are the rates they want to general public to snatch up. What their websites and media ads don’t tell you, is that there are lower rates available. These rates are only available as a part of a bulk discount which is passed on to mortgage brokers who they have longstanding relationships with. In the BC Southern Interior, that broker is Rene Carloni. Call us at 250.493.9111 to confirm that you qualify for these special rates.
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.