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Okanagan Real Estate News April 2023

Okanagan Real Estate News | June 2023

Summer “break” is almost here and things are heating up in the Okanagan Valley. Is it just the weather that we’re talking about, or will the real estate market bounce back after a bit of a slow down in the spring? There are some interesting updates that buyers will want to know about before making their decision about what to do for the season ahead. Let’s review

June 2023 Real Estate Updates for the BC Okanagan Valley that New Buyers Want to Know About

Bank of Canada Ends “Pause” on the Prime Rate

The Bank of Canada gave every indication that they would pause the prime rate for the bulk of the annum, but their spring fling with that concept came to an end on Wednesday (June 7) when they announced a 25 basis point hike  to 4.75 percent. They also announced that they will continue quantitative tightening. These two announcements infer a rise in variable and fixed mortgage rates, although those may remain consistent given that they were already rising leading into the June 7 Bank of Canada press release.

We know what you (buyers) may be thinking. High rates for home loans indicate that you should wait, right? Not quite. Not when you use a mortgage broker who can help you beat the BoC at their own game. Read this guide on what to do when mortgage rates are high in BC. As one of the few buyers who will, you will reap the rewards while fence-sitters miss out on a favorable opportunity.

South Okanagan Residential Real Estate Market Sales Picking Up Speed

The day after the Bank of Canada announcement, a member of the Association of Interior Realtors reported that home sales are on the rise. This is a common theme in June and throughout the early summer as buyers and investors are reminded that Penticton and the surrounding resort area is the best place to get a mortgage in BC. That being said, there’s more to the increase in sales beyond the seasonal allure of the region. The benchmark price for a single-family home dropped by 6.6 percent while townhouses and condominium prices also dropped compared to this same period last year. This is a major indicator that buyers should not wait to make their move. Demand is rising with lower prices which will lean out the inventory quite quickly. Get pre-approved on your mortgage and start home-hunting before desirable properties are scooped up like ice cream at Tickleberry’s or Ogo’s on Main Street (down the road from our own mortgage office).

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