Okanagan Real Estate News | Sept 2023
It’s been awhile since our last Okanagan real estate news update. Our Penticton mortgage brokers office has been busy, and our fearless leader Rene Carloni has been on a globe-trotting mission on behalf of clients who are in the market for a second mortgage and/or real estate investment opportunity outside of the Okanagan Valley bubble. Rene has bounded from the BC’s Northern Gulf Islands all the way over to Amsterdam through to Bosnia along with Rome and Slovakia. How many Okanagan mortgage brokers can you say go to such great lengths for their clients? That being said, you still want to know what’s happening here at home. We’ve got you covered. Below is a succinct breakdown of what’s happening in the local area market and how the news may (or may not) impact your decision to get a mortgage this month or in the weeks/months to come.
September 2023 Real Estate Updates for the BC Okanagan Valley that New Buyers Want to Know About
Bank of Canada Pauses Prime Rate (but who cares anymore?)
After going against their spring season indicators and raising the prime rate to launch the summer season, the Bank of Canada is falling back as we approach autumn by holding the prime rate steady at 5%.
“With recent evidence that excess demand in the economy is easing, and given the lagged effects of monetary policy, Governing Council decided to hold the policy interest rate at 5% and continue to normalize the Bank’s balance sheet. However, Governing Council remains concerned about the persistence of underlying inflationary pressures, and is prepared to increase the policy interest rate further if needed. Governing Council will continue to assess the dynamics of core inflation and the outlook for CPI inflation. In particular, we will be evaluating whether the evolution of excess demand, inflation expectations, wage growth and corporate pricing behavior are consistent with achieving the 2% inflation target. The Bank remains resolute in its commitment to restoring price stability for Canadians.”Bank of Canada, Sept 6 2023
Are your eyes rolling yet? Are you as tired of this flip-flopping noncommittal statement making as thousands of other buyers and property owners in the Okanagan Valley? We thought so.
The time for waiting with bated breath for each Bank of Canada press release is over. If you’re in the market for a property, you can put the power in your hands by partnering with a mortgage broker. If you’ve been following along o our blog then you already know why this works. A reputable broker has longstanding relationships with both banks and alternative private lenders. This grants YOU access to unadvertised fixed and variable mortgage rates and more favorable terms that you will find posted on each lender’s respective websites and marketing promotions. View more on why you CAN stop letting the Bank of Canada prime rate (and inflated mortgage rates) dictate whether or not you buy a home.