Okanagan Real Estate News | Oct 2023
The smell of pumpkin spiced latte is in the air, which means that autumn is in full swing in the BC Okanagan Valley. This time of the year also marks the fourth fiscal quarter (Q4) which means that households have financial plans on the mind. Among these plans, is real estate investment, especially for those who do not yet own a property. Should you move forward with a mortgage pre-approval before the year comes to an end, or wait until the beginning of 2024? To help make this decision you are referencing Okanagan real estate news. To help you sift through the media noise and come to an educated (and empowered!) conclusion we have broken down what you need to know below. Let’s review!
October 2023 Real Estate Updates for the BC Okanagan Valley that New Buyers Want to Know About
Bank of Canada to Make Next Interest Rate Announcement on October 25
The Bank of Canada is scheduled to make their next prime rate announcement (which drives variable mortgage rates) on October 25th. Should we have waited until then to release this Okanagan Valley real estate news report?
Not at all.
In last month’s release which followed a Bank of Canada prime rate announcement we clearly stated that new buyers and investors should stop concerning themselves with every Bank of Canada press release. Here’s what we stated:
“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 […] 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.”
The Bank of Canada attempts to hold the power over the Canadian economy and the individual households within. But this needn’t be the case. A professional mortgage broker empowers YOU and takes then power away from the BoC. Take the BC Okanagan Valley for instance. Rene Carloni has long-established relationships with BC’s big banks, credit unions, and private lenders. As a result, you (as a client of Carloni Mortgage Brokers) gain access to both fixed and variable mortgage rates that are not being marketed to the general public. In addition, Carloni Mortgage Brokers can get you access to more favorable terms than advertised. Unsure about what this all means? Call Okanagan BC mortgage specialist Rene Carloni today at 250.493.9111 for a friendly conversation to discuss your options – no commitment necessary!
Okanagan Real Estate Prices Falling at End of 2023
You read that right, after what feels like 2 years of consistent price increases, new buyers can chomp at the bit from the news that Okanagan area real estate values are falling. The Association of Interior Realtors reports that housing prices fell in eight of nine key categories. For one, total sales of residential properties across the Okanagan fell last month to 476, down from 555 at the same time last year. Moreover, the total value of Okanagan housing deals last month came in at just over $355 million, which is down from just over $476 million in the year-over-year date prior. Meanwhile, things are looking up on the inventory end, as the number of active listings increased to 4,466 properties on the market, versus 3,644 year-over-year. All of this will put pressure on sellers to reduce their prices (and give up on other concessions) to encourage sales before 2023 comes to a close. If you’re a new buyer, proceed accordingly by using the contact information provided below.