Mortgage for a Condo
With a white hot real estate market in the BC Southern Interior, the values of single detached family homes have priced some people out of the market. As a result, buyers and investors are shifting attention to condominiums, especially in the Penticton area where there is an exquisite balance of desirable inventory and affordability. The average price for a condo in the resort community of the South Okanagan is less than $390,000. Compare that to Central Okanagan at $516,000 or for a laugh – Greater Vancouver where prices have increased 16% year-over-year to $808,000. Again, a mortgage for a condo in Penticton starts to make a lot of sense, in one’s dreams and on paper. Below is a breakdown of a few key things to consider before proceeding with your pre-approval.