THE REAL ESTATE MARKET IN THE NORTH OKANAGAN
Well hello Summer! Wow after much anticipation this year we are greeted with amazing Okanagan Sunshine and a side of heat! Yay.... Now if we can just get an ideal day of rain every 5-6 days to keep our forests intact that would be perfect.
Speaking of busy.... I know rates have increased and I am sure you have all heard! Unless you live under a rock. In which case call us, we can help you with that! Anyways, back to what I was saying.... Interesting fact. This year July 1st to the 19th there has been 116 sales in the North Okanagan (all types of properties) but fun fact... on the same date period in 2021 there was 115. So if you are thinking that the market has drastically slowed well that may be wrong for at least this month. Inventory has increased and activity is proving to be staying steady. Have we felt it slow a bit?? yes we have & that is also because of more selection for buyers who in turn can now make a more educated decision on their new home purchase.
Rates?? Well that is another interesting topic of conversation. So many are talking how homes will be unaffordable to those that bought the last few years. Did you know that if you purchased in 2017-2019 and would be coming up for renewal in the next while, your renewal rates will be very similar to the current increased rates we have seen. Did you also know that even though many folks have received incredibly low rates the last couple covid years.... these purchasers still had to qualify at the "stress test" rates which were much higher then they would have received. This is the exact reason the "stress test" for insured mortgages was brought into our industry. So all of the doom and gloomers may not have as much to be gloomy about as thought. And this too shall pass.... We will be better off in a "normal" ranges so we are in good positions to weather economic storms.
Oh did I mention the sunshine in the Okanagan is out!! Enough with the negative. We live in one the best places in the world! Of course there are always exceptions to the rule and the stats so it is important to know about your own needs more specifically when it comes to Real Estate. If you are thinking now could be a great time to make a move for whatever reason, do not hesitate to call one of our full time professionals on the Thrive Team. We are always up for a coffee and a chance to catch up and provide you information.