Are you wondering what this hot real estate market means for you and your mortgage? You’re not alone! Keep reading our blog to learn more about the
Okanagan market and what this could mean for you as a current or future property owner.
Despite expectations that it would be slowing through the pandemic, the housing market is still booming across most of Canada!
The Canada Mortgage and Housing Corporation’s earlier prediction that home prices would fall by 18% in 2020 and 2021 shows just how difficult forecasting is during such an uncertain time, as many areas of the country have instead seen prices climb by approximately 22%. Current trends suggest that prices will either remain steady or continue to climb in most regions, though it is important to note that the uncertainty caused through job loss from the pandemic means that this could change at any time.
Right here in the beautiful Okanagan Valley is no exception! According to the South Okanagan Real Estate Board, single family home sales were up by 70.9% in November 2020, compared to November 2019, and it appears that number will continue to climb so long as there are enough homes on the market. The demand for prime real estate in Kelowna and all across the valley isn’t going anywhere, so what does that mean for you as a mortgage holder?
First Time Home Owner
Here at Rampone Marsh, we understand that buying a home for the first time is stressful and overwhelming at the best of times.
Now, during a pandemic, it can be that much more difficult for first time buyers to understand their options, especially with little mortgage experience. The uncertainty of these times can add another layer of concern for new buyers, but we are here to support you! We make sure you are given all the relevant information around the different programs in Canada for first time buyers and we explain each step of the mortgage process so you feel informed and prepared to make this big decision.
One very important thing to keep in mind is that with such an active market, banks and mortgage brokers are busier than ever to keep up with the demand. It’s absolutely crucial that first time buyers work with a team that is communicative and takes your specific needs into account. At Rampone Marsh Mortgages, we always return your call or email and our training is specifically tailored to mortgages, instead of the diluted training that occurs in banks. Working with us means you get the expertise of local mortgage professionals plus top level client care from our whole team.
Current Mortgage Holders
If you are a more seasoned individual when it comes to mortgages, these recent housing market trends can still affect you!
The flourishing sellers market here in the Okanagan Valley has encouraged many homeowners to consider their options when it comes to things like moving farther out of the city centre to a larger property, multiple property ownership for rental purposes, refinancing their mortgage or even using a mortgage loan to help support debt issues during the pandemic.
We love working with existing homeowners who are looking to ‘move up’ or obtain another property and we have all of the tools to support you as you look to expand! We understand the local Okanagan market having lived and operated right here in Kelowna for many years. We work with the top lending institutions to ensure you get the best rates and options as you look to expand your home ownership.
If you are considering refinancing your mortgage or using your mortgage to consolidate credit card debt, make large renovations or invest to accommodate the uncertainty of these economic times, we can support you through these options as well! Refinancing is often a neglected area that is never fully explored by homeowners. We have the knowledge to walk you through all of the possibilities based on your specific needs.