Recent Real Estate Updates Regarding Penticton and the Surrounding Area that New Buyers Need to Know About
We’re three weeks into the new year. Now that you’ve shaken off the cobwebs from the Holiday season you’re ready to move forward with your plans to make your dream come true – home ownership. There’s nary a better place to make that happen than right here in the BC Southern Interior. But before you take steps on your own to get pre-approved on a mortgage, have a look at what’s new in the Penticton area real estate market.
Investors/Owners Celebrate as Home Values Skyrocket
There was a lot talk brewing from within Blenz, Bellevue Cafe, Wayne & Frieda and the other cafes around the town as local homeowners/investors saw their property assessments come in to launch the new annum. Home values shot up by more than 30% in the South Okanagan. Assessed values in Penticton, Summerland, Oliver, and Osoyoos saw gains range from 33-39%. Outliers such as Keremeos recorded 48% growth. That explains why patrons have been buying rounds of lattes for their respective tables.
In all seriousness, it has been a record setting year for investors and homeowners in general. Those who purchased local properties with the sole intent to sell saw a major ROI, while the rest enjoyed a big boost in equity. You’d better believe that the latter will be looking to leverage this equity for renovations and perhaps other investments. The former (pure investors) are already looking at ways to buy back into a piping hot market and add to their portfolio.
Why Buyers Should Be Happy Too
While everything above is all great news for property holders, how should it make you (a new buyer) feel?
Excited.
But don’t higher assessment values price you out of the market? Not when you consider your options. For example, when you work with the community’s longstanding mortgage broker, you will gain access to first time buyer incentive programs. These programs can lower your required downpayment and allow you to enter the hot market at a fraction of what you would pay to play without a broker at your side.
And what about proportionately higher monthly mortgage payments that typically come with higher property values? Once again you’ll find that the right mortgage broker can help. A broker that boasts relationships with lending institutions will get you access to lower and unadvertised variable and fixed rates (whichever you prefer) so that the terms and longterm cost of your mortgage will be far lower than if secured on your own. They can even get you access to alternative private lenders should your credit history not be firmly established.
Lastly, lets not forget to look at a key upshot about skyrocketing home values. It means that the property you buy today, even if it’s to be your place of residence, will be an exceedingly wise financial investment. Real estate value projections for Penticton and the surrounding area remain as strong as ever. What you buy today will more than likely grow in value as the months after your mortgage begins progress. Your equity will grow early into your tenure as a new home owner. There are very few places in Canada (or the U.S.) where the same can be said. Of course, this is contingent upon acting in a timely manner. If you wait much longer, supply may tighten and prices will rise further. Plus, the Bank of Canada is sure to raise the prime rate at some point in 2022 (maybe by Q2) which means variable rates could subsequently rise. Fixed rates are already begin to tick upwards in light of the Bank of Canada’s end to the quantitative easing program. The time to make your move on home ownership is now.
Throw your hat into the hottest real estate market in Canada. Begin by contacting Carloni Mortgage Brokers today.
Commentaires