2020 Economic Forecast
Kelowna, West Kelowna, Salmon Arm, Okanagan, BC
What are some of the indicators present for 2020?
1) Popular place to live
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The Okanagan is always high on the relocation list for people; retirees nationwide as well as folks moving up from the pricey Lower Mainland.
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Industry in the valley is diversifying (tech), weather is really nice, outdoor activities are great, wine, lake, skiing, etc
2) Popular Place to Invest
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Kelowna was recognized as THE next great development hub by Colliers International, #1 place to invest by Western Investor and featured location in Re/Max’s Recreational Property Report. Click HERE to read the article.
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Kelowna is one of the fastest growing metropolitan areas in Canada with a 3.1% growth rate.
3) Demand
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60,000 people are predicted to move to the Okanagan in the coming 15 years
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That’s over 330 per month 🙂
4) Supply
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New construction is booming right now in the Kelowna / Okanagan area
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2,000 condominiums
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1,000 town homes and single family dwellings
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Market experts are predicting that it will take 3-years to work through this new supply
5) Possible Change to the Mortgage Stress Test
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The mortgage stress test is a law that requires mortgage lenders to qualify your application at a rate of 5.19% as opposed to today’s typical contract rate of around 2.74% for a 5-year fixed. It means you qualify to purchase less house.
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Good news for those looking to buy; the Federal Government is looking at relaxing the stress test requirements meaning you will soon (maybe) be able to afford more home 🙂
6) Don’t Fly Blind – Get a Pre-Approval
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If you are planning on purchasing now or in the coming years, reach out to a professional mortgage broker and professional realtor.
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Huber Mortgage has years of experience and works with the best realtors.
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Let us prepare your mortgage application to ensure approval when your day comes to purchase.