The Okanagan is always high on the relocation list for people; retirees nationwide as well as folks moving up from the pricey Lower Mainland.
Industry in the valley is diversifying (tech), weather is really nice, outdoor activities are great, wine, lake, skiing, etc
2) Popular Place to Invest
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.
Kelowna is one of the fastest growing metropolitan areas in Canada with a 3.1% growth rate.
60,000 people are predicted to move to the Okanagan in the coming 15 years
That’s over 330 per month 🙂
New construction is booming right now in the Kelowna / Okanagan area
1,000 town homes and single family dwellings
Market experts are predicting that it will take 3-years to work through this new supply
5) Possible Change to the Mortgage Stress Test
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.
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
If you are planning on purchasing now or in the coming years, reach out to a professional mortgage broker and professional realtor.
Huber Mortgage has years of experience and works with the best realtors.
Let us prepare your mortgage application to ensure approval when your day comes to purchase.
Thank you very much for reading. Please share 🙂
One of my hobbies is blogging about mortgages, debt and government policy. During the day I’m a MORTGAGE BROKER in Kelowna, BC!
Check out the Huber Mortgage Home Buyers Guide HERE