2020 Economic Forecast

Kelowna, West Kelowna, Salmon Arm, Okanagan, BC

What are some of the indicators present for 2020?

1) Popular place to live

  • 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.

3) Demand

  • 60,000 people are predicted to move to the Okanagan in the coming 15 years

  • That’s over 330 per month 🙂

4) Supply

  • New construction is booming right now in the Kelowna / Okanagan area

  • 2,000 condominiums

  • 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



Huber Mortgage logo black