What do tighter mortgage rules mean for the average buyer?
priscilla
Posts by priscilla:
What do tighter mortgage rules mean for the average buyer?
Tighter Federal Mortgage Regulations On January 1st we watched as Canadian rang in a New Year – and as the Federal Government rolled out its 7th round of mortgage tightening rules since 2008 (wow!). “Effective January 1, new federal mortgage tightening rules require borrowers with a down payment of 20% or more to face a [&hellip
Read MoreOkanagan/Shuswap Market Update – January 2018
A strong showing in January year over year has market sales up! The overall market took a turn for the better this January as residential sales across the region of Revelstoke to Peachland totaled 449 in January, holding the same pattern that was seen in December but showing a strong 27% increase over the same [&hellip
Read More
Okanagan/Shuswap Real Estate Market Statistics, December 2017
December was an interesting end to 2017! Despite cold weather, there was some significant activity, especially in higher end properties. It was exciting to see our first sale over $1 million on Silver Star Mountain since 2008! On the other hand, it was a typical holiday month with most Sellers and Buyers just too busy [&hellip
Read More
Who Purchased Real Estate in November?
Did you know 21.1% of Buyers purchasing real estate in the Okanagan/Shuswap region during the month of November were from Lower Mainland/Vancouver Island? While only 8.5% of Buyers were from Alberta. NOVEMBER BUYERS SURVEY Home/Property Type: 21.3% by Relocating and moving to similar property type (down from 21.5% in October) 18.9% by First Time Buyers (up from 15.5%) [&hellip
Read More
First Real Estate Sale Over $1 Million Since 2008
9987 Cathedral Drive, Silver Star – SOLD FOR OVER $1 MILLION In the North Okanagan there were 4 real estate sales over $1 million dollars in November, 3 acreages and 1 home on Silver Star Mountain. This fully furnished, custom designed, half-duplex home on The Ridge offers premium ski in/out access and stunning Monashee Mountain views. One of [&hellip
Read More
Okanagan/Shuswap Real Estate Market Statistics – November 2017
Just a few more weeks until Christmas and we are excited!! We wish you and your family the very best of the holiday season! In 2017 the world witnessed almost every natural disaster Mother Nature could dream up. Despite all this, BC is heading towards 2018 with a strengthening economy, lower unemployment and near record [&hellip
Read More
Who Purchased Real Estate in October?
Did you know “Empty Nesters/Retired” Buyers make up 18-20% of real estate market in the Okanagan/Shuswap? However, more than 50% of the Buyers are two parent or single parent families with children. OCTOBER SURVEY SUMMARY Property Type: 21.5% by Relocating and moving to similar property type (up from 17.6% in September) 18.2% buying Revenue/Investment Property (down [&hellip
Read MoreOkanagan/Shuswap Real Estate Stats – October 2017
Here are the October real estate stats! Hot news from the Okanagan Mainline Real Estate Board (OMREB) North Okanagan Real Estate Statistics (Vernon, Coldstream, Armstrong, Lumby & Enderby) Stats for October 2017 vs October 2016 Overall sales down 7% to 225 units. Single Family home sales down 18% to 106 units from 129. New [&hellip
Read MoreOkanagan/Shuswap Real Estate Statistics – September 2017
October brought both cooler temperatures and a gradually cooling real estate market. Overall, in the Okanagan/Shuswap region sales were down 16% from the same time last year. The change hasn’t been dramatic, but we are seeing fewer sales and longer days on market. Inventory is still much lower than usual and new listings are slow [&hellip
Read More