The market continues its historic rise. While a slight cooling has occurred in multiple offers because of the travel restrictions, we are still seeing competing bids throughout the entire real estate spectrum. Only condos seem impervious to the Okanagan buying frenzy. Despite pressure from banks with changes in mortgage qualifications the market is unlikely to cool because of the maintained influx of national cash buyers.
Increase for sales in 2021 from this time last year.
DAYS TO SELL
63% (38 days) faster than this time last year.
for a single family home in the Okanagan.
Suite 108 - 1289 Ellis St, Kelowna, BC V1Y 9X6
The Office of the superintendent of Financial Institutions (OSFI) has proposed a tougher minimum qualifying rate for uninsured mortgages to come into effect June 1, 2021. The new rate would be the mortgage contract rate plus 2%, or a 5.25% flat floor. That 5.25% is 0.46% points higher than the current minimum stress rate of 4.79%.
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