2019 spring check up

Here we are 5 months since my last post. It’s time to check up on the market. It’s springtime and the sun is shining, we’ve had zero flood waters, and yes, Okanagan properties are still a hot item. Just not quite as hot as last year. Demand remains strong however it looks to be a much more balanced market than just one year ago, with buyers speculating on that trend to continue.

We suggested back in January that interest rates had room to come down. They did not disappoint, with 5 year fixed rates now available at 2.94% again. This could be helping sales and keeping prices elevated for the time being. The way it has worked out it’s been a bit of a win for win for sellers and buyers to date so far. There are still some great deals out there and the interest rates make those deals even more attractive.

Looking ahead I think we’re approaching some interesting times, and it will be interesting to see what happens as a result of the recent inquiry into money laundering in BC. The investigation so far has revealed some staggering numbers. Will the government do anything to stop the flow of funds? If they do, and they succeed in removing billions of dollars of illegal funds from the economy, what impact will that have on our economy? I’m willing to bet the Bank of Canada is not very excited about turning that tap off.

If you are a buyer, it is an exciting time and for once it is looking like time is on your side. Sellers, I still think it’s a great time for you as well. Price point and a quality product will be key to making the sale.

If you are a homeowner and your interest rate does not currently start with a 2 then you should be contacting a broker, like this guy right here, to see if it makes sense for you to change things up, save some bucks, and plan for the future. An early change now could save you thousands in interest.

Have a great summer everybody!