22 Jul Should I buy a home in Kelowna right now?
Homeowner decisions made easy
The real estate market in Kelowna is hot right now, we are seeing record breaking trends in residential sales despite less supply and more demand, which is pushing pricing back to the peak it was at in 2008. A number of factors are contributing to current market conditions, with population growth a key one for the Okanagan. According to the Okanagan Mainline Real Estate Board consumers can expect to see rising prices, short turn-arounds between when a property is listed and when it is sold, and situations where there are multiple offers on a listing.
With factors like these to consider you are likely thinking hard about whether or not to buy a home right now. Our hope is to provide you with some tips to help you weigh the pros and cons for your personal situation.
Here are some statistics about home ownership for your consideration from the Canada Mortgage and Housing Corporation (CMHC):
86% of recent homebuyers agree that homeownership is a good long-term investment
Buying a home is one of the biggest emotional and financial decisions you’ll ever make! While the consensus among current home buyers is that it is a good investment, it may not be the right choice for everyone. It’s important for you to evaluate your personal situation to decide if buying a home is the right move for you. You can ask yourself the following questions:
- Do you have the necessary financial management skills?
- How financially stable are you?
- Are you ready to take on the responsibility of all the costs involved in homeownership, including mortgage payments, repairs, and maintenance?
- Are you able to devote the time required for home maintenance?
88% of recent buyers indicated that they had a good sense of how much mortgage they could afford before buying a home
It’s very important to evaluate your financial situation prior to buying a home in order to have an idea of what you can afford for a mortgage. There are many helpful tools out there, including this step-by-step guide to calculate your financial readiness from the CMHC.
81% of recent homebuyers relied on the advice of a mortgage lender, broker or other professional
Buying a home can be an overwhelming process, that’s why it is advisable to seek the assistance of a professional. If you’ve decided that home ownership is right for you, the next logical step is to find out how a mortgage broker can help. We can answer questions and walk you through the process of getting pre-approved for a mortgage so you can start looking for our dream home!
Transitioning from renting to owning
Right now, Kelowna’s rental vacancy rate is 0.7 per cent. Many people are finding it difficult to find suitable rental properties and as a result many are looking to transition from renting to buying. Some renters feel they may not be able to make the leap to owning a home, but don’t count yourself out without going through the process we’ve described here: Evaluate you financial position and seek advice from professionals.
If you’re ready for homeownership John Antle Mortgages can help. Our brokers will negotiate with the lender on your behalf, manage obstacles, process paperwork and hammer out the details. They’ll help simplify what can be an overwhelming experience and take your long-term plan into consideration.
Call to set up an appointment with a Kelowna Mortgage Broker today (250) 212 8512.
JOHN ANTLE MORTGAGES – KELOWNA’S MORTGAGE SPECIALIST
We specialise in offering mortgage solutions that go above and ‘beyond the bank’. This means we are able to provide flexible solutions at great rates, often better than what traditional banks have to offer. Working with a mortgage broker can open up your options, allow for potentially greater solutions for your situation. We work with a variety clients including first-time buyers, those looking to transition from renting to owning or renewing a mortgage, self-employed business people, as well as investors in rental and/or vacation properties.