Aside from the fact that mortgage qualification rules have tightened, which can be seen as a very positive move, it is still a good time for first time home buyers to be looking.
The market has softened as we expected, but is stabilising which is a key indicator of some confidence returning and most importantly, interest rates are all but static.
Despite the rhetoric of the past two years that we were set to see a rapid rise in interest rates, it appears as though the finance sector has acknowledged that we are not dealing with runaway inflation.
At some point we may, but if ever that happens, I don’t believe it is an immediate problem. Too much money is still not in circulation and until it is, serious inflationary problems are simply a dream.
Good real estate values abound in the Okanagan for the patient buyer and offer everything from a simple start up floor plan for a young couple through to larger single family homes with additional space for rental as a mortgage helper.
Whatever your preference, contact your REALTOR® to get the best advice on how to approach buying your first home.
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The views expressed are strictly those of the author and not necessarily those of Castanet. Castanet presents its columns "as is" and does not warrant the contents.
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