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The HOLM Stretch | February 7, 2025
Chris Holm & Associates
We want you to know that our team is unique in the way we chose to approach real estate here in the North Okanagan. We are a true real estate co...
We want you to know that our team is unique in the way we chose to approach real estate here in the North Okanagan. We are a true real estate co...
Thanks for stopping by!
What You Need to Know About Canada’s Mortgage Stress Test
If you’re thinking about buying a home or refinancing your mortgage, you’ve likely heard about Canada’s mortgage stress test. While it might sound complicated, it’s simply a safeguard to ensure you can manage your mortgage if interest rates rise or your financial situation changes.
Here’s what you need to know:
👉 It’s all about financial stability. The stress test ensures you can still afford your mortgage if rates go up. You’ll need to qualify at either 5.25% or your current rate plus 2%, whichever is higher.
👉 You may qualify for less than expected. Even if your actual mortgage rate is lower, lenders use the stress test rate to determine how much you can borrow. This can impact your budget, especially in a fluctuating market.
👉 Refinancing? You’ll likely need to pass again. If you switch lenders or refinance, you may need to requalify under the stress test—something to consider if your income or financial situation has changed.
👉 A larger down payment can help. The more you put down, the less you need to borrow, making it easier to qualify and giving you more flexibility.
Understanding the mortgage stress test can help you plan ahead. If you’re thinking about buying, refinancing, or making a move, talking to a mortgage professional can give you a clearer picture of your options.
Have questions? Let’s chat.
Talk soon,
CHRIS, PATRIC, JULIE, JASMINE, KRISTI & BRELL
Scroll down for our regular real estate and community features.
In North Okanagan Real Estate
As of the morning of Friday February 7, there are 665 homes showing as active listings here in North Okanagan. On January 31, there were 647 homes active.
Sales ranged from $90,000. to $2,150,000. Days to sell ranged from 9 to 266. 15 listings expired, 15 were cancelled.
18 prices were reduced over the last week.
Scroll down for our market recap for Vernon, Armstrong, and Coldstream real estate activity in the last 7 days.
$90,000.
Low Sale
66
New Listings
$2,150,000.
High Sale
22
Listings Sold
JUST LISTED
Vernon BC Real Estate | #102 2100 43rd Avenue
Check out this 3 bedroom 2 bath home in Vernon's Harwood area....
Armstrong BC Real Estate | 2435 Okanagan #5
Explore this 4 bedroom 4 bath home in Armstrong, BC....
ICYMI...
BUYERS SPECIALISTS PICKS THIS WEEK
WHAT'S HAPPENING?
WHAT ELSE WE ARE TALKING ABOUT
It is ALL about YOU.
If you’re trying to decide when is a good moment for you to buy a second home, the most important factor is your personal situation.
Market trends are important—but not more important than your personal finances, stability, individual needs, and more.
Whether the property is for:
- Vacation
- Your investment portfolio
- Retirement
- Or something else…
Your situation and the timing in your life matters.
When is the right time to buy a second home?
Check out our latest blog for key insights on a decision that affects your life and your future.
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WEEKLY REAL ESTATE REPORT
Armstrong BC Real Estate Recap
A look at Armstrong Spallumcheen Market Activity for the last 7 days.
5
New Listings
0
Listings Sold
0
Price Up
3
Price Down
Vernon BC Real Estate Recap
A look at the Vernon market activity in the last 7 days
49
New Listings
17
Listings Sold
0
Price Up
11
Price Down
Coldstream BC Real Estate Recap
A look at Coldstream market activity over the last 7 days
5
New Listings
0
Listings Sold
0
Price Up
0
Price Down