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The HOLM Stretch | September 27, 2024
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!
Major mortgage reforms are coming—here's what you need to know
For many first-time homebuyers, owning a home has felt out of reach. But with new mortgage reforms on the horizon, that could soon change.
Starting December 15, 2024, the federal government will introduce significant changes to make homeownership more attainable for younger buyers and those purchasing new builds.
Here’s what’s changing:
👉 All first-time homebuyers and buyers of new builds will soon be eligible for a 30-year amortization on insured mortgages. This will help reduce monthly payments, making homeownership more affordable from the start.
👉 To qualify, your loan-to-value ratio must be 80% or more. Additionally, the price cap for insured mortgages will rise from $1 million to $1.5 million, allowing more buyers to qualify for insurance on higher-priced homes with lower down payments.
For example, you could pay just 5% on the first $500,000 and 10% on the portion between $500,000 and $1.5 million.
Keep in mind, while these changes lower monthly costs, extending a mortgage over 30 years means paying more in interest over time.
We hope this is helpful!
Talk soon,
Chris, Patric, Julie, Jasmine, Kristi & Brell
THE TEAM AT CHRIS HOLM & ASSOCIATES
In North Okanagan Real Estate
As of the morning of Friday Sept 27, there are 1010 homes showing as active listings here in North Okanagan. On Sept 20 30, there were 1015 homes active.
Sales ranged from $330,000. to $996,208. Days to sell ranged from 0 to 454. 8 listings expired, 27 were cancelled.
55 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.
$225,000.
Low Sale
57
New Listings
$2,500,000.
High Sale
26
Listings Sold
JUST LISTED
Vernon BC Real Estate | 124 Sarsons #70
Get the info on this 3 bedroom 3 bath home in Quail Run, Vernon, BC....
Vernon BC Real Estate | #1 61 Antoine Road
2 Bedroom 2 bath home at the Head of the Lake with easy Okanagan Lake access....
SilverStar BC Real Estate | 9985 CATHEDRAL DRIVE
Check out this amazing ski in ski out home in SilverStar Vernon BC real estate....
JUST SOLD
Armstrong BC Real Estate | 2855 Fowler Street
SOLD!! Explore this 3 bedroom 2 bath Armstrong real estate opportunity....
COMING SOON
ICYMI...
PICKS OF THE WEEK
WHAT'S HAPPENING?
WHAT ELSE WE ARE TALKING ABOUT
Please take time for reflection and learning
For over a century, the Indian Residential School system in Canada violated the rights of First Nations, Inuit and Métis children. Public commemoration of the tragic and painful history and ongoing impacts of residential schools is a vital component of the reconciliation process.
Please take time this weekend to think about this important aspect of our history.
MAKING TRACKS
Fall is an ideal time to explore Kelowna's waterfront - Making Tracks
Okanagan Lake is beautiful at any time of the year but spring and fall are the best times ...
WEEKLY REAL ESTATE REPORT
Armstrong BC Real Estate Recap
A look at Armstrong Spallumcheen Market Activity for the last 7 days.
3
New Listings
2
Listings Sold
0
Price Up
5
Price Down
Vernon BC Real Estate Recap
A look at the Vernon market activity in the last 7 days
36
New Listings
17
Listings Sold
0
Price Up
34
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
3
Price Down