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The HOLM Stretch | July 19th, 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.
July rate cut?
RBC reported Tuesday that June's inflation drop to 2.7% may lead to a rate cut this month.
They aren't the only economists who believe the BoC is on track for another rate cut in July:
👉CIBC Economics sees the central bank as likely to cut rates in July, citing increased labor market slack.
👉BofA Global Research expects a 25 basis point cut on July 24, forecasting the rate to reach 3.75% by year-end.
👉Desjardins economist Marc Desormeaux believes the softening labor market and easing inflation support another cut in July.
Here's what that could mean for you:
If you're a homeowner?
✔️Variable-rate mortgage holders would see immediate benefits.
✔️Homeowners with fixed-rate mortgages approaching renewal might see some relief compared to current rates, although rates would still be higher than they were a few years ago.
✔️Home equity line of credit (HELOC) borrowers would likely see a reduction in their interest costs.
If you're looking to buy a home?
✔️While a single 25-basis point cut may not dramatically change affordability, this could signal the start of a downward trend in interest rates.
✔️Lower rates could encourage more buyers to enter the market, potentially increasing competition.
✔️We don't know yet how it would impact home prices—while lower rates could make mortgages more affordable, increased demand could put upward pressure on prices.
If you have any questions, we're here to help.
Talk soon,
Chris, Patric, Julie, Jasmine, Kristi & Brell
In North Okanagan Real Estate
As of the morning of Friday July 19th, there are 1057 homes showing as active listings here in North Okanagan. On July 12, there were 1065 homes active.
Sales ranged from $229,000. to $1,389,000. Days to sell ranged from 8 to 259. 7 listings expired, 12 were cancelled.
28 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.
$229,000.
Low Sale
35
New Listings
$1,389,000.
High Sale
23
Listings Sold
JUST LISTED
Vernon BC Real Estate | 8735 Forsberg Road
Amazing real estate! 7 bedroom 7 bath (includes 2 bed 2 bath Carriage home) a 3 bay dream ...
Vernon Real Estate | 936 Mt. Ida Drive
Get all the details on the 5 bedroom 4 bath home on Middleton Mountain in Vernon BC right...
JUST SOLD
Armstrong BC Real Estate | 2435 Pleasant Valley Road #208
SOLD!! Check out this 2 bedroom 1 bath top floor apartment in Armstrong BC...
COMING SOON
Armstrong BC Real Estate | 2291 Nordstrom Avenue
We are working on this listing right now....
ICYMI...
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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.
2
New Listings
3
Listings Sold
0
Price Up
2
Price Down
Vernon BC Real Estate Recap
A look at the Vernon market activity in the last 7 days
23
New Listings
16
Listings Sold
0
Price Up
14
Price Down
Coldstream BC Real Estate Recap
A look at Coldstream market activity over the last 7 days
1
New Listings
1
Listings Sold
0
Price Up
5
Price Down
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