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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...

Sep 25 4 minutes read

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

  

 

 

 

JUST SOLD


 

COMING SOON

 


ICYMI...

PICKS OF THE WEEK

WHAT'S HAPPENING?


       

What's Happening In & Around Vernon

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. 


More details on events and learning opportunities

MAKING TRACKS

 

WEEKLY REAL ESTATE REPORT


Armstrong BC Real Estate Recap

A look at Armstrong Spallumcheen Market Activity for the last 7 days.

New Listings  Just Sold  Active Listings

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

New Listings  Just Sold  Active Listings

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

New Listings  Just Sold  Active Listings

5

New Listings

0

Listings Sold

0

Price Up

3

Price Down


Whether a purchase or sale is in the future (near or far) or you just want to know what's going in real estate anywhere in the Okanagan Shuswap, we'd love to hear from you.

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