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February 22, 2013 By

Kelowna Mortgage broker, Consolidation mortgage, Low rate mortgage, BC

kelowna mortgage brokerThis is a classic misleading statistic. The market is traditionally slow in December and I will predict that January’s result will be equally

Poor on a year over year basis. Mortgage Broker Kelowna

The problem with real estate statistics is they try to impose a general assumption onto a localized product.  For instance, the headlines today talk about slow sales and a national price decline.

First he price decline is less than 1 %. If the average house price is 350k then they have declined less than 3500 bucks, which in my mind is not earth shattering. But the reality is even less than that.

The numbers are taken from averages. The averages nationally are going to be driven by the largest real estate boards in the GTA, Vancouver and maybe Calgary.  The average increase or decrease may not be influenced at all by smaller market activity such as Victoria KELOWNA Saskatoon etc.

Within the average sale price decline you might see and alternative interpretation.  In those big markets mentioned the average house price can decline because activity increased in a lower price range relative to overall sales, the result of which is lower prices would dag the average home price down.

In small towns, a single sale can cause significant average price swings either way. Lumby B C showed  4% price increase according to news reports. The problem with this is a single sale over 750k would drag the nitre sales average upward.  ( the lumby racket is very small)

So what is our advice?  Beware market stats which are negative for December and January, which are traditionally slow months.  Ignore national sales numbers. Real estate is a local product.

Do pay attention to your local economy, your personal financial circumstances and your personal needs. Mortgage Broker Kelowna

Remember that most of you are buying a home not an investment and that real estate is longer term game. It’s not the stock market.

Mortgage Broker Kelowna

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February 14, 2013 By

Kelowna Mortage Broker – Bank of Canada

kelowna-mortgage-brokerAs predicted the Bank of Canada will keep rates low for the foreseeable future. This is true as well for a

Kelowna Mortgage Broker.

This policy combined with the (apparently) slowing demand in the residential real estate market will create an excellent buying opportunity for those wanting to own their homes. According to the bank the wild card in their policy choice is the US economic recovery which is well documented by the US real market blogger, Calculated Risk.
The real problem for the BoC is they are caught between a high dollar, export demand and imports such that they are dammed if they do or dammed if they don’t.
If they raise rates, especially increasing the differential between US rates and Canadian rates then there will be a rise in the Canadian dollar vs the US dollar which will damaging Canada’s vital export industries. In addition, as the dollar rises, imports become cheaper. Much of Canada ‘s inflation basket is made up from imported goods so the inflation number goes down, which pushes the need to raise rates back down.

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Confused? Well the bank is a bit too. And we haven’t even factored in the tight mortgage lending policies that the Finance Department and OFSI have forced on lenders that are causing a major slowdown in the construction industry in Canada. Residential construction is a major economic driver for the Canadian economy and its loss will put further downward pressure on any plan to raise interest rates. To bring this into focus for the ordinary homeowner, all that this means is there is little push on the BoC to raise rates ahead of any move by the Feds in the US. They have committed to keep rates where they are until 2014. So despite the few disclaimers in the BoC’s policy statement, the truth is rates are going nowhere in the foreseeable future and if things don’t get going in the near term, we may even see a rate cut.

Kelowna Mortgage Broker

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February 12, 2013 By

Kelowna Mortgage Broker and The IKEA Monkey?

kelowna-mortgage-ikea-monkeyKelowna Mortgage Broker

I like the Ikea monkey. I like his coat. I like that he hangs at Ikea. He’s kind of a euro-hipster monkey out shopping for monkey size furniture and stuff at one of our favorite furniture stores.
So why is the Ikea monkey on my mind this morning? Well, while I was out walking Jack earlier it occurred to me that the Ikea monkey connects to our psyche in a fundamental way.
Much of this blog talks about the abstract and arcane world of economics with the context of mortgages and real estate. The topics, because they are abstract, don’t connect to our inner humanity. Abstract ideas are always a bit tough to follow but we feel we need to understand them so we can make good financial decisions.
What’s a good financial decision? One where we either make money or at least don’t lose money.
How do we make a good decision? We try to learn as much as we can about a subject by thoroughly researching it and then hopefully making an educated decision.
In the context of real estate the decision almost always revolves around the question, is this a good time to buy? When is a good time to get a Kelowna Mortgage. In my short 35-year career in this Kelowna Mortage industry I can tell you that no one can predict with100% accuracy when is a good time to buy a house. I can tell you that over the long term real estate prices follow the inflation rate. Sometimes they fall behind, like now in Kelowna, and some times they get ahead, like 2007 in Kelowna.

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Contact us for more information about a Kelowna Mortgage. I can also tell you that home ownership is in demand. Which brings me back to the Ikea Monkey. Owning your own home, like the Ikea monkey, touches something deep within our psyche. It is not an abstract idea. Therein are the difficulty and the solution.
If you want to own a home then buy a home. A home is not an investment. If you don’t want to lose money be prepared to live there for the next 10 years and inflation will save your investment.
Your home is not an abstract idea, like the Ikea Monkey, it’s close to your heart.

Hopefully we get an Ikea here in Kelowna soon.

Kelowna Mortage Broker

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December 11, 2012 By

Kelowna Mortgage Broker Tracy Charlton

Kelowna Mortgage Broker

kelowna-mortgage-tracy-charltonFor over 24 years Tracy Charlton has worked in the financial industry. Let Kelowna Mortgage Broker Tracy Charlton handle your mortgage Kelowna needs.  She has the ability to source the best rates for all kinds of mortgages including first time home buyers, construction mortgages and refinances to name a few.  Feel free to contact Tracy at the Lending Outlet.

Contact Tracy at 1-250-862-1073

 

 

 

 

 

Kelowna Mortgage Broker

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