Hey Everyone
While I’m still away in a sunny far off destination, I hear it’s hot back in Cranbrook, and frankly, the Bank of Canada’s adjustment yesterday might be the start of the housing market heating back up.
We saw Kelowna move through a slumbering market last winter, only to wake up through the spring and summer. If history is any guide, I suspect the Kootenay market is about to follow suit; we usually trail what happens out west by a few months.
What’s Changed?
Yesterday, the Bank of Canada lowered its key rate to 2.5%. For homebuyers, that means more affordable mortgage payments and a bit more breathing room in your budget.
Lenders are already offering sharper rates, especially on variable and some fixed-term products. That drop might sound small, but for many, it’s the difference between “hoping” and “having.”
September and October are traditionally two of the best months to buy: more homes on the market, less competition (for now), and the chance to get settled before winter sets in.
A Word of Caution:
I’ve heard from a few folks who plan to “wait and see” if prices drop further. It’s a common instinct, no one wants to miss a better deal. But let’s talk about what could happen if you do sit it out ’til spring:
If more buyers jump in now (thanks to lower rates), competition could heat up quickly. We’ve already seen this in Kelowna, by the time the headlines caught up, prices were already rising and there were multiple offers on great homes.
Spring is almost always the busiest, most competitive time in real estate. If you’re betting on lower prices but demand rockets up, even a modest price dip might be outpaced by bidding wars and lost negotiating leverage.
On the flip side, moving now while things are quieter, means you have more choices, less pressure, and a real shot at snagging a deal before the crowd shows up.
So:
Wait, and maybe you win a slight price drop…but risk much tougher competition.
Move now, and you could win both a lower rate—and your pick of homes, with time to get settled before winter.
What are your thoughts? Are you ready to jump in, or are you tempted to hold off and roll the dice on spring?
Hit reply and let me know where your head’s at. Whether you’re feeling optimistic, a bit nervous, or just want to chat about what this all means for you, I’m always here for a candid conversation and some good advice, no stress, no pressure.
Text me, right now! 250-919-5474
I don’t say this on a whim, I’m serious, if you text me now, I can show you exactly where you stand within a few hours. No stress, no pressure, no obligation.
Just a simple text that can put you at ease.