09/08/2022
𝗢𝗙 𝗖𝗢𝗨𝗥𝗦𝗘 𝗽𝗿𝗶𝗰𝗲𝘀 𝗮𝗿𝗲 𝗰𝗼𝗺𝗶𝗻𝗴 𝗱𝗼𝘄𝗻! !
The climate that led to the soaring prices mid 2020 to early 2022 was because of LOW supply and ABSOLUTELY CRAZY demand, (a huge percentage from the lower mainland). That scenario is no longer the case as we have 126% MORE INVENTORY in Kamloops now than 12 months ago, AND interest rates have spiked very quickly.
Believing 𝘁𝗵𝗲 𝗿𝗲𝗰𝗼𝗿𝗱 𝗵𝗶𝗴𝗵 𝗮𝘃𝗲𝗿𝗮𝗴𝗲 𝗽𝗿𝗶𝗰𝗲𝘀 (𝘄𝗵𝗶𝗰𝗵 𝘄𝗲𝗿𝗲 𝗰𝗮𝘂𝘀𝗲𝗱 𝗯𝘆 𝗺𝘂𝗹𝘁𝗶𝗽𝗹𝗲 𝗼𝗳𝗳𝗲𝗿 𝘀𝗰𝗲𝗻𝗮𝗿𝗶𝗼𝘀, 𝗼𝘃𝗲𝗿 𝗮𝘀𝗸𝗶𝗻𝗴 𝗽𝗿𝗶𝗰𝗲 𝗯𝗶𝗱𝗱𝗶𝗻𝗴 𝘄𝗮𝗿𝘀 𝗮𝗻𝗱 𝗯𝘂𝘆𝗲𝗿𝘀 𝗿𝗮𝗰𝗶𝗻𝗴 𝘁𝗼 𝗹𝗼𝗰𝗸 𝗶𝗻 𝗿𝗲𝗰𝗼𝗿𝗱 𝗹𝗼𝘄 𝟭.𝟰𝟵% 𝗶𝗻𝘁𝗲𝗿𝗲𝘀𝘁 𝗿𝗮𝘁𝗲𝘀) would be sustained, is unrealistic. Buyers now qualify for less money, and have many more options of homes to choose from. I hope the first time home buyers who decided to buy during the pandemic have a good grasp of budgeting as their future rate at mortgage renewal time is obviously unknown.