Okanagan real estate feeling the impact of higher interest rates
Prices dropped between five and nearly eight per cent compared to January 2022.
“Last year when a client could afford a purchase of let’s say $380,000, at an income of $80,000 for their year, this year it is only about $340,000 so it is a big difference,” said Deb White, owner of White House Mortgages in Vernon.While the detached home prices are down, they haven’t plummeted and aren’t expected to.
White paints a similar picture, saying the Okanagan real estate market is continuing with people just finding more creative ways to buy a home in the higher interest rate climate.
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