When it comes to getting a mortgage, one of the more overlooked elements is the option to be able to port the loan down the line.

Porting your mortgage is an option within your mortgage agreement, which enables you to move to another property without having to lose your existing interest rate, mortgage balance and term. Thereby allowing you to move or ‘port’ your mortgage over to the new home. Plus, the ability to port also saves you money by avoiding early discharge penalties should you move partway through your term.

Typically, portability options are offered on fixed-rate mortgages. Lenders often use a “blended” system where your current mortgage rate stays the same on the mortgage amount ported over to the new property and the new balance is calculated using the current interest rate. When it comes to variable-rate mortgages, you may not have the same option. However, when breaking a variable-rate mortgage, you would only be faced with a three-month interest penalty charge. While this can range up to $4,000, it is much lower than the average penalty to break a fixed mortgage. In addition, there are cases where you can be reimbursed the fee with your new mortgage.

If you already have the existing option to port your mortgage, or are considering it for your next mortgage cycle, there are a few considerations to keep in mind:

1. Timeframe: Some portability options require the sale and purchase to occur on the same day. Other lenders offer a week to do this, some a month, and others up to three months.
2. Terms: Keep in mind, some lenders don’t allow a changed term or might force you into a longer term as part of agreeing to port you mortgage.
3. Penalty Reimbursements: Some lenders may reimburse your entire penalty, whether you are a fixed or variable borrower, if you simply get a new mortgage with the same lender – replacing the one being discharged. Additionally, some lenders will even allow you to move into a brand-new term of your choice and start fresh. Keep in mind, there can be cases where it’s better to pay a penalty at the time of selling and get into a new term at a brand-new rate that could save back your penalty over the course of the new term.

To get all the details about mortgage portability and find out if you have this option (or the potential penalties if you don’t), contact a Dominion Lending Centres mortgage expert today for expert advice and a helping hand throughout your mortgage journey!

By DCL Marketing Team

One of the important factors in home ownership is understanding things like your credit score.  Some people don’t pay much attention to this metric until they begin the mortgage discussion! However, you will find that your credit score is one of the most important factors when it comes to qualifying for a mortgage at the best rate – and with the most purchasing power.

Credit scores range from 300 to 900, the higher your credit score the better. Ideally, you should be aiming for a credit score of 680 for at least one borrower (or guarantor), especially if you are putting under 20% down. If you are able to make a larger down payment of 20% or more, then a score of 680 is not required.

This score is based on spending habits and behaviours including:

• Previous payment history and track record of paying your credit accounts on time is the number one thing that your credit score considers.
• Your current level of debt and whether you’re maxed or not is the second most important factor.
• How long you have had your credit in good standing is the third most important factor.
• Attaining new credits is the fourth factor and can be a red flag if you’re opening several credit cards, accounts, or loans in a short period.
• Your credit mix is the final aspect of your credit score to determine whether you have a healthy mix of credit cards, loans, lines of credit, etc.

If you want to improve your credit score, you can! It is a gradual process, but it is well worth it. Here are some tips to help you get started!

1. Pay Your Bills: This seems pretty straightforward, but it is not that simple. You not only have to pay the bills, but you have to do so in full AND on time whenever possible.  Paying bills on time is one of the key behaviors lenders and creditors look for when deciding to grant you a loan or mortgage. If you are unable to afford the full amount, a good tip is to at least pay the minimum required as shown on your monthly statement to prevent any flags on your account.
2. Pay Your Debts: Whether you have credit card debt, a car loan, a line of credit, or a mortgage, the goal should be to pay your debt off as quickly as possible. To make the most impact, start by paying the lowest debt items first and then work towards the larger amounts. By removing the low-debt items, you also remove the interest payments on those loans which frees up money that can be put towards paying off larger items.
3. Stay Within Your Limit: This is key when it comes to managing debt and maintaining a good credit score. Using all or most of your available credit is not advised. Your goal should be to use 30% or less of your available credit. For instance, if you have a limit of $1000 on your credit card, you should never go over $700. NOTE: If you find you need more credit, it is better to increase the limit versus utilizing more than 70% of what is available each month. 
4. Credit and Loan Application Management: Reduce the number of credit card or loan applications you submit. When you submit too many credit card applications, your credit score will go down, and multiple applications in a short period can do more damage. Your best to apply for one or two cards and wait to see if you are accepted before attempting further applications.

If you have questions about your credit score, don’t hesitate to reach out to a DLC Mortgage Expert today! Whether you simply want to check your score or find out how you can improve it, our door is always open.

By DLC Marketing Team

When Canadians start thinking about a mortgage, one of the most common pieces of advice they hear is:
“Shop around—talk to as many lenders as possible.”

At first glance, this sounds smart. After all, who doesn’t want the lowest rate? But in today’s Canadian mortgage market, shopping lenders on your own can actually cost you time, money, and negotiating power—and in some cases, even jeopardize your approval.

Let’s explain why.

The Myth: More Lenders = Better Deal

Many people assume that calling multiple banks or credit unions will lead to a better mortgage. In reality, this approach often results in:

• Multiple credit checks

• Conflicting advice

• Incomplete comparisons

• Lost leverage with lenders

Rates matter—but they’re only one piece of a much bigger picture.

Credit Checks Can Work Against You

Every time you apply directly with a lender, they typically pull your credit. While a few checks in a short period may be grouped, excessive or poorly timed applications can raise red flags.

Lenders may start asking:

• Why has this borrower applied so many times?

• Was there an issue with previous approvals?

• Is there undisclosed risk?

This can lead to:

• Lower approved amounts

• Higher rates

• Stricter conditions

Not All Mortgages Are Created Equal

When you shop lenders on your own, you’re usually comparing posted or advertised rates—not the full mortgage product.

Important details often get missed:

• Prepayment penalties (especially on fixed rates)

• Portability and refinance restrictions

• Bonafide sales clauses

• Refinance limitations

• Payout calculation methods

A slightly lower rate can end up costing thousands more if life changes and you need flexibility.

You Lose Negotiating Power

Here’s something most borrowers don’t realize:

Once a lender knows you’ve already applied elsewhere, your leverage decreases. Lenders compete best when:

• One professional presents your application

• The deal is packaged cleanly and strategically

• There’s a credible alternative lender ready if needed

Scattered applications weaken that position.

Why Well-Intended Advice Can Sometimes Hurt

Many buyers are encouraged—often by friends, family, or even Realtors—to “just shop the mortgage” or “check with your bank and a few others.”

While Realtors absolutely want the best outcome for their clients, mortgage advice outside their specialty can sometimes hinder rather than help the financing process. Multiple applications, mixed messaging, or last-minute lender switches can delay approvals, create conditions, or put deals at risk—especially in competitive or time-sensitive markets.

A strong purchase is built on clear roles and trusted professionals, each working in their area of expertise.

What a Mortgage Professional Does Differently

A licensed Canadian mortgage professional:

• Shops dozens of lenders on your behalf—without multiple credit hits

• Matches you with the right product, not just the lowest rate

• Structures the deal to improve approval strength

• Anticipates future needs (moves, refinances, life changes)

• Negotiates strategically with lenders

In short, you get choice without chaos.

When Shopping Does Make Sense

There are times when comparing options is healthy—when it’s done properly.

The key difference:

• ❌ Applying everywhere yourself

• ✅ Working with one professional who compares everything for you

Final Thoughts

In Canada’s mortgage market, more applications don’t mean more power. Often, they mean more risk.

Instead of shopping lenders, focus on:

• Clear advice

• Proper strategy

• Long-term suitability—not just today’s rate

The right mortgage is about confidence, flexibility, and cost over time, not just who advertises the lowest number.

By Annette Perry | AIA, Jan 16, 2026

When you’re purchasing a home, the offer you submit is one of the most important steps in the process. Many buyers hear the term “subject-free offer” or “clean offer” and feel pressure to remove conditions to look more competitive. But what does a subject-free offer really mean — and is it always the right move for you as a buyer?

Let’s break it down from a buyer’s point of view.

What Is a Subject-Free Offer?

A subject-free offer (also called an unconditional offer) is an offer to purchase a home without conditions. This means once the seller accepts, the deal is binding. There is no backing out because of financing issues, inspection concerns, or changes of heart.

In competitive markets, sellers often prefer subject-free offers because they provide certainty and speed. For buyers, however, subject-free offers come with both potential advantages and serious risks.

Common Conditions Buyers Usually Include

Before considering a subjec-free offer, it’s important to understand the protections conditions provide:

• Financing condition – Ensures your mortgage is approved under the agreed price and terms.

• Home inspection condition – Allows you to uncover structural, mechanical, or safety issues.

• Appraisal condition – Protects you if the home appraises for less than the purchase price.

• Sale of current home condition – Gives you time to sell your existing property.

Removing these conditions means you are accepting all risk tied to them.

Why Buyers Consider Free Offers

From a buyer’s perspective, submitting a subject-free offer can sometimes be strategic:

• It strengthens your position in multiple-offer situations

• It can help win a bidding war without drastically increasing price

• Sellers may favour your offer for certainty, even over higher priced conditional offers

In hot markets, a subject-free offer can be the difference between winning and losing a home.

The Risks Buyers Must Understand

While free offers can be powerful, they are not without consequences:

• Financing risk: If your mortgage falls through, you could lose your deposit or face legal action.

• Inspection surprises: Hidden defects could cost thousands after closing.

• Appraisal gaps: If the home appraises low, you may need to cover the difference in cash.

• Emotional pressure: Buyers sometimes waive conditions out of fear, not readiness.

Once a free offer is accepted, there are no second chances.

How Buyers Can Reduce Risk Without Going Fully “Subject-Free”

You don’t always have to choose between being competitive and being protected. As a buyer, there are smarter ways to prepare:

• Get a fully underwritten mortgage pre-approval, not just a pre-qualification

• Review property disclosures and strata/condo documents in advance

• Conduct a pre-offer inspection when possible

• Shorten condition timelines instead of removing them entirely

These steps allow you to submit a strong offer while still protecting yourself.

Is a Subject-Free Offer Right for You?

A subject-free offer may make sense if:

• You have strong financing and sufficient savings

• You fully understand the property’s condition

• You’re prepared for unexpected costs

• You’ve received professional advice

It may not be the right choice if:

• Your financing is uncertain

• You’re stretching your budget

• The home has unknown risks

• You feel rushed or pressured

Final Thoughts from a Buyer’s Perspective

Buying a home is both a financial and emotional decision. While free offers can be an effective tool, they should never be made blindly. The strongest buyers aren’t just competitive — they’re informed, prepared, and strategic.

Before submitting a subject-free offer, ask yourself: Am I confident, or am I just afraid of missing out? The right decision is one that protects both your future home and your peace of mind.

By Annette Perry | AIA

1. Know the Type of Vacation Property You Want — Lenders Care

Not all vacation homes are treated the same by lenders. Before you shop, get clear on how you plan to use the property:

Type A: True Vacation Homes (Most Common)

These are properties used by you and your family for recreation, not rented out nightly or monthly.

Typically must be:

• Year-round accessible
• At least 3-season usable
• Equipped with permanent heat and foundation
• Not on leased land or highly remote

Financing perks:
These often qualify for similar rates and terms as a primary residence.

Type B: Recreational Properties With Limitations

These might be:

• Seasonal cabins
• Remote locations
• Properties without full utilities
• Properties with lake access but not road access

Financing impact:
Expect higher down payments, stricter lender requirements, or limited lender options. Some may require 20–35% down.

2. Short-Term Rental Properties (Airbnb/VRBO)

If you intend to rent your property nightly, this becomes an investment property, not a vacation home—and banks underwrite it differently.Down Payment Requirements

For a true vacation home:

• Minimum 5% down for purchases up to $500,000
• 10% down for the portion between $500,000–$1,000,000
• 20%+ down once the property exceeds $1M or does not meet lender criteria

For rental-use or investment vacation homes:

• 20%–30% down is standard.

3. Understand the Impact of a Second Mortgage

Owning a second home means carrying a second mortgage payment—whether or not you occupy the property regularly.

If your debt ratios are tight, a co-signer, restructuring your primary mortgage, or consolidating debts may help.

4. Rental Income: Can It Help You Qualify?

Long-term rentals: Some lenders will allow 100% of rental income or apply an offset to help qualify.

Short-term rentals: Most lenders will not use projected Airbnb income for qualifying on a purchase. Some may consider historical income once you’ve operated long enough to produce tax returns.

If generating revenue is part of your plan, speak to a mortgage advisor early to structure the purchase correctly.

5. Property Taxes, Strata Fees & Insurance

When budgeting, remember that a vacation home can carry additional costs.

Your mortgage professional can help you build a full cost picture so there are no surprises at closing.

6. What to Expect for Mortgage Rates

Rates for second homes are typically similar to primary residences—unless the property falls into the “limited-use” or “rental-investment” category.

Shopping your mortgage through a broker can give you access to lenders that specialize in recreational properties.

7. Consider Future Resale Value & Growth

The Okanagan market has shown strong long-term appreciation.

But smaller lakes and rural locations can vary widely in liquidity. Always buy with both personal enjoyment and long-term marketability in mind.

8. Work With a Local Team

Vacation properties often come with unique challenges—from zoning and water access to well systems, septic, and strata bylaws.

Final Thoughts

Buying a vacation home in the Okanagan is an exciting opportunity—whether it’s for lake weekends, wine tourism, ski getaways, or just a peaceful retreat. With the right financing strategy, you can protect your cash flow, qualify comfortably, and position yourself for long-term financial success.

If you’re considering purchasing a vacation home and want clarity on what you can afford, how much down payment you’ll need, or which lenders will finance your specific type of property, I’m happy to help you map out the best strategy.

By Annette Perry | AIA

December brings holiday magic, cozy nights in, and—unfortunately—some of the highest energy bills of the year. With colder temperatures, shorter days, and festive lighting, it’s no surprise that many households see their utility costs spike during the winter season. The good news? A few smart strategies can make a noticeable difference in your monthly bills without sacrificing comfort.

Here are practical, effective, and budget-friendly ways to reduce your energy costs this December:

1. Lower Your Thermostat—But Only Slightly

You don’t need to turn your home into an icebox to save money. Lowering your thermostat by just 1–2 degrees can reduce heating costs by up to 5%, and you likely won’t feel the difference when you’re bundled up inside.

For even greater savings, consider a programmable or smart thermostat to automatically reduce heat at night or when you’re away.

2. Use Your Curtains to Your Advantage

Sunlight is a powerful (and free!) heat source.

• Open curtains during sunny days to naturally warm the room.
• Close them tightly at night to keep drafts out and warmth in.

Thick, insulated curtains can help reduce heat loss even more.

3. Seal Drafts and Heat Leaks

Heat escapes quickly through cracks around doors, windows, and baseboards. Adding simple, inexpensive materials can make a big impact:

• Weatherstripping
• Door sweeps
• Caulking around windows
• Foam insulation for switch plates and outlets

These quick fixes can improve comfort instantly while lowering energy waste.

4. Switch to LED Holiday Lights

Holiday displays are beautiful—but they can also drain electricity.

LED lights use up to 80–90% less energy and last far longer than traditional bulbs. They also stay cooler, making them safer for trees, wreaths, and household décor.

Set them on a timer so you don’t accidentally leave them on overnight.

5. Maximize Heat from Everyday Activities

You’re already heating certain appliances—why not let them help heat your home?

• Leave the oven door open after you bake (but not while it’s on, for safety).
• Run the dishwasher in the evening and open the door afterward to release steam.
• Air-dry some laundry indoors to add moisture and warmth (helps combat dry winter air too).

These small habits leverage heat you’re already producing.

6. Reverse Ceiling Fans

Most people forget that ceiling fans have a winter mode.

Set the blades to rotate clockwise at a low speed. This pulls cool air up and pushes warm air down from the ceiling, improving heat distribution and reducing how often your furnace needs to run.

7. Unplug Energy Vampires

Many devices draw power even when they’re not in use:

• Chargers
• Game consoles
• Computers
• Kitchen appliances
• Smart home devices

Using power strips with on/off switches makes it easy to shut everything down at once—especially before bed or when leaving home.

8. Schedule a Furnace Tune-Up

A furnace that struggles to run efficiently costs you more.

A quick tune-up or filter replacement can:

• Improve performance
• Reduce energy consumption
• Prevent unexpected breakdowns in peak winter months

Professionals recommend replacing filters every 1–3 months in winter.

9. Layer Up and Cozy Down

Sometimes the simplest changes make the biggest difference:

• Wear warm socks and sweaters
• Add blankets to living areas
• Use area rugs on tile or hardwood floors

A warmer personal environment means you can run your home slightly cooler without discomfort.

10. Consider Upgrading for Long-Term Savings

If you’re planning renovations in the new year, consider improvements like:

• High-efficiency windows
• Heat pumps
• Better attic insulation
• Energy-efficient appliances

While these require upfront investment, the return in energy savings—and home comfort—is well worth it.

Final Thoughts

December energy bills don’t have to dampen your holiday spirit. With a few strategic adjustments, you can stay warm, comfortable, and energy-efficient throughout the season.

If you’re looking for ways to improve your home—including refinancing or financing upgrades like heat pumps, insulation, or window replacements—feel free to reach out. I’d be happy to help you explore your options and find the right solution for your needs.

By Annette Perry | AI assisted

Creating a pet-friendly home involves considering the comfort, safe ty, and well-being of your furry friends. Here are some features to consider:

• Durable Flooring: Choose scratch-resistant and easy-to-clean flooring like hardwood, laminate, or more durable tile options. Avoid carpets if possible, or choose pet-friendly carpeting that’s stain-resistant.
• Pet-Friendly Fabrics: Choose furniture and upholstery made from pet-friendly fabrics like leather or microfiber that are durable and easy to clean. This helps in case of accidents or shedding.
• Pet-Safe Plants: Select indoor plants that are non-toxic to pets, such as spider plants, Boston ferns, or palms. Keep toxic plants out of reach or opt for artificial plants.
• Designated Pet Areas: Create designated spaces for your pets, such as a cozy corner with a bed or a built-in nook under the stairs. This gives them a sense of security and their own space.
• Easy Access to Outdoors: Install a pet door or create a pet-friendly exit to the yard, allowing your pets to go outside and play freely.
• Secure Fencing: Ensure your yard has a secure fence to prevent your pets from wandering off and to keep them safe from potential dangers.
• Built-in Feeding Stations: Incorporate built-in feeding stations or cabinets to store pet food and supplies, keeping them organized and out of reach from curious pets.
• Wash Station or Mudroom: Include a designated area near the entrance for cleaning muddy paws or bathing your pets, with easy-to-clean surfaces and storage for grooming supplies.
• Integrated Pet Technology: Consider installing smart pet feeders, water fountains, or cameras to monitor your pets remotely and ensure they are comfortable and well-fed when you’re away.

By incorporating these features into your home design, you can create a safe, comfortable, and enjoyable environment for both you and your pets.

Published by DLC Marketing Team | Our House | Oct 15, 2024 |

When you start dreaming about buying a home, it’s easy to get swept away by gorgeous listings, charming neighbourhoods, and the excitement of imagining your next chapter. But before you fall in love with a property, there’s one essential step that can save you time, stress, and heartache: getting pre-approved for a mortgage.

A pre-approval is more than just a number. It’s your financial roadmap. It tells you exactly what you can comfortably afford, what your monthly payments might look like, and how lenders view your financial picture. Instead of guessing—or hoping—you’ll know your buying power with confidence.

Why Pre-Approval Matters

1. It sets a realistic and comfortable budget.
Knowing your true affordability helps you explore homes within your financial comfort zone, not just your wish list. This prevents falling for a home that stretches your budget too thin or isn’t achievable.

2. It strengthens your offer.
In a competitive market, pre-approved buyers stand out. Sellers and agents take you more seriously when they know your financing is already verified.

3. It helps uncover potential issues early.
Maybe there’s a small credit hiccup, an income nuance, or a documentation need. Pre-approval allows time to resolve anything before you’re facing deadlines.

4. It makes the buying process smoother.
With financing groundwork complete, your final mortgage approval moves faster—giving you peace of mind when you’ve found “the one.”

Avoid Heartbreak — Start with Your Budget

Falling for a home before you’re pre-approved can lead to disappointment if the numbers don’t align later. But when you start with a mortgage professional who helps you create a realistic, personalized budget, you’ll shop with confidence instead of uncertainty.

The goal isn’t just to buy a home—it’s to buy a home that supports your lifestyle, your future goals, and your long-term financial well-being.

Ready to Start Your Home Search the Smart Way?

Let’s make sure you fall in love with the right home—one that fits your heart and your budget.
If you’re ready to get pre-approved or want help understanding your numbers, I’m here to guide you every step of the way.

By Annette Perry

 Portions of this content were assisted and edited by AI

Not that long ago, I was a Canadian trying to buy a home in a red-hot U.S. housing market. I couldn’t believe how many buyers were skipping home inspections just to stay competitive. It felt risky — and sure enough, only a few years later, the housing crash of 2008 showed how costly that gamble could be.

As a mortgage broker, my goal is to help clients secure the right financing for their dream home — but just as important is making sure that home is a sound investment. One of the most critical steps in the homebuying process, for both borrowers and lenders, is a professional home inspection.

A home inspection isn’t just about peace of mind; it’s about protecting everyone’s financial interests in one of life’s biggest investments.

1. Protecting the Homebuyer’s Investment

For homebuyers, a professional inspection provides a clear picture of what they’re purchasing. It helps uncover hidden issues — such as structural weaknesses, electrical hazards, or water damage — that could lead to costly surprises down the road.

By understanding a property’s true condition before closing, buyers can:

• Negotiate repairs or price adjustments with confidence.

• Avoid unexpected repair bills after move-in.

• Plan for future maintenance and upgrades.

When a buyer invests in a home inspection, they’re also protecting the value of their long-term financial commitment — the mortgage itself.

2. Why Lenders Value Home Inspections

From a lender’s perspective, a mortgage is secured by the property itself. That means the home acts as collateral for the loan — and if the property is in poor condition or overvalued, that collateral is at risk.

A thorough inspection helps ensure:

• The property truly supports the loan amount. Major hidden issues could significantly reduce a home’s value.

• Reduced lending risk. A home with structural or safety concerns poses a higher financial risk if resale ever becomes necessary.

• Stronger loan portfolios. Well-maintained homes are more likely to retain or increase in value, benefiting both the homeowner and the lender.

Simply put, when buyers invest in a professional inspection, lenders gain greater confidence in the security of their loan.

3. Building Trust and Transparency in the Loan Process

Mortgage brokers act as the bridge between homebuyers and lenders. Recommending a home inspection early in the process shows a commitment to transparency, due diligence, and responsible borrowing.

It reassures the borrower that you’re looking out for their financial well-being — not just helping them close a loan. At the same time, it gives lenders confidence that the borrower is making a well-informed, responsible investment.

4. A Smart Move for Everyone Involved

A home inspection isn’t just another step in the process — it’s a shared layer of protection. It safeguards the buyer’s financial future, supports the lender’s investment, and ensures that the mortgage is built on a solid foundation — literally and figuratively.

Final Thoughts

In today’s competitive housing market, skipping a home inspection might seem like a shortcut to a faster closing — but in reality, it can lead to costly setbacks for both the homeowner and the lender.

As mortgage professionals, encouraging clients to invest in a thorough home inspection is one of the most valuable pieces of advice we can give. It builds trust, protects investments, and ensures that everyone — buyer, broker, and lender alike — starts the loan relationship on stable ground.

By Annette Perry

 Portions of this content were assisted and edited by AI

 After several years of rising and stubbornly high interest rates, many experts predict that 2025 will bring some relief for homebuyers across Canada — and that includes right here in Kelowna. But what do falling interest rates really mean for you if you’re planning to buy a home in the Okanagan? Let’s break it down.

1. 1. More Purchasing Power

When rates fall, your monthly mortgage payment on the same loan amount decreases. That means you can potentially qualify for a larger mortgage — or keep your payment the same while buying a more expensive home.

Example:

• At a higher rate, you might only qualify for a $600,000 mortgage.
• With rates falling, the same income and down payment might now qualify you for $650,000+.

In Kelowna’s competitive market, that extra flexibility can make a big difference in the type of home or neighborhood you can consider.

2. Increased Buyer Competition

Lower rates attract more buyers into the market. As affordability improves, demand tends to rise — and that can put upward pressure on home prices.

In Kelowna, where supply is often limited in popular areas like Lower Mission, Upper Mission, or near the lake, more buyers entering the market could mean faster sales and fewer chances to negotiate.

3. Timing the Market is Tricky

It’s tempting to “wait for rates to fall further” before buying. But remember: if home prices start rising again at the same time, the savings on interest could be offset by higher purchase prices.

For many buyers, getting pre-approved now and locking in a rate hold (usually for 90–120 days) can offer the best of both worlds — security if rates rise again, with the option to renew at a lower rate if they continue to fall.

4. Refinancing Opportunities for Existing Homeowners

If you already own a home in Kelowna, falling interest rates may create opportunities to refinance at a lower rate, consolidate debt, or adjust your mortgage term. This can free up cash flow and put you in a stronger financial position.

5. What Buyers Should Do Now

• Get Pre-Approved: This locks in today’s rate and protects you if rates go up again.
• Work With a Local Mortgage Broker: A Kelowna broker has access to multiple lenders and can advise on whether fixed or variable makes more sense for your situation.
• Set a Budget Beyond the Payment: Factor in property taxes, strata fees, and Kelowna’s unique housing costs so you’re comfortable no matter what happens with rates.
• Stay Market Ready: When the right property comes up, you’ll be able to act quickly — which is essential in Kelowna’s fast-moving neighborhoods.

Bottom Line:
Falling interest rates are welcome news for Kelowna buyers, but they come with both opportunities and challenges. More affordability can open doors, but increased competition may also heat up the market. The best strategy is to be prepared, pre-approved, and ready to move when the right home comes along.

By Annette Perry

 Portions of this content were assisted and edited by AI