When your mortgage comes up for renewal, you face a key choice: stick with your current lender or shop around. Many homeowners automatically renew, but that can cost thousands over time.

Staying put is convenient. You avoid paperwork, appraisals, and the stress of negotiating. If your lender’s offer is competitive and you value simplicity, renewing directly might make sense, especially if your income or debt levels have changed and requalifying could be difficult.

Switching lenders can pay off if you are willing to do a little legwork. Competing lenders may offer lower rates, better prepayment options, or terms that fit your future plans. Even a small rate difference, such as 0.25%, can translate to significant savings over a five-year term.

Example: A homeowner with a $400,000 mortgage could save over $4,000 in interest just by switching to a lender offering a slightly lower rate.

Before signing that renewal letter, take time to review your goals. Are you planning to move, refinance, or pay off faster? A mortgage professional can compare offers and help you decide whether staying or switching aligns best with your financial picture.

Reprinted with permission of Dan Oliver at Oliver Mortgage

A Solid Month in the North Okanagan

Items of Note for October

• Sales take a step back against the 10 Year Average.  October sales in the North Okanagan came in 13% below the 10 Year Average - this is after September sales figures came in just 3.7% below the 10 Year Average.  
• North Okanagan Year-over-Year sales up 18%.
• Central Okanagan sales down 4% Year-over-Year and 18% below the 10 Year Average
• British Columbia residential home sales down 10.2% Year-over-Year and come in 17.1% below the 10 Year Average.
• Bank of Canada lowers interest rate to 2.25%.  Next rate announcement December 10th.

Sales

North Okanagan Unit Sales were up 18% Year-over-Year (150 vs 127) which is 13% below the 10 Year Average of 172. 





 

Median Sales Price

• Median Selling Price was $624,500, which was down 7% Year-over-Year ($672,000), and down from Sept ($632,000). 

Average Sales Price

• Average Selling Price was $709,393 which is down 9% Year-over-Year ($780,252), but up from Sept ($690,329).
  
   

Benchmark Price

• Single Family Home Benchmark price is $773,400, which is up 4% Year-Over-Year and also up from September ($753,500)
• Townhome Benchmark price is $570,300, which down 2% Year-over-Year and down from September ($596,200).
• Condo Benchmark price is $314,800, which is unchanged Year-over-Year and also unchanged from September ($315,900). 
• The Overall Composite Benchmark Price for the North Okanagan was up Year-over-Year ($669,300 vs $651,000) and up from September ($663,100).

Composite Benchmark Selling Price for the North Okanagan since March 2020. 






New Listings hitting the market were up 4% Year-over-Year (201 vs 193) which is about 4% below the 10-Year average (209).  

Active Listings are up 5% Year-over-Year (945 vs 900), which puts the North Okanagan about 16% above the 10 year average (816) for the month of October.

The overall North Okanagan market continues to be in a balanced market.

The Sales to Active Listings ratio is 16% (Up from 15% in Sept, Aug, July, June and May). 
Between 12-25% is considered a Balanced Market.

The Sales to New Listing ratio is 74% (up from 55% in Sept). 
Between 40-60% is considered a Balanced Market.  

Days to Sell Average is 79 days.  This is down Year-over-Year (81) but up from Sept (76).

For the full report click here

Best Month Since April 2022?

Items of Note for September

• Sales continue to improve against the 10 Year Average.  It looked like North Okanagan sales were finally going to end up above the 10 Year Average (it would have been the first time since April 2022).  In the end, we finished 7 sales shy (156 vs 162) and came in 3.7% below the 10 Year Average.  This is still our best monthly result vs the 10 Year Average since April 2022 so one could argue that this is the best monthly sales result since April 2022.  
  Rounding out the top 3 results are: June 2023 4.1% below and May 2022 6.1% below.   August sales were 11% below the 10 Year Average.  
• North Okanagan Year-over-Year sales up 51%.
• Central Okanagan sales up 40% Year-over-Year but still 15% below the 10 Year Average
• British Columbia residential home sales up 4.4% Year-over-Year (the 4th month in a row with positive Year-over-Year sales growth) but is still 21.4% below the 10 Year Average.
• Bank of Canada next interest rate announcement Wed Oct 29.

Sales

North Okanagan Unit Sales were up 51% Year-over-Year (156 vs 103) which is just 3.7% below the 10 Year Average of 162. 





 

Median Sales Price

• Median Selling Price was $632,000, which was down almost 7% Year-over-Year ($677,000), and down slightly from Aug ($637,000). 

• Average Selling Price was $690,329 which is down 11% Year-over-Year ($773,552), and down from Aug ($734,875).

To see full report click here

Continues to Show Signs of Improvement

Items of Note for August

• North Okanagan Year-over-Year sales up 21%.
• Sales continue to improve against the 10 Year Average.  August sales were 11% below the 10 Year Average while July sales were 14% below the 10 Year Avg, June sales were 17% below, May sales were 21% below, April was 23% and March sales were 28% below the 10 Year Avg.  If you recall sales had climbed within 7% of the 10 Year Avg in Feb before the market slowed down with the threat/introduction of US tariffs etc.  The last time sales came in above the 10 Year Average was April 2022.
• The North Okanagan continues to be in a Balanced market
• Central Okanagan sales up 14% Year-over-Year but loses lots of ground vs the 10 Year Average
• British Columbia residential home sales for month of August up 0.5% Year-over-Year - the 3rd month in a row with positive Year-over-Year sales growth
• Bank of Canada lowered its key interest rate by 25 basis points to 2.5 per cent, marking its first cut since March

Sales

North Okanagan Unit Sales were up 21% Year-over-Year (167 vs 138) which is just 11% below the 10 Year Average of 188. 

August's 167 home sales surpasses 2022 (141), 2023 (146) and 2024 (138).




 

Median Sales Price

• Median Selling Price was $637,000, which was down 1% Year-over-Year ($644,500), but up slightly from July ($635,000). 

• Average Selling Price was $734,875 which is down 2% Year-over-Year ($748,629), but up from July ($703,172).

For full report click here