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Kelowna Mortgage Brokers
With a population of over 105,000, Kelowna is the major urban center in the Okanagan Valley. Cradled between majestic mountains and situated on the beautiful Okanagan Lake, Kelowna is one of Canada's most popular vacation spots. The city itself is nested within miles of vineyards and orchards, and is often compared with Napa Valley in California. Many world renowned wineries are based in Kelowna to take advantage of the perfect climate and growing conditions.
Nearby communities to Kelowna include West Kelowna or Westbank as it was previously known, Peachland, Summerland and Penticton to the south, and Lake Country and Vernon to the north. Okanagan Lake stretches 110 Km and all the communities listed are located along the lake.
Kelowna is the third-largest metropolitan area in British Columbia behind Vancouver and Victoria. With its beautiful scenery and idyllic climate, Kelowna has become one of the fastest growing cities in North America. Kelowna is the second most expensive housing market in Canada (consistently second or third) and is considered the least affordable housing market in Canada. The city is ranked the thirteenth least affordable in the world and is classified as "Severely Unaffordable" due to the fact salaries have not kept up with the housing market (all stats as of 2009).
Climate
Relative to most Canadian cities, Kelowna enjoys a dry mild climate. The average daytime high in January is zero and the average daytime high in July is just over 27 degrees. The mountains surrounding Kelowna and the Okanagan Lake are both factors in moderating the winter climate. Kelowna receives over 2000 hours of sunshine annually and only 28 cm of rain.
What our Kelowna mortgage brokers are saying:
Kelowna is great place to live and a great place to own a home, but being a mortgage broker in Kelowna you do see the challenges the first time buyers face getting into the market. Mortgage brokers in Kelowna have likely seen our average mortgage size more than double in the past 5 years, and we have seen very big growth in terms of population, but it would be nice to see a bit more affordable housing for those first time buyers.
Putting aside the challenges of buying a home in Kelowna, with mortgage rates being as low as they are it is still a great time to buy in Kelowna. Our Kelowna mortgage brokers can help you determine what you can afford in terms of a mortgage and what suites your specific situation in terms of a mortgage.
Mortgage Brokers
Call one of our Kelowna Mortgage Brokers today, or apply online for a Free Pre-Approval today.
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