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Amortization Period - Real Estate Terminology
Most mortgage amortization periods are 20-25 years.
This is the amount of time your lender will give you to pay back your mortgage loan in full.
The reason I say that time ⏳️ =  money is because for the length of that amortization period, you will be charged interest on your mortgage loan balance. The longer the loan payment schedule, the more interest will accrue over time.
For example:
Mortgage Amount = $800,000
Interest Rate = 5.690%
Approx. Monthly Payment: $4,971.98
Approx. Monthly Payment: $5,559.15
Long story short - if you can afford an increase in your payments on a monthly basis, you can potentially save yourself hundreds of thousands of dollars by amortizing your mortgage loan for a shorter amount of time!
Always speak with a mortgage professional for the best advice! If you're looking for one, reach out and I'd be happy to connect you!
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*these interest costs are calculated at 5.690% for the entirety of the loan - typically your interest rate will vary during your amortization period. If you have questions about this, please DM me.

2024 Interest Rate Announcement Schedule


The Bank of Canada is preparing for their January announcement, and I know that we are all hopeful to see a decrease in interest rates.

The BOC has insinuated that interest rates will begin to decrease this year, as we come closer to our target inflation rate.

We have seen high interprovincial migration rates, particularily since COVID 19, that has created an influx of first time home buyers in Kelowna, the Okanagan, and British Columbia as a whole. Between interest rates and the average purchase price of a home, purchasing property in 2023 was almost unafforable. Heading into 2024, with a decrease in interest rates, we are hoping to see affordability return for the millions of Buyers patiently waiting on the sidelines.

If you plan to purchase a home in 2024, reach out to me and I would be happy to help you get started on your journey!

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