A drop in interest rates will be good news for housing sales in Summerland and the surrounding region, the president of the South Okanagan Real Estate Board says.
“There has been a pent-up desire to purchase in the Okanagan,” said Sally Kilburg, president of the board.
Low interest rates provide relief for borrowers, but Kilburg said it is important for buyers not to overextend themselves, since interest rates can change.
“Rates will have to go up eventually,” she said.
In addition, she said the declining value of the Canadian dollar makes purchases in Canada more attractive to American investors
The real estate board serves more than 300 real estate agents in the area.
