How Lower Interest Rates Are Creating New Opportunities
There’s a new sense of optimism in the housing market, and for good reason. With the Bank of Canada lowering its key interest rate to 2.25%, more people are starting to see homeownership as something possible, not just a dream. For first-time buyers especially, this change means lower borrowing costs, smaller monthly payments, and a little extra breathing room in the budget.
To help make sense of what this shift means, Lucas from MortgageTech shared some helpful insight for anyone looking to buy, particularly for those looking ahead to City Gardens, Kamloops’ landmark downtown community.
A Better Time to Start Planning
According to Lucas, even small rate changes can have a real impact. “Lower interest rates reduce borrowing costs, which can make monthly payments more manageable and slightly increase your buying power,” he explains.
That added flexibility can mean the difference between settling for less and choosing the home or the view you really want. And at City Gardens, where Trillium Tower is set to welcome its first residents in 2026, getting pre-approved early means you’ll be ready when the perfect suite becomes available.
Simple Steps for First-Time Buyers
If you’re renting now but hoping to buy soon, a few smart moves today can make a big difference tomorrow:
- Save with purpose. Build your down payment and a small cushion for closing costs.
- Check your credit. Paying off small debts can open doors to better rates.
- Know your numbers. Get familiar with strata fees, taxes, and typical condo costs so you can budget confidently.
These small steps build momentum and confidence as you move closer to ownership.
Making Lower Rates Work for You
Lucas suggests using this moment strategically:
- Compare fixed and variable mortgage options to find what fits your comfort level.
- Take advantage of lower rates by making extra payments when possible.
- Ask your lender about a rate hold to lock in today’s rates before they rise again.
Your Next Chapter Starts Here
As you lay the groundwork, be sure to factor in your deposit, closing costs, strata fees, insurance, and move-in essentials, and explore any first-time buyer incentives that may be available. Small steps now can set you up confidently for completion in 2026.
Buying a home can feel overwhelming, but the path forward is more apparent than ever. With thoughtful preparation, professional support, and the right opportunity, owning your home at City Gardens could happen sooner than you think.
Visit the City Gardens Sales Centre and Show Suite at 238 4th Avenue, open daily from 11 AM – 3 PM, or book your private appointment online.
City Gardens, where modern living meets possibility.
