Are We Heading for a Market Freeze?
Are We Heading for a Market Freeze?
For months, news outlets and real estate experts alike have been warning of a looming market crash for the BC real estate market, while the numbers stayed strong seemingly just to defy them. After weeks of waiting, it seems as though those predictions may finally be gaining some traction – the Okanagan is seeing what some are calling a ‘cooling off’ of the real estate market. New legislation introduced by the BC government, along with speculation tax and higher interest rates, could be lowering the ability of buyers across the board, causing sales to slow down considerably compared to last year.
If you’re in the market to sell your home, the news of a downturn may have you doubting your next step. However, it’s important to keep in mind that the market’s still healthy and average home prices are holding steady, so it’s not time to give up on a sale just yet. Navigating these difficult conditions may well be unrealistic alone, but working with a realtor can help mitigate the risks of a cooler market climate.
One thing is for sure – whether you’re worried about the latest news or you want to get more information about the market, contact me today and we’ll help guide you to the right decision!
Additional Reading
Budding Spring Market
The sun is shining, patios are opening, and the Kelowna real estate market is blooming. Despite some unexpected variables this year - like the introduction of the ‘Flipping Tax’ and the short term rental restrictions that will soon go into effect - market activity is...
To Flip or Not to Flip
The BC real estate market is about to see another major change coming in January 2025. A newly proposed tax presented by the provincial government in their yearly budget - commonly referred to as ‘The Flipping Tax’ - aims to decentivize short term purchase investments...
Incoming Inventory
As we slowly make our way into the New Year, the usual speculation about future market conditions continues. Like we talked about last month, there are plenty of market influencers to consider in early 2024 that will set the tone for the rest of the year, like the...
