Take it to the Top
Take it to the Top
With another month gone by, so much has changed and things are moving faster than ever. Yet, the story remains the same: the Okanagan real estate market is still soaring with no signs of slowing down. Last year we saw average home prices go up steadily, increasing the average by $100,000 over the course of the year. This year – in only 60 days – we’ve seen this same $100,000 average price increase!
The main factors in this red-hot market seem to be the pandemic (people looking for more open spaces and outdoor lifestyles) coupled with extremely low inventory, so it’s no surprise that these two components impact each other significantly. The result? Average Central Okanagan single-family home prices have increased over 30% compared to last year! With so many Canadians now able to work remotely, it’s no wonder we’re seeing a social shift in how we approach housing. We’ve even seen an increased demand for industrial property, land and new construction across the board.
The market continues to be a seller’s market, but with inventory as low as it is, sales need to be strategic and thought through. It’s never been more important to work closely with a REALTOR® get the most out of your investment and transition smoothly to another property. Things are looking up, so let’s get there together!
Additional Reading
Both Sides of the Fence
March was a really positive start to the spring in the Kelowna housing market, with sales for townhomes, condos and single-family homes all showing increases compared to February. Coupled with this bump in sales activity, average and median prices for single-family...
Return of the Short Term Rental
After plenty of anticipation, short term rental restrictions may finally be changing in Kelowna. The question has recently shifted in a hopeful direction - from a matter of ‘if’ to a matter of ‘when’ - giving us plenty to keep our eyes on in the coming weeks and...
Peak Potential
When most buyers think of investing in Kelowna real estate, they tend to gravitate towards Downtown, South Pandosy, Glenmore, or any number of other neighbourhoods. But, what they often overlook is just up the hill at Big White Ski Resort, and it’s proving to be one...
