Enjoying the View
Enjoying the View
The last couple years have been both unpredictable and surprising for all of us, including the Okanagan real estate market. At a time when the world came to a halt, Canadians took this forced pause as an opportunity to re-evaluate their lifestyles and consider alternatives to living in big city centres. Now, it sounds like people are starting to slow down and enjoy the view as we head towards the holidays!
After an expected dip in market activity early last year, things quickly turned around in the Okanagan as we saw real estate begin to skyrocket in both intrigue and pricing. Fast-forward to today, and we’re now finally starting to see things cool down and stabilize into a state of pre-pandemic normalcy.
But that’s not to say the effects of our recent real estate boom aren’t still apparent. The median price of a single-family home in the Okanagan has now reached just over $1 million – a year-over-year increase of 22%! So, even though the market may be starting to cool down, it’s not without its benefits. The impact of the pandemic on Okanagan real estate is still very apparent heading into the winter, with projections claiming the median price of a single-family home will continue to rise another 16% between now and December.
If you’re looking to get into this exciting marketplace or want to assess your options and value, let’s team up and start talking strategy! I’m always happy to help people transition into, out of, or within our incredible community.
Additional Reading
Right Between the Lines
A recent report noted that rent prices in Kelowna are on the decline, with BC showing the greatest rental price decrease in Canada so far. With increased rental supply and rising vacancy levels across the province helping ease pressure on the price of housing, it’s...
The Cost of Waiting
If you haven’t read my latest blog post yet, let’s bring you up to speed. Last month we talked about buyers and sellers both sitting on the fence, with buyers waiting for prices to soften and sellers waiting for stronger demand. But, here's the thing about fences -...
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...
