Affordable Homes Leading The Way
Affordable Homes Leading The Way
The trend across most real estate markets in British Columbia all seem to be affected by the cooling housing market. Fortunately, one area that’s on the rise in recent months is our beautiful city Kelowna, particularly for properties valued in the $500,000 range.
Looking at last year’s track record, we’ve seen a 10 per cent increase in the sales of homes in that price bracket, compared to 2018. According to a blog by MCL Real Estate Group, 52 properties have already been sold in the first quarter of 2019. In many ways, we’re seeing a tale of two unique markets coexisting, yet experiencing the effects of a slower year in different ways.
On one hand, properties with a listing price around $500,000 are being snapped up on average within a 56 day period. On the other hand, homes worth more than $1,000,000 are being listed and sitting in limbo for as long as three months before being sold – a 42 per cent drop compared to last year, with only forty four $1,000,000 homes sold in the first quarter of 2019.
Although prices are expected drop over the next few years, now may be an opportune time to buy while the market is stabilizing.
Additional Reading
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...
New Year, New Market
Happy New Year everyone! Am I the only one who feels like 2024 snuck up on us way too fast?! With the New Year underway, a lot of folks are starting to wonder what lies ahead in 2024 for the Okanagan housing market. Market speculation is always a popular topic around...