Affordable Homes Leading The Way

Affordable Homes Leading The Way

May 25, 2019 | Finance, Local, Real Estate

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

They Grow Up So Fast

They Grow Up So Fast

    The headline this month? Kelowna remains the fastest growing metropolitan area in the country, with over 40% of new buyers relocating to the valley from the lower mainland and only 30% being from the Okanagan. Our little beach town is growing up fast! It...

Spring Market Update

Spring Market Update

    As the snow starts to thaw and the sun starts to shine it’s time to get excited about the coming spring in Kelowna. You can safely bet that the worst of the winter is in the rear-view and that the warm weather is just around the corner! Unlike the...

Selling Season

Selling Season

    Over the last two years we’ve seen a tremendous amount of interest from Canadians looking to downsize to a smaller community with greater access to the outdoors and more adorable living. The answer to this question quickly became Kelowna, and there’s...

250-470-0377