While New Year celebrations slide into the rear-view, the year ahead begins to set its course. With plenty of speculation about whether or not the housing market would endure post-pandemic conditions, things continue to look up in Okanagan real estate.

As new market conditions emerge, like the recent ruling banning foreign homebuyers in Canada for the next two years, this speculation isn’t too surprising or unwarranted. That being said, property experts claim this will have minimal effects on the market. Between this and the new restrictions being placed on rental properties, it’s no wonder everyone is confused! But despite it all, Kelowna and the Okanagan’s real estate markets continue to stay strong.

Compared to last year, Kelowna’s average single family home valuations are up a whopping 14%! Don’t worry though – this doesn’t mean your property taxes are going up that much (in fact, “the average property tax increase for 2023 has already been figured out to be 3.8%”). So, while you might expect the rest of these market factors to work against us, things are looking just fine in Okanagan real estate as we head into 2023.

Wondering how to navigate these emerging changes? Let’s chat and figure it out together!