Anchored in Success

Anchored in Success

Jan 31, 2023 | Local, Real Estate

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!

Additional Reading

Rentals Under Review

Rentals Under Review

The long-discussed and anticipated day has come - as of May 1st 2024, short term rental restrictions in BC have come into effect. This newly introduced regulation, set forth with the goal of prioritizing long term rental options in BC and combatting climbing cost of...

Trending Okanagan

Trending Okanagan

The Okanagan is taking its turn in the spotlight for British Columbia real estate as Vancouver starts to lose its curb appeal. While it’s no secret that Kelowna and the Okanagan as a whole have been gathering momentum for the past ten years, Covid truly sparked an...

Budding Spring Market

Budding Spring Market

The sun is shining, patios are opening, and the Kelowna real estate market is blooming. Despite some unexpected variables this year - like the introduction of the ‘Flipping Tax’ and the short term rental restrictions that will soon go into effect - market activity is...

250-470-0377