Reports from market watchers claim that 2019 could be one of the more affordable years to buy a condo in B.C., thanks to the increased supply and regulatory measures that have contributed to suppressing home sales.

The Real Estate Board of Greater Vancouver reported a nearly 43 per cent decrease in condo sales, townhouses, and detached homes in October, compared to sales in November of 2017. Some economists claim that the driving force behind the downward turn is due to more stringent mortgage qualifying requirements, and higher interest rates.

Homeowners can expect to see increases of five to fifteen per cent for assessed values of single-family homes. The valuation assessments are already underway, but the B.C. Assessment has already said that the softening market has lowered some valuations in Metro Vancouver.

Contact me to learn more about what to expect from Kelowna’s condo market this year, and start searching for your new home today!