BC Housing Expected To Cool In 2019
BC Housing Expected To Cool In 2019
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!
Additional Reading
Winter Buyer’s Market Ahead
As of this month, Kelowna remains one of Canada’s most profitable and prosperous real estate markets, trailing only behind the Greater Vancouver area. But, with the Bank of Canada reducing its overnight mortgage rate to 3.75% on October 23rd and new construction...
Mortgage Rate Debate
Over the last ten years, Canadian mortgage rate fluctuations have had significant impacts on the Kelowna real estate market. This year we’ve already seen the Bank of Canada reduce mortgage rates twice, bringing the current overnight rate down to 4.5% - and it’s got a...
Buyer’s Market Boom
As the Kelowna real estate market approaches the last few weeks of the summer, things are continuing to trend in favour of buyers. Just over a month ago, the Bank of Canada reduced mortgage rates for the second time this year, bringing it down to 4.5% - a welcome...
