Budding Success

Budding Success

Mar 12, 2021 | Finance, Local, Real Estate

It’s been one year since COVID-19 began affecting our lives here in the Okanagan, and it’s fair to say that nobody expected what followed.

After an uncertain spring season in 2020, many Canadians took the time to reevaluate their lifestyles and living situations, opting for more space, less traffic, and greater access to the outdoors. With this shift in mentality, the Okanagan soon became the country’s hot-spot for relocation of both investment and residential interest. Now, with almost a year gone by, the housing market continues to heat up with no signs of slowing down in spring 2021.

In BC, average home prices have risen a staggering 16% indicating a high increase in demand that continues to keep inventories quite low. What’s even more surprising is, if we consider the fact that a lot of foreign buying interest has been deterred due to the Speculation Tax and pandemic conditions, it’s clear that most of the housing market activity we’re seeing in BC and the Okanagan is coming from within Canadian borders. Meanwhile, construction continues to boom as new development propositions continue to roll in. Looks like Kelowna’s finally growing up!

If you aren’t sure how to make the most of your current investment, are looking to relocate to the Okanagan, or want to know more about our housing market climate, then let’s get talking! You can also follow me on Instagram @jenniferblackrealestate for all my latest listing and market updates.

Additional Reading

Mortgage Rate Debate

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

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...

Summer Market Summary

Summer Market Summary

Looking to take the leap into the Kelowna Real Estate market? This summer just might be the best time to do it! Our local housing market has been the ‘talk of the town’ in Canadian real estate for as long as I can remember. It comes as no surprise that our amazing...

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