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

Buyers Lead The Way

Buyers Lead The Way

    While Mother Nature turns up the heat the housing market continues to cool, making plenty of room for new buyers to start timing their market entry. Over the last two years we’ve seen exceptional growth in Canadian real estate - especially in the...

Cool Market Breeze

Cool Market Breeze

    For the first time since before the pandemic, average housing prices in Kelowna are down 2 months in a row. The benchmark of a single-family home in the Central Okanagan dropped once again from May to June, showing us that the market may finally be...

Summer Market Stability

Summer Market Stability

    For the first time in almost two years, Kelowna’s housing market is showing signs of cooling down and stabilizing. COVID brought a lot of attention to Kelowna with its high appeal to the shifting landscape of professionals working from home and...

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