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.
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