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 change for anyone looking to get into the Kelowna real estate market (especially new buyers). While the change was only made a short while ago, we can already see the potential effect it’s having to inspire new market activity in the Kelowna housing market.
Another factor to consider that might be impacting changes in the market are the updates to the BC Tenancy Act that went into effect on July 18th. One of the more controversial changes introduced are new requirements for landlords to provide 4 months advance notice to tenants before ending their lease. Check out this article for a more detailed summary.
When considering these changes to the big picture, combined with the rising level of available inventory in Kelowna – especially apartments – and the after-effects of the short-term rental restrictions that came into play this spring, conditions are leaning in the right direction if you’re looking to make the move to the Okanagan real estate market.
Whether you’re assessing your options for current investments, looking to create new opportunities in these shifting market conditions, or want to learn more about what’s to come as we head into the fall market, don’t be shy – let’s get the conversation started!
Additional Reading
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