Buyer’s Market Boom

Buyer’s Market Boom

Aug 31, 2024 | Finance, Local, Real Estate

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

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...

Growing Pains

Growing Pains

The Kelowna housing market has been the hot topic in Canadian real estate for quite some time now. Between red-hot covid markets to short term rental restrictions and everything in between, our community has seen a lot of change take place in the last few years. As...

Rentals Under Review

Rentals Under Review

The long-discussed and anticipated day has come - as of May 1st 2024, short term rental restrictions in BC have come into effect. This newly introduced regulation, set forth with the goal of prioritizing long term rental options in BC and combatting climbing cost of...

250-470-0377