Over the last couple of months there’s been a lot of questions asked about market stability – in British Columbia and the Okanagan alike – with residential sales appearing to dwindle as the Kelowna summer continues to heat up. Then again, when your market’s been as successful as ours for as long as it has (even through COVID times) it’s no wonder that slight changes might create cause for concern.
Despite these understandable speculations, reports are showing that things are right on track with the market’s historical averages for this time of year. In fact, residential property sales are up 10.7% over the same month a year ago and available listings are up 13.8% compared to a year ago; two great indicators of a healthy housing market. As much as the latest mortgage rate increases imposed by the Bank of Canada (and Canadian banks adjusting their prime lending rates in kind) might have a deterring impact on new market activity, these year-over-year increases are showing a strong trajectory for the rest of 2023. And so far, the changes in mortgage rates aren’t having the intense effect that some thought they would – more good news!
The biggest overall win in the current state of the market is the availability of inventory, especially considering last year’s inventory was very sparse, creating a bundle of difficult circumstances. According to the Association of Interior Realtors vice-president Lyndi Cruikshank, “There’s definitely less people looking for homes right now and there are more homes on the market so it’s what I would call a more balanced market which is really nice to see.”
Looking for guidance navigating our ever-evolving Okanagan real estate market? Let’s chat!
As we slowly make our way into the New Year, the usual speculation about future market conditions continues. Like we talked about last month, there are plenty of market influencers to consider in early 2024 that will set the tone for the rest of the year, like the...
Happy New Year everyone! Am I the only one who feels like 2024 snuck up on us way too fast?! With the New Year underway, a lot of folks are starting to wonder what lies ahead in 2024 for the Okanagan housing market. Market speculation is always a popular topic around...
As we head into another winter, the expected rumors and reports of a market slowdown are once again the hot topic in Kelowna real estate. But, speaking from experience, this isn’t an unnatural turn of events. Sales activity in Okanagan housing naturally tapers off...