Cool Market Breeze

Cool Market Breeze

Jul 18, 2022 | Finance, Local, Real Estate

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 cooling as we move through the summer.

In fact, the entire Canadian housing market seems to be following a similar trend with MLS average home prices dropping more than 13% since the record benchmark was set in February. That being said, these numbers are all relative since they’re being compared to record-setting market conditions over the last two years.

Market valuation continues to remain high, especially in the Okanagan. With BC boasting the highest number of active construction projects it’s had in the last decade, our beautiful province will undoubtedly continue to thrive. Further to this, the Central Okanagan Economic Development Commission just released that the increase in average youth population just rose to above three times the national average, and the rise in young adults is now five times that of the national average. With such positive changes taking place in our community it’s no wonder Kelowna remains the fastest growing city in Canada

Looking for more information on Kelowna’s ever-growing and ever-changing real estate market? Let’s get in touch! Call or text the number on my website, or drop me a line on the contact page 🙂

Additional Reading

Weathering the Storm

Weathering the Storm

    Kelowna continues to thrive as the Canadian housing market cools down. Despite “short term uncertainty” in Okanagan real estate, luxury housing, waterfront lots, residential land, and new developments are clear indicators of market prosperity heading...

It’s All Relative

It’s All Relative

    As the leaves begin to change, we’re starting to see the long-predicted market cooling expected after such a fast-paced couple of years. With so much recent interest in the Okanagan real estate market, our community saw massive increases in construction,...

Microclimate Market

Microclimate Market

    After such a beautiful summer, it’s time to embrace the changing of seasons as we head into what will surely be another picturesque fall in the Okanagan. Our community continues to thrive thanks to the growing appeal of the Okanagan lifestyle, drawing in...

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