Full Speed Ahead

Full Speed Ahead

Dec 22, 2020 | Finance, Local, Real Estate

The surprises keep rolling in as we head towards the holidays! Normally in November and December we’d see things slow down in the real estate world, but with demand at an all-time high, low inventory and skyrocketing sales, things are as busy as ever. While the province saw an increase of 42% in average home sales, the Okanagan saw an incredible increase of 71%, exceeding all of our expectations for this year’s fall season. 

With a growing appeal for housing beyond the lower mainland and domestic vacation properties getting more use than before, the word is out about how great it is to live in BC. And this growth isn’t just local to us – all across the country we’re seeing housing markets boom! The Canadian Real Estate Association reported an over 30% growth in November sales compared to last year, making that the second consecutive record-breaking month. As our community continues to flourish, we can expect to see growing interest in both residential and commercial investment, as well as new construction, creating more opportunities for buyers and stabilizing pricing (like the exciting new development on Clement Ave!).

With the holidays upon us, let’s all make an effort to rally around our local small businesses and spread some cheer in our community. Wishing you all a Happy Holidays and fantastic New Year!

Additional Reading

Warm Winter Market

Warm Winter Market

    As temperatures drop and the snow makes its way into the hills, the opposite seems to be happening for the Kelowna real estate market. Despite our low housing inventory, prices continue to rise! “Home prices in B.C. rose 19% year-on-year in October, but...

Enjoying the View

Enjoying the View

    The last couple years have been both unpredictable and surprising for all of us, including the Okanagan real estate market. At a time when the world came to a halt, Canadians took this forced pause as an opportunity to re-evaluate their lifestyles and...

Soaring Sky High

Soaring Sky High

    Kelowna’s housing market continues to exceed all expectations moving into the fall. Inventories are at an all time low and outside interest has never been higher; a combined effect that continues to drive prices up, as well as new construction and...

250-470-0377