Kelowna’s Rising Tide
Kelowna’s Rising Tide
As the New Year starts to get rolling it’s an exciting time for the Kelowna real estate market. With housing prices at the end of 2021 sitting about 30% higher than 2020, this year’s looking to be fantastic for growth within our community and housing economy.
While there might be some concerns or debate around the sustainability of our city’s growth, it’s reassuring to see that Kelowna’s been recognized as the 4th most resilient economies in the province – our 6th year in a row placing in the top 10! “Strong population growth, high housing stats and one of the province’s healthiest unemployment rates were major contributors to its success in this year’s ranking.” Our real estate market also helped with this placement, noting that Kelowna, West Kelowna, Vernon and Penticton all ranked in the top 10 for residential real estate performance.
In 2021 Kelowna also beat the 2016 record for all-time residential real estate sales with a total of over 7000! Six Okanagan properties have even made it onto the 500 top-priced real estate in the province – four in Kelowna and two in Lake country.
The valley’s red hot real estate market doesn’t plan on slowing down soon, so let’s team up to make the most of your current investment or to find you the perfect property in our unbelievably booming community.
Additional Reading
Winter Buyer’s Market Ahead
As of this month, Kelowna remains one of Canada’s most profitable and prosperous real estate markets, trailing only behind the Greater Vancouver area. But, with the Bank of Canada reducing its overnight mortgage rate to 3.75% on October 23rd and new construction...
Mortgage Rate Debate
Over the last ten years, Canadian mortgage rate fluctuations have had significant impacts on the Kelowna real estate market. This year we’ve already seen the Bank of Canada reduce mortgage rates twice, bringing the current overnight rate down to 4.5% - and it’s got a...
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...
