New Year, New Market
New Year, New Market
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 the valley, but after such a busy year – with unpredictable factors like interest rate changes, short term rental regulation changes, and the effects of wildfires on our community – there’s certainly a lot to wonder about for next year.
As we head into 2024, one of the main market influencers is likely to be the changes to short term rental regulations in BC, which many are predicting will create new listing opportunities and stimulate buying activity with an influx of new properties that were previously used for short term rentals. However, since ski resorts are exempt from these regulations, there’s a lot of opportunity for short term rentals at popular mountain locations like Big White, Silver Star, Apex Mountain, Sun Peaks, and many more. In fact, this exemption is expected to help increase the market value of properties in these areas while the options in our residential communities open up.
With this in mind, it’s also important to remember that the Okanagan real estate market is still home to a lot of new development. With UBC opening a campus in downtown Kelowna, plenty of new construction either proposed or already underway, the projected influx of listings from the changes in short term rental regulations, and the option for investment in short term rentals at our local ski resorts, it looks to me like the spring market in 2024 is going to be lively as ever!
Whether you’re looking to maximize the return on your current investment, curious about exploring short term rental properties at our local ski resorts, or wanting to make your move to the beautiful city of Kelowna, let’s get in touch to set you up for success.
Thank you all so much for an incredible 2023 – I’m so excited to work with you through 2024 🙂
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