Okanagan Spring Heats Up

Okanagan Spring Heats Up

May 29, 2023 | Local, Real Estate

Can you believe that summer is already around the corner? With the change of seasons we typically expect the market to follow suit in the Okanagan, and this year is thankfully no different.

As the sun starts to show itself more and more we’re noticing a similar rise in Okanagan market activity, with recent reports showing that sales activity and average prices both going up. Despite a slower start to the year, it’s important to keep in mind that the market tends to follow this trend throughout the winter and that things are right on track heading into summer. Unsurprisingly, once Canadians start thinking about where they want to be in the warmer months, the Okanagan market fires back up – and in this case, it’s really all about the sellers.

With lower inventory and peaking interest, home prices are expected to increase, keeping the ball in the seller’s court as we head towards the summer. We’re even noticing surrounding areas like Penticton beginning to emerge as a contender in the Okanagan property market conversation as interest continues to grow in our beautiful valley. Penticton has even been referred to as one of the top prospects for property investors in 2023, solidifying the Okanagan’s market position as one of the most desirable regions in the entire country.

That being said, the rest of the Canadian market is also looking strong, with 8 out of 10 provinces showing sales increases last month. With new initiatives like the First Home Savings Account for Canadians and the BC government’s recent Homes for People program, Canadian real estate is looking towards a bright future as we head into the rest of 2023.

If you’re looking to learn more about the market – whether you’re investing in the Okanagan, relocating to the valley, or wanting to make the most out of your current investment – we certainly have a lot to talk about! Let’s get in touch and work together on maximizing your Okanagan real estate experience 🙂

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