Spring Market Update

Spring Market Update

Mar 24, 2022 | Finance, Local, Real Estate

As the snow starts to thaw and the sun starts to shine it’s time to get excited about the coming spring in Kelowna. You can safely bet that the worst of the winter is in the rear-view and that the warm weather is just around the corner!

Unlike the weather, but just as easy to be excited about, our real estate market continues on its red-hot trajectory by setting records in sales, pricing, and inventory shortages – meaning things are selling very fast!

With pricing increases and dramatic time-to-sell stories happening so frequently in the Okanagan, the BC Real Estate Association is proposing that a level of transparency be introduced to the homebuying process to address some of these market conditions.

In their recommendation it’s suggested that all offers and counteroffers on a property be recorded and available for other prospective buyers to request, in order to make an informed decision. This would eliminate the blind bidding war scenario completely and allow buyers to feel more confident in their offers when moving into such a fast-paced housing market; all the while helping reduce the inflated pricing we’ve started to become notorious for. 

And while new legislation being introduced this spring will create some changes – like a window for homebuyers to back out of a deal – it’s argued that this might not have the desired effect to cool down the market.

So, is the real culprit to our inflation the buying process, or is it an inventory situation? Does the lack of housing inventory outweigh the other market conditions? If these are questions you find yourself asking, let’s get in touch and talk about what’s out there, what your options are, and the best-case scenarios to approach the Okanagan’s changing housing market!

Additional Reading

Kelowna Market Moves Forward

Kelowna Market Moves Forward

April brought a wave of cautious optimism to the Canadian housing market, and Kelowna was no exception. While the national market is adjusting its expectations for the year ahead, locally we saw encouraging signs that buyers and sellers alike are starting to move with...

Sold Before Sunset

Sold Before Sunset

If you’ve been keeping an eye on the Kelowna real estate market, you’ve probably noticed some shifts over the past few months. As of March 2025, the market is seeing more inventory, steady price growth, increased sales activity, and lending rates have been reduced...

Spring Housing is Blooming

Spring Housing is Blooming

March is finally here, which means the sun is about to shine and the market is about to thrive! Historically, the Kelowna and Okanagan spring housing markets are where we start to see the first surges of activity for the year. When we consider that only a couple of...

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