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

Buyers Lead The Way

Buyers Lead The Way

    While Mother Nature turns up the heat the housing market continues to cool, making plenty of room for new buyers to start timing their market entry. Over the last two years we’ve seen exceptional growth in Canadian real estate - especially in the...

Cool Market Breeze

Cool Market Breeze

    For the first time since before the pandemic, average housing prices in Kelowna are down 2 months in a row. The benchmark of a single-family home in the Central Okanagan dropped once again from May to June, showing us that the market may finally be...

Summer Market Stability

Summer Market Stability

    For the first time in almost two years, Kelowna’s housing market is showing signs of cooling down and stabilizing. COVID brought a lot of attention to Kelowna with its high appeal to the shifting landscape of professionals working from home and...

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