Summer Market Stability

Summer Market Stability

Jun 25, 2022 | Local, Real Estate

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 prioritizing outdoor lifestyles. Our vacation community is now the fastest growing city in Canada, but market professionals have predicted for a while now that things were bound to eventually slow down.

After two years of rising prices, last month was the first time in a long time that prices went down, even if it was very slightly – the average pricing benchmark for a single-family home dipped 0.1% from April to May. And while this is very subtle, it’s the first true indicator of market stability after skyrocketing prices and demand over the last couple years.

That all being said, just because things are starting to stabilize doesn’t mean that they’re about to start dropping. The demand for property in the beautiful Okanagan remains high heading into our peak season, so don’t let this fool you – Kelowna is still very much the place to be, whether it’s residential or commercial. Commercial interest in particular is showing no signs of slowing down, which is to be expected after such an influx in residential demand. After all, there’s never been a better time to set up a business in our thriving community!

Looking to make the most of the market climate? Let’s put our heads together and come up with the best strategy to suit your needs! If there’s anything I’ve learned after all this time in Kelowna, it’s that there’s always an option if you know the right people 😉

Additional Reading

Coming Together

Coming Together

The last two weeks have inarguably been some of the most challenging our community has seen in 20 years since the Okanagan Mountain Park fires. It goes without saying that the McDougall Creek Wildfire took everyone by surprise and has created really trying times in...

Continued Success

Continued Success

Over the last couple of months there’s been a lot of questions asked about market stability - in British Columbia and the Okanagan alike - with residential sales appearing to dwindle as the Kelowna summer continues to heat up. Then again, when your market’s been as...

The Road Ahead

The Road Ahead

The Okanagan summer is officially here as the sun takes its stand and we say goodbye to a more-than-average rainy June. Now, what can we expect from the Kelowna real estate market as we head into summer? Earlier this month, the Bank of Canada raised its benchmark...

250-470-0377