Summer Market Summary
Summer Market Summary
Looking to take the leap into the Kelowna Real Estate market? This summer just might be the best time to do it!
Our local housing market has been the ‘talk of the town’ in Canadian real estate for as long as I can remember. It comes as no surprise that our amazing weather, beautiful beaches, and year-round access to so many outdoor activities has drawn in Canadians from far and wide. Ten years ago we were a budding summer community with plenty of curb appeal for vacation properties and a very tourist-centric mentality – but since then our little town has bloomed into one of the fastest growing cities in Canada and has now become a year-round destination for vacationers and residents alike.
Like I’ve mentioned plenty of times, Kelowna has seen a lot of change in recent years, namely since our market hit a peak during Covid. With so many Canadians working from home during that time, our community saw a massive jump in new residents and construction. Our municipal growth from 2016 to 2022 rose an incredible 14% – the highest in Canada! Fast-forward a few years, and our city has a whole new vibe. The small-town vacation destination isn’t quite in the rear-view, but it’s certainly far from the main draw.
The Kelowna real estate is now entering another wave of change due to the short-term-rental restrictions recently imposed by the provincial government, resulting in a wide range of new residential listings hitting the market. In fact, there are 50% more homes on the market this June than there were in June of last year!
Now that the Bank of Canada has just reduced mortgage interest rates for the second time in only a few months down to 4.5%, we’re now looking at some of the most ideal buyers market conditions we’ve seen in a long time. According to Kaytee Sharun – President of the Association of Interior Realtors – “…well-priced properties are primed to move at a faster pace.” in our current climate; a hopeful sign for buyers looking to get into the market at a competitive rate.
Curious about exploring your options in the Kelowna real estate market? Let’s get in touch and come up with a plan to bring your Okanagan housing dreams to life!
Additional Reading
Winter Buyer’s Market Ahead
As of this month, Kelowna remains one of Canada’s most profitable and prosperous real estate markets, trailing only behind the Greater Vancouver area. But, with the Bank of Canada reducing its overnight mortgage rate to 3.75% on October 23rd and new construction...
Mortgage Rate Debate
Over the last ten years, Canadian mortgage rate fluctuations have had significant impacts on the Kelowna real estate market. This year we’ve already seen the Bank of Canada reduce mortgage rates twice, bringing the current overnight rate down to 4.5% - and it’s got a...
Buyer’s Market Boom
As the Kelowna real estate market approaches the last few weeks of the summer, things are continuing to trend in favour of buyers. Just over a month ago, the Bank of Canada reduced mortgage rates for the second time this year, bringing it down to 4.5% - a welcome...
