Take it to the Top

Take it to the Top

May 16, 2021 | Local, Real Estate

With another month gone by, so much has changed and things are moving faster than ever. Yet, the story remains the same: the Okanagan real estate market is still soaring with no signs of slowing down. Last year we saw average home prices go up steadily, increasing the average by $100,000 over the course of the year. This year – in only 60 days – we’ve seen this same $100,000 average price increase

The main factors in this red-hot market seem to be the pandemic (people looking for more open spaces and outdoor lifestyles) coupled with extremely low inventory, so it’s no surprise that these two components impact each other significantly. The result? Average Central Okanagan single-family home prices have increased over 30% compared to last year! With so many Canadians now able to work remotely, it’s no wonder we’re seeing a social shift in how we approach housing. We’ve even seen an increased demand for industrial property, land and new construction across the board.

The market continues to be a seller’s market, but with inventory as low as it is, sales need to be strategic and thought through. It’s never been more important to work closely with a REALTOR® get the most out of your investment and transition smoothly to another property. Things are looking up, so let’s get there together!

Additional Reading

They Grow Up So Fast

They Grow Up So Fast

    The headline this month? Kelowna remains the fastest growing metropolitan area in the country, with over 40% of new buyers relocating to the valley from the lower mainland and only 30% being from the Okanagan. Our little beach town is growing up fast! It...

Spring Market Update

Spring Market Update

    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...

Selling Season

Selling Season

    Over the last two years we’ve seen a tremendous amount of interest from Canadians looking to downsize to a smaller community with greater access to the outdoors and more adorable living. The answer to this question quickly became Kelowna, and there’s...

250-470-0377