The Future is Bright
The Future is Bright
As we near the end of the year, many are speculating about what lies ahead for the Okanagan real estate market. Despite many projections pointing to a decline, it’s important to remember how much context can affect these statements.
Over the last two years we’ve seen unprecedented market activity throughout the covid 19 pandemic. With plenty of attention being drawn to our region because of the indefinite ‘working from home’ lifestyle, prices and new development took off and showed no signs of slowing down (and they honestly still don’t). Even though 2022 was on average lower than 2021 and 2020, for the most part it exceeded averages from 2018 and 2019.
It’s also important to keep in mind that the state of Kelowna’s real estate market leading up to this point was stable and profitable; covid conditions just made it even moreso. The term ‘pre-pandemic’ is nothing to fear when it comes to the Okanagan property market. Even though there are reports of a decline on the horizon (including a projected 10% average pricing reduction for Kelowna) this is no reason to be alarmed. Our region has the unique benefit of being one of the fastest-growing areas in the country as well as one of the most desirable places to live, meaning we can remain consistent despite most market fluctuations.
Wondering about the best time to make your next move in the Kelowna real estate market for 2023? Let’s chat and set up a strategy for success!
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