The Road Ahead

The Road Ahead

Jul 12, 2023 | Finance, Real Estate

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 interest rate from 4.5% to 4.75% in an effort to curb unsustainable growth in the Canadian real estate market – the highest it’s been since 2001. While it didn’t take long for Canadian banks to unilaterally increase their prime lending rates to 6.95%, there’s now plenty of debate around whether or not this will have the desired effect of slowing inflation, or whether it’ll continue to make matters worse.

In spite of all this, the Okanagan and Interior housing markets continue to show plenty of opportunity (especially for new buyers) as prices decrease and inventory increases. The Canadian Real Estate Association has reported that prices in the Interior were down by 2.2% from six months ago and 9.4% from a year ago. But, like we’ve talked about before, these numbers are all relative to anomalies in the market that we saw throughout the last few years. While it might not sound great at first glance, prices in the Interior are up 44.9% from three years ago and 44.5% from five years ago – the biggest gains in B.C. except for Vancouver Island!

I’ll be the first to admit that it can definitely be a daunting time to know how to go about handling these changing market conditions, but after more than 20 years playing this game, I’m confident I can help you navigate whatever situation you’re in. Get in touch to learn more about the current market conditions and ask any questions you might have about how we can work together to set you up for success 🙂

Additional Reading

Is Kelowna’s Market Stabilizing?

Is Kelowna’s Market Stabilizing?

Kelowna’s real estate market in 2024 was a bit of a wild ride. The year kicked off slowly, with high interest rates making it tough for many buyers to afford homes. It wasn’t just Kelowna feeling the squeeze - this was a trend we saw happening across all of British...

Where To Go Next?

Where To Go Next?

As we start getting ready to say goodbye to 2024 there’s plenty of curiosity about what the Kelowna real estate market is going to look like in 2025 - and with good reason! This year we saw so many changes take place that had significant impacts on our local market,...

Winter Buyer’s Market Ahead

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...

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