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

Coming Together

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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...

Okanagan Spring Heats Up

Okanagan Spring Heats Up

Can you believe that summer is already around the corner? With the change of seasons we typically expect the market to follow suit in the Okanagan, and this year is thankfully no different. As the sun starts to show itself more and more we’re noticing a similar rise...

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