The Road Ahead
The Road Ahead
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 🙂
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