Trending Okanagan

Trending Okanagan

Apr 30, 2024 | Finance, Local, Real Estate

The Okanagan is taking its turn in the spotlight for British Columbia real estate as Vancouver starts to lose its curb appeal.

While it’s no secret that Kelowna and the Okanagan as a whole have been gathering momentum for the past ten years, Covid truly sparked an unprecedented level of attention to our beautiful valley lifestyle. With many Canadians making the move from far and wide to join our community, the housing industry hit a major growth spurt with an influx of new developments, businesses, and residents. The latest of which being the announcement of Kelowna’s inclusion in the latest development proposal from the Province to ‘fast-track’ new rental properties in our community to provide more affordable housing to working class families in our city. BC Premier David Eby says that this program is needed in BC because ‘…handing over the market to speculators and investors isn’t the way forward.’

Meanwhile, reports are stating that Vancouver’s real estate market is slowing quite noticeably despite increases in housing development and construction. Vancouver’s housing market already saw a dip of 20% in 2023 compared to 2022, which unfortunately isn’t surprising due to its infamous new title of ‘the least affordable city in Canada’ according to the Financial Post.

As Vancouver fades away from the center of attention in British Columbia real estate, Kelowna is well primed to take up the mantle. With the level of pent up demand we’re seeing for the Kelowna real estate market, experts are predicting that another boom is going to take place if the Bank of Canada announces lower interest rates just a few short months from now.

If you’re looking to make the most of the current market pace before this predicted market surge takes place, let’s get in touch and start planning how to make the most of your future here in Kelowna!

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