As temperatures drop and the snow makes its way into the hills, the opposite seems to be happening for the Kelowna real estate market. Despite our low housing inventory, prices continue to rise!

“Home prices in B.C. rose 19% year-on-year in October, but number of houses listed dropped by an average of 40%” – and Kelowna is no exception. While these pricing surges might seem foregin to our growing community, the relativity of pricing has a lot to do with the increases we’re seeing. “…potential homebuyers in and around Metro Vancouver are having to look past the suburbs of the Fraser Valley and move even further afield to find lower housing prices.” Considering this, it’s not surprising that a lot of the growth we’re seeing is due to an influx of buyers leaving the lower mainland.

However, we should expect things to slow down a bit come the spring as new legislation gets introduced to stabilize the surging market conditions we’re experiencing. According to Finance Minister Selina Robinson, legislation will be coming next spring to protect buyers from making decisions without knowing enough about what they are buying, and what other offers they might be facing. This indicates a high likelihood that changes will be made to create more visibility around bidding – until then, we can likely expect the hot valley housing trends to continue into the new year.

Wondering how to navigate these current market conditions? Let’s start some dialogue to come up with solutions together and make the most of your situation!