What A Year!
What A Year!
With 2021 sliding into the rearview and 2022 just around the corner, there’s been a lot of surprises to think back on!
During what could have been one of the most difficult years for our housing economy, the Okanagan saw the complete opposite take place. If anything, the social shift during the last year has created a massive boom in housing in the Okanagan! Average housing prices have also gone up significantly thanks to the renewed interest in our area coming from larger urban centres like Vancouver, Calgary, Edmonton, Toronto and beyond. The uptick in new construction is another indicator of this with plenty of new apartments, townhomes and single family homes going up and plenty more to come next year.
Moving into 2022, we can expect some slight changes to occur in the marketplace, like an introduction of new legislation to create transparency in the bidding process. This new policy’s goal is to stabilize the rising prices in our market and make housing more accessible to British Columbians.
Looking to buy or sell in 2022? Let’s start talking about your options and come up with a strategy together. It sounds like next year’s going to be another hot one for BC real estate, so let’s team up to make the most of it!
Additional Reading
Budding Spring Market
The sun is shining, patios are opening, and the Kelowna real estate market is blooming. Despite some unexpected variables this year - like the introduction of the ‘Flipping Tax’ and the short term rental restrictions that will soon go into effect - market activity is...
To Flip or Not to Flip
The BC real estate market is about to see another major change coming in January 2025. A newly proposed tax presented by the provincial government in their yearly budget - commonly referred to as ‘The Flipping Tax’ - aims to decentivize short term purchase investments...
Incoming Inventory
As we slowly make our way into the New Year, the usual speculation about future market conditions continues. Like we talked about last month, there are plenty of market influencers to consider in early 2024 that will set the tone for the rest of the year, like the...
