The 2018 Kelowna Real Estate Market will be known as a year of change. With a new government stress test for mortgages, new real estate rules governing how REALTORS® can work with buyers and sellers, plus the looming speculation and foreign buyers’ tax, it was a wild ride. Throughout 2018 the market moved into what is known as a balanced market. Less people were buying over-market priced listings, buyers had more choice on the market, there were less multiple-offer situations and the market turned into a more balanced cycle.
Heading into the final quarter of 2018 listing prices were not over-inflated and more local buyers with tighter purchase parameters brought Kelowna back into a normal market – balanced for both Buyers and Sellers.
Watch The Video Below for a Quick Recap on December’s market activity as well as 2018 as a whole.
As we head into 2019, we’re excited for what’s in store based on our December activity and historical trends.
We will always see immigration from other provinces, government interventions and listing inventory change. Change in market activity and intervention in terms of regulations and taxes is a constant in real estate. One thing that doesn’t change is that people love living in the Okanagan Valley.
Over a 10 year cycle, all real estate products have increased in value from 38 to 56% . This includes two market cycles. Over the past 5 years we saw Single-Family home prices increase by 46%, townhome prices increase by 42% and condo prices increase by 49%.
As a place to live, don’t you agree you can’t get better than Kelowna and the Okanagan? And, looking at historical numbers, real estate is a great investment, too. There isn’t a bad time to buy real estate. It’s when you need or want to sell that makes the difference. – Darcy Nyrose