February 2018 Real Estate sales were strong, up 8% in total sales from 2017 and actually higher than 2016. This could be a positive sign of what is to come for the 2018 Kelowna Real Estate Market.
To say real estate “changes” are at a high right now is an understatement. There seems to be a lot of confusion and concern in the media over the new mortgage rules and now the BC 2018 speculation tax. For more information on the speculation tax – view this recent article.
Despite this, the Kelowna market continues to remain strong. There are still a number of buyers looking and we are actually heading into a more healthy or balanced state with almost 5 months’ supply of Single Family Homes on the market and 3 months’ supply of condos and townhomes.
HIGHLIGHTS FROM FEBRUARY 2018
Single Family Homes Inventory +22% over February 2017
Single Family Homes Prices +8% over February 2017
Total Properties Sales +8% over February 2017
Although the Kelowna Real Estate housing market conditions are still adjusting to rising lending rates and changes in lending requirements, we anticipate a strong and busy 2018 with solid price growth. The statistics over the next few months will be more indicative of what is really happening in the local market. We will of course be keeping a close eye and will provide our comment and insight. For any questions on the current state of the Kelowna Real Estate Market, contact us at 250-575-1946.