January 1, 2023 - You know the saying "in like a lion and out like a lamb"? That is a great way to describe the real estate market in 2022. The market started out HOT, and with far more buyers than homes on the market, prices continued to soar. Much like late 2021, buyers were going in with unconditional offers and bidding wars ensued, further driving up the average sale price.
2022 also saw seven consecutive interest rate hikes, starting in March, taking the policy rate from 0.25% to 4.25% in December (learn more about the Interest Rate increases HERE).
Then, in the fall, the BC Government introduced new legislation affecting strata bylaws. You can read more about that HERE.
As we head into 2023, the BC Government has introduced a 'cooling off' period for buyers allowing them to rescind their contract to purchase within 3 days (read about that HERE), and the Canadian government has implemented a ban on foreign buyers (read about that HERE).
All of these changes have been put in place to try and temper what has been a red-hot real estate market across the country. How will it all play out here in Kelowna?
Watch as Darcy Nyrose shares what happened in the Kelowna Real Estate Market in 2022 and what we might expect to see in 2023
Condo prices reached their lowest average sale price for 2022 in June at $505,412. But, thanks to some luxury condo presales, the condo market picked right back up and hit a high of $682,653 in August. We're ending the year with an average sale price for a condo in the Central Okanagan at $509,996.
Townhome prices peaked in March with an average sale price of $860,573. The price of a single family home fluctuated throughout the remainder of the year, dropping to the year's low of $671,290 in October. We closed the year with an average sale price of $723,784.
Single family home prices peaked in February with an average sale price of $1,319,281. The price of a single family home fluctuated throughout the remainder of the year, dropping to the year's low of $1,062,064 in August and then bouncing back up to $1,303,986 in September. We closed the year with an average sale price of $1,099,109.
If you're looking to buy or sell Kelowna real estate, contact Nyrose & Associates today!