Spring is consistently a busy time in the real estate market. As we head into summer, you might hear or read a lot in the news about real estate in general. In BC, much of this conversation will centre around the BC Government’s proposed new Speculation Tax. Across Canada, the new mortgage stress test will also be a topic of conversation.
But, before we jump to conclusions here in our own backyard, it’s important to understand that Kelowna’s market is different from the rest of Canada. Due to the lifestyle opportunities and growth in the business, health and economic sectors, Kelowna will continue to see population growth, especially since it is more affordable than Vancouver.
On average, Kelowna did see a 15% decrease in sales in April 2018 over April 2017; however, prices were up 12% over this same time last year. Specifically for the condo and townhouse market, numbers are still very strong. January through April 2018 saw 479 condo sales, vs 487 at this same time in 2017. For townhomes, there were 235 sales in January through April 2018, vs 287 in 2017. (Stats, OMREB April 2018) See Kelowna Real Estate Stats
“We welcome the moderation in activity here in the Central Okanagan but always recommend calling us for professional advice on the local market. Whether you are looking to buy,sell or simply have a question on the Kelowna market, we are here to provide guidance throughout the process. ” – Darcy Nyrose (PREC, Nyrose & Associates)
Here’s What You Need To Know About the Current Kelowna Real Estate Market
Don’t be reactionary. None of us has a crystal ball to forecast the future. But, industry experts and experienced, professional REALTORS® can make predictions and forecasts for the future. If you are at all wondering about the future of the real estate market or your investment, talk to a professional Kelowna Real Estate professional. We have the stats, tools, hindsight and foresight to guide you into the future.
Remember your home is only worth any given price when it is time to sell (and pay taxes). You should stay aware of real estate market activity, but not panic. Even if Kelowna does experience market moderation, if you aren’t planning on selling right away, any dip is only on paper. If you’re worried about your investment, talk to a professional now to get an outlook that is backed by experience, past market knowledge and current stats & trends.
Need/Want to buy or sell? You buy and sell in the same market (generally). “Everyone is an armchair Real Estate Analyst”, especially when there is even a small change in market activity. Talk to an experienced REALTOR®. Generally, most people buy & sell for additional reasons that extend beyond current market conditions. When you work with a REALTOR®, you can best take advantage of the current market.
Thinking of Buying Soon? Consider a new development. Pre-sales are a great way to feel like you’re getting a ‘deal’ regardless of what is happening in the market. Developers often offer pre-sale incentives to get a commitment before completion. The team REALTORS® at Nyrose & Associates are very experienced in this market and are a great resource for buyers looking to buy new.
Stay Up To Date On Local Market Activity. Kelowna is a microcosm within Canada. And within Kelowna, each neighbourhood and property type sees unique market activity. We update neighbourhood activity every month which is a great way to see what’s happening in your neighbourhood. Or get in touch and we’ll go for coffee to connect on the bigger picture when it comes to Kelowna home ownership. Whether you are buying, selling, or simply checking up on your investment – – it’s important to have an experienced Kelowna REALTOR® on your side.