August 2022 update
Our inventory is increasing pushing us into a more balanced market.
Canadian housing inventory drops below 10-year average
BC seems to be returning to a balanced market, even though it feels like a slump coming off the highs of last year. Population is growing and housing inventory is down, 2 opposing trends. Castanet Article
Where do the Buyers come from?
Jan 2022 Association of Interior REALTORS: I think this is the first month where Investors are the largest group of Buyers in the Interior. 84% of the buyers come from BC, 8% from Alberta, 7% from the rest of Canada, and 1% are foreign investors.
Kelowna is now the fastest growing city in Canada
13.8% growth from 2016-2021! Kelowna is now the fastest growing city in Canada. Article
OMREB October 2020 Summary
Jan 2022: What a start to the year! Sales are down but only because inventory is drastically down. Prices continue to rise... and RE/MAX Canada is predicting that Canadian prices are going to increase 9.3% in 2022.
Where do the Buyers come from?
Oct 2021 Association of Interior REALTORS: A lot of people believe that foreign buyers are what's driving our market but this data shows that as usual, the majority of buyers come from within our own real estate board area, followed by the lower mainland and BC in general - 84% . Albertans are 8% of [...]
BC Real Estate Foundation approves $1,459,000 in grants to support BC ventures.
And that was just at their June meeting! The interest earned on Deposit money held in Trust accounts; in BC, is used to support projects that strengthen communities and protect our shared land and water. This amounts to millions a year! Article
Kelowna continues to be a busy city!
Kelowna takes building boom to next level Building permits average $200 million a month and housing sales are up 253% from 2020 as Okanagan city shifts into development overdrive. Article