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BCREA 2022 Third Quarter Housing Forecast

"While the housing market is currently feeling the weight of higher interest rates, the downturn is unlikely to be long-lived as BC's strong population growth combined with extremely favourable demographics means there will be no shortage of demand for housing in the province." BCREA 2022 Third Quarter Housing Forecast Update

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

Sales predicted to decrease… but will prices?

Home sales will fall 20% next year: BCREA British Columbia housing sales will see another "record-smashing" performance this year before sales plunge more than 20% in 2022 as price increases fall to single-digit levels, according to the BC Real Estate Association. Article

Where do the Buyers come from?

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.  Albertans have increased to 10% of our buyers, followed [...]

Home Sales by Region

Quite the dramatic chart both in the downward crash and the amazing, unexpected soaring sales!

46 Story Tower Proposed in Kelowna

Wow! This would change the downtown landscape.... It's to be a mix of rentals, owned condo's, shared accommodation and commercial/retail. Article

Mobile homes use the most electricity of all home types

BC Hydro has a new report out... The average mobile home uses 50% more electricity per square foot than an average single-family house. Article

Buying a Rental Property with Tenants

There are so many aspects to consider... Do you want to keep the tenants, move in yourself or move a family member in? Article

Building Pandemic-Proof homes

Covid-19 is inspiring innovation in home building. Touchless entries, bringing back built-in computer desks and exterior elevators... all changes designed to decrease congestion and germ transmission. Article