In 2016, Kelowna and the Okanagan Valley saw a 14% average increase in home prices, fuelled by low available inventory and high demand.
Going into 2017, the market is still poised for additional growth, but it is somewhat tempered by the 15% tax on foreign buyers in the Greater Vancouver area, as well as more stringent requirements for CHMC insured home loans.
The Okanagan has felt the effects of large unpredictable swings that are seen in the Vancouver and Alberta housing markets. While seeing record increases last year, the Okanagan ‘bubble’ isn’t bursting, it’s settling into a more sustainable increase.
“We’re still going to see a strong market,” Elton Ash, Regional Executive Vice President of RE/MAX Western Canada said in a recent Global News article about Kelowna’s hot Real Estate market. “We’re predicting a 4 per cent price increase on average in Kelowna and overall sales will remain relatively strong as well.”
With consumer confidence strong and job growth continuing in Kelowna, we look forward to another productive year!