Is Kelowna Real Estate Overvalued?
No, we need to do some research to answer the question Is Kelowna Real Estate Overvalued?
We are not like our cousins in Toronto or even a brothers and sisters in Vancouver. What makes people even suggest that if Kelowna Real Estate is overvalued is simply the attention we are getting because our real estate market is recovering.
But frankly, the recovery is not across every sector of Kelowna Real Estate. While we are seeing frenetic activity in certain sectors many are waiting to kick in to gear properly this year.
There are many statistics that would help answer the question Is Kelowna Real Estate Overvalued, and some are tied to income vs housing prices.
When looked at from this perspective it is simple to conclude that Kelowna Real Estate has been overvalued at points in the past. Today that may not be the case. The other important aspect to interpret is housing values compared to average net worth. This is a very hard demographic to get your hands on because net worth can not be verified. Kelowna, however still attracts an increasing number of retirees who are financially independent and so the analysis is moot.
The truth is that Kelowna is going to feel increased pressure from the Vancouver housing market which may lead to us answering positively to the question is Kelowna Real Estate Overvalued. That, however will be down the road a while yet.
For now, the sun still shines on Okanagan residents, people are coming here in larger numbers to by real estate, but what may surprise you is that even in the active market we have today, the vast majority of transactions are within the local market, ie, locals buying or selling.
To take a look at what is happening with inventory and pricing, visit my Kelowna Real Estate listings.
Is it a good time to buy? I would say it is…
Call me at 250 864 7548 if you would like to discuss this further