Are Kelowna home prices increasing?
There is lots of talk of Kelowna home prices increasing currently.
A rising tide floats all ships is certainly a saying that is applicable to the Kelowna Real Estate market at the moment. Report after report is coming out suggesting that Kelowna is a on a positive track for several years to come.
Central Okanagan Sales – Listing May Statistics 2016 For example the median price of a single family home this year compared to last is 19% – supporting the theory that the Kelowna market is moving north in terms of pricing and that there is truth in the headline of the article – Kelowna home prices increasing.
The interesting aspect of the change is that the increases are virtually across the board. As the Vancouver bright white fright flight continues, Kelowna and the central interior are no doubt benefitting.
Is there an end to the frenetic activity?
You would think not with CMHC and BCREA supporting the thesis that a outbound migration from Vancouver and Alberta will keep upward pressure on the housing market here for some time now.
So what does this mean for you?
As a seller, it could not be better news. The market is shy of listings and starting to become overwhelmed with buyers. Not only are the sales prices increasing but the number of sales is off the charts. Year to date over previous “normal” years, our office is processing twice as many deals as normal.
As a buyer, well, it is probably time to make a decision. Of course, there is always another deal to be had, but you had better move quickly when you find what you are looking for because you are not hunting alone in this market currently.
So in answer to the question, are Kelowna home prices increasing, I would have to answer yes, positively.
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