The average Central Okanagan benchmark home price fell 4.7% in July. After reaching a historic high in April, the region’s benchmark home price has fallen for three consecutive months. The number of residential unit sales in July fell to 1,196, a 33.3% decrease from July 2021. The decline is particularly alarming as the number of available homes is dwindling. As a result, buyers are looking to buy now while prices are low.
South Okanagan average home price falls 7.8%
The market is experiencing two distinct markets: the condo market is on the rise, while the house market is showing little appreciation. The lower interest rates on mortgages have reduced the appeal of higher-priced properties. Rising rates on the mortgage have fewer buyers, which limits the amount of homes a household can afford. In addition to the current trend of higher prices, an increase in listings has likely contributed to the lower price. This is particularly bad news for existing home owners, who may benefit from price appreciation until mid-2017.
https://froodl.com/find-out-which-food-delivery-services-pay-the-most-canada/
The Central Okanagan benchmark home price fell by 7.8% in June, but prices are still 15.3% higher than a year ago. In the South Okanagan, the benchmark home price dropped by 7.8% in August. It was $780,072 in May, a drop of 7.8% from the year-ago period. A price of $675,600 is considered low by Okanagan real estate market standards.
North Okanagan average home price rises
Benchmark home prices continue to rise in the North Okanagan. As a result, the average price of single-family homes increased by 4.9% between March and February. The benchmark price for single-family homes in the North Okanagan was $711,600 in January. The region recorded 1,898 sales in March, down nearly 25% from March 2021. The number of new listings was also up, albeit at a slower pace.
https://www.reusealways.com/read-blog/158966_foodies-vs-food-lovers-what-s-the-difference.html
Despite the recent rises in mortgage rates, the North Okanagan housing market is still experiencing a sellers’ market. Prices have reached a new high in the past year and are likely to continue to rise over the coming years. Benchmark home prices in Kelowna are up by 15.8 per cent to $1.1 million, while the benchmark price for homes in the North Okanagan rose by 13.5 percent to $792,000. Condos in the region are also seeing price increases.
Kelowna is second-best small city in Canada
If you’re relocating to the west coast of Canada, you may be wondering what makes Kelowna, BC, so great. The good news is that this city has a temperate climate with four distinct seasons. Located in a valley, Kelowna has lakes that moderate temperature in winter. Although the temperatures in winter are often below zero, Kelowna still enjoys an average high temperature over freezing throughout the year. Kelowna is home to the country’s highest proportion of calm wind days.
This city’s recent ranking has earned it the title of second-best small city in Canada. The report attributed Kelowna’s high score in part to an influx of new residents after the oil boom in the region. The city also received special recognition for its cycling options, with nearly four thousand residential units currently under construction. Whether you’re considering moving to Kelowna or simply visiting, there’s plenty to see and do in the area.
Housing availability is diminishing
A recent study by the Bank of Canada shows that 20% of new homes sold are to investors. Abbotsford and Langley have seen sky-high flipping rates. This study does not include Kelowna, which has seen the same decline in housing availability. Despite the slowing housing market, the Central Okanagan remains one of the most affordable housing markets in the province. And, with a growing population, the housing shortage should be temporary.
While the housing market continues to slow, new listings are on the rise. Last month, the number of new listings increased by 14.7% compared to May 2021. The number of condos for sale was 10% lower than in May of last year, although overall prices are still higher than a year ago. There are also more listings than there were in June of last year, a trend that is expected to continue in the coming months.
CBC Business News 
Leave a comment