“How’s the market?”
The activity in the greater Kelowna area reamins strongly dependent on the price point and type of property you’re buying or selling.
The condo market is generally healthy at the lower price points, while the luxury condo market is quieter.
Townhomes are also moving along nicely, and seem to be one of the bright spots in the market, with inventory turning over relatively quickly.
For single family homes, the large majority of sales are in the $900,000-1,300,000 range. Luxury and waterfront properties are seeing longer days on market, reflecting historical averages. It’s easy to forget, but for the last decade or two (outside of the crazy years of 2020-2022), days on market for high end properties easily average 180-365, or even more. We seem to have settled back into that range, so if you are selling a luxury home, it may take some patience. Marketing and staging are incredibly important to set yourself apart from the crowd.
INTEREST RATES
The next interest rate announcement from the Bank of Canada is coming on June 5th, 2024. While the sentiment among experts is that we could see a 0.25% drop in the prime rate, it remains to be seen how much impact that will have on actual market mortgage rates. Many banks have already dropped their market rates by 1% or more in the last several months, likely in anticipation of a BoC rate reduction. Time will tell!
NEW LISTINGS, SALES, ETC
Here are the figures for the last 7 days, as an example of the sort of activity we’ve seen in May 2024.
