February Real Estate Update
The Okanagan real estate market had a?good start in January?and brought a much-needed boost in market activity, with sales surging over?40%?compared to January 2024, mostly due to the December interest rate cut. On average in BC Sales are up 6.4%.?While it still remains a strong?buyer’s market, savvy buyers are getting ahead of the spring rush, while strategic sellers are pricing their homes to?sell rather than sit. Homes priced in line with today’s market move quickly, while those clinging to past values risk sitting unsold for a long time.
Next interest rate announcement is?March 12, 2025. Variable Mortgage rates vary from 4.55% to 5.24%.
With Trumps daily unpredictable news?and not sure what will happen in the future with Tariffs, or extra sales tax for US foreigners,?many Canadians living in the US have shown interest in moving back to Canada?or investing into Mexico or other countries, instead of staying in the US. With these factors at play, this year could be shaping to be a much busier year in Sales. Success in this evolving market will require?out of town marketing, expert guidance, and well-planned buying and selling strategies?that we offer.
Here is an interesting article on how Tariffs will affect our Real Estate Market:?https://www.rew.ca/guide/articles/how-us-tariffs-could-shake-up-bc-real-estate
We still have a foreign buyers ban in Canada, so people coming here to buy in Canada have to have a Canadian passport. Hoping our new government will scratch this Trudeau policy.
Townhomes, Condos and Home prices in Kelowna increased a bit, but still lagging behind our 2022 high prices. Benchmark price for Townhomes reached now $742,900, and was in May 2022 $829,000. While sales are up, price appreciation remains sluggish. Kelowna’s high housing costs continue to limit affordability and preventing significant price surges.
In the Okanagan a home in 2022?would have sold for $1.250 Mill, and in today’s market the price adjusts?most likely closer to $1 million. Today’s buyers are more cautious, negotiating harder and expecting more.
Please see detailed Statistics for Vernon, Lake Country, Kelowna and South Okanagan below. With pricing and sales statistics.
We specialize in luxury homes over?$2 million?through our?eXp Luxury?program, offering unparalleled global exposure and connecting with affluent Canadians seeking to buy in the Okanagan. Explore?eXp Luxury?here:?https://youtu.be/Xa2xl7yOtWs
If you're planning a move or looking for market insights, don’t hesitate to connect for tailored advice and our unique marketing details with exposure across Canada.
Best wishes,
Annette & Stephanie
Quote of the day:?To give without any reward, or any notice, has a special quality of its own.
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Okanagan’s best website to get the latest listings:??www.moveokanagan.com
Move Okanagan Group – serving Kelowna – Lake Country – Vernon – Silver Star - South Okanagan
Based on MLS? active residential listings taken & sold units as reported by Association of Interior Realtors? in 2025 and YTD January 2025 for Central Okanagan