October Real Estate Update
All over BC the market is slowing down.?Central Okanagan?Sales are down?almost 40%?and?Active Listings are up over 90%?from the previous year. The biggest slowdown was in the South Okanagan, with 52.6% down in Sales, Kamloops 46%, Kootenay 34% and North Okanagan only 29.4% down.
The banks interest rates have some people now waiting?as they can’t afford the home they wanted anymore and are sitting more on the fence waiting to see what the future will bring.
While listings have been climbing, it is still below pre-pandemic levels?and far below where it needs to be to have a balanced market. The increased listings offer Buyers better options and opportunities as well as locking in interest rates. Finding a home now might be a good solution, as interest rates might keep hiking up again this year. Prices might come down, but interest rates will go up again, so not waiting might be a good strategy as you will save monthly with a lower interest rate. In the long run you can’t loose.?
Benchmark prices have still been climbing up compared to last year,?amazing! Most noticeable in townhomes in the North Okanagan, which went?up 25.9% compared to last year.
Days on the market is approx.?60 days?for the whole Okanagan.
The Stock market?is going up and down with any international news these days, which does make many buyers nervous as they see their portfolios shrinking.
Having said that, let’s be optimistic. We will have a much slower market over the winter with?more choices for the buyers, which is a plus. We do see daily price reductions which often is not reflected in the Stats. Luxury homes are sitting longer on the market but are still selling.
Please see below detailed Stats for every region in the Okanagan.
Best wishes,
领英推荐
Annette and Team
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Move Okanagan Group – serving Kelowna – Lake Country – Vernon – Silver Star
Not intended to solicit properties currently listed for sale/under contract. Based on MLS??active residential listings taken & sold units as reported by Association of Interior Realtors??in 2022 and YTD September 2022 for Central Okanagan.