May 2017

The market in Kelowna continues to heat up with prevailing low inventory especially for properties priced under $560,000.  That low inventory is causing residential property prices to keep rising.

Statistics from the Okanagan Mainline Real Estate Board (OMREB) show that last month the average home price rose by $30,000 from $630,000 in March to $660,000 in April of 2017. 

The biggest fight for buyers were homes under $450,000 with some buyer’s choosing to purchase homes further out in Lake Country or deep into West Kelowna territory to find homes

Homes that are priced well are seeing multiple offers within a day of hitting the market.  It’s definitely a seller’s market in Kelowna and throughout the Central Okanagan.

In April, there were

Owners of vacation properties in Kelowna often have to subsidize their properties just so they can use them for their summer holiday. And for many, that's just fine because they love their properties and they understand that their property is going to appreciate more than, say, a duplex 16 blocks from the lake front. Demand for beach front property is high and relatively speaking, there's not that much of it. If you want to buy in a resort setting, there are only so many resorts and condo buildings available. Luxury homes on the lake are more plentiful but often, vacation home owners are purchasing for their own use and not with an eye to rent to tourists.

When you think of the long term, people willing to subsidize their Kelowna vacation homes can