Residential sales in Kelowna BC for January 2017 were roughly 5.6% higher than January of 2016. We also had roughly 30% lower inventory in the Okanagan for January 2017 than we had in January 2016 (Based on statistics from Jan 2017 provided by the Okanagan Mainline Real Estate Board). When you look at the number of sales compared to the amount of inventory, we can project that prices should continue to rise in Kelowna for at least the first half of 2017.
Even if you disregard housing inventory numbers for a moment and just look at the other statistics such as: Job Growth, Population Growth, Increased Rental Demand and Increased Rental Prices, you will soon be able to determine that Kelowna is not only a great place to live but also starting to be targeted by international investors.
I’ll give you an example of what I mean; we recently found that news agencies in other countries are starting to mention Kelowna and the Okanagan as great places to live and invest money in. A sample article you can find by CLICKING HERE. Once you are on that page you can right click with your mouse and click “Translate to English” if you are using a Chrome Browser.
In the article you will see statements like:
“Vancouver property values have declined since the July assessment. Worsfold believes housing prices in Okanagan have continued to rise since the summer.”
And also like:
“Statistics show that Kelowna’s property value may still have room to grow, especially if people continue to move from Vancouver with cash.”
Overall the Kelowna housing market is still very strong and we foresee prices will continue till at least through the summer of 2017. If an interest rate increase or influx of inventory occurs then prices may slow down or possibly even do a slight correction. Only time will tell for sure.