We recently posted about Kelowna having record high rental rates. Well today we are talking about record high home prices in the Okanagan.
A post on Global News (http://globalnews.ca/news/2866168/okanagan-house-prices-soar-to-new-heights/?sf32594714=1) recently touched on the fact that housing prices in the Okanagan have reached all time highs. Both numbers for total average house prices and median single family house prices have risen by roughly 20% since 2015.
With low interest rates, low Canadian dollar and the new 15% foreign buyer tax in the Lower Mainland we can safely predict that the housing prices in the Okanagan will continue to rise into 2017.
The article from Global remarks that the percentage of buyers from Alberta dropped to about 10% down from 20% of purchases in the Okanagan. The number of buyers from the Lower Mainland have increased to fill that void as many are selling off their multi million dollar properties and moving to the Kelowna area.
Is it time to buy or sell in the Okanagan? Leave a comment at the bottom of the page!