As of late 2024, the Kelowna and Okanagan market is firmly in a buyer’s market phase. Over the past two years, high interest rates have slowed the market as borrowing costs have increased, cooling buyer enthusiasm and leading to a buildup in available inventory. The interest rate hikes from 2022 through 2023 raised the cost…
Q3 Market Update (2021) – Central Okanagan – Kelowna Q3 Market Update (Produced by Louis Han in English and Korean) with CHRIS CHUNG and CHAD LEE SFR (Single Family Homes) | TH (Townhouses) | CONDO (Apartments) -Single Family Homes in the third quarter had a benchmark price of $923,500, which…
This video digs deeper into market statistics for the Central Okanagan in British Columbia. Looking at Apartments, Single Family Homes and Town-House style inventory versus number of sales within a month. We will look from 2018 to April 2020 and give our opinion of where we think the Real Estate Market will be headed. …
Let Me Be Clear No one can 100% predict market trends and the following information is the personal opinion of JP Letnick and shouldn’t be considered as investment or financial advice. The information provided is based on current market data. Let’s Look At The Data History tends to repeat itself; so before looking towards the…
Average Prices Welcome to June 2017 where house prices in the Okanagan have continued to hit record highs along with the temperatures. When we compare the average price of homes in the Okanagan from June 2017 to June 2016 we can see the following: Residential homes increased roughly 16.99% Mobile homes increased roughly 24.56% Condos…
According to statistics from OMREB Spring is the busiest time in the property market, with average house prices in the Central Okanagan rising 17.06% in 2017, averaging $703,809 a record high. Mobile Home prices have grown by 34.94%, because there are not enough houses on the market; especially homes for less than $200,000. With so…
It is interesting to see the mainstream media reporting on topics that we at Letnick Estates already predicted would be happening in 2017. A recent news article from CBC News (Link Here) talks about the differences of what you can purchase in the Okanagan compared to larger cities like Vancouver. Many people from all over the…
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…