Unveiling the Ups and Downs of Kelowna's Real Estate Market in the Past 5 Years Over the past five years, the Kelowna real estate market has experienced some fluctuations a bit reminiscent of a rollercoaster ride. Lot’s of ups and some downs with some twists and turns, its tough to know where the market is at any given moment. Driven largely by changes in interest rates, which has left potential buyers and sellers uncertain about the best time to enter or exit the market. However, as you will see in the home price index it suggest a turning point. With the Bank of Canada keeping interest rates stable for the last two meetings, home prices in Kelowna seem to have hit the bottom and are steadily climbing again. Analyzing data from the MLS Home Price Index, we observed a noteworthy price growth of 5% for single-family homes and 7.2% for apartments in the Central Okanagan region within the past month. Townhomes, on the other hand, experienced a more modest gain of 2%. Considering these trends, it appears that the market has reached its bottom. Aspiring homeowners or buyers who have been waiting for the perfect moment may find that time is of the essence. Reflecting on the past five years, it becomes evident that hesitating to enter the market can lead to missed opportunities. Although market gains and losses vary within the same market. To better understand how your neighbourhood fares, let's examine how its’ pricing compares within the current market landscape. The Kelowna real estate market is showing signs of upward momentum, presenting both opportunities and risks for buyers and sellers alike.
I hope you have a great week, please feel free to reach out with any questions or comments. Mark and Maddie