With record low-interest rates and people's habits changing, whether it being early retirement, working from home, or looking for space moving to the Okanagan is a trend that is increasing. In October 43% of buyers were from outside the Central Okanagan.
I have been talking a lot about the market and how it is a seller's market. Focusing mainly on the number of transactions happening. We are seeing a tight supply which for certain homes is driving prices up, what is the dollar volume of houses selling compared to years prior?
Right up to November 17th the total amount people have spent on houses, apartments, and land has been $3,386,917,791 sold in the Central Okanagan. There has been substantial gains compared to the past 2 years as with two months left in the year the total volume is already $600M-$700M above the past 2 years. This year in 2020 we will set a new record within the last 10 years. Currently, only $41M sales are needed to surpass the total volume of sales completed in 2016.
I am not sure anyone could have predicted this rocket fuel that has been added to the housing market. As we head into next year, the future is still quite unknown, will we see foreclosures starting to pop up more and more, or will the fire burn hotter.
No one could have predicted a pandemic fueled record sale year.
Stay healthy and safe.
Mark