April 2024 Real Estate Update

Dated: April 15 2024

Views: 793

Hope everyone had a relaxing Easter weekend with family and friends. Our Easter celebration is a cherished family tradition, commencing with a delightful Sunday brunch and afterwards we engage in lively lawn games and Easter relays.

In the latest news, you might have caught wind of headlines like "House prices take a dip in the Okanagan during the Spring and Easter holidays”. We anticipated a buzz of sales activity this March and April, but the market has thrown us a curveball, keeping us on our toes. Last month in Kelowna, the benchmark selling price dipped below $1 million to $986,600 down from $1,009,200 in February. In April 2022 it was $1,131,800 (a $145,200 correction). Higher end Luxury homes are down even more. 

Last Wednesday, we anticipated positive developments, but mortgage rates did not change. The Bank of Canada kept the overnight rate unchanged. However, contrary to expectations, they revised global GDP growth upward and warned of potential inflation risks again. Although this news nudged bond yields a tad higher, we're staying positive and hoping for stability ahead.

Sellers may expect higher prices given supply and past trends, thinking they hold the negotiation advantage. Meanwhile, Buyers face budget constraints and high interest rates, causing a standoff. Deals might stall until interest rate cuts boost buyer purchasing power later. The market may remain slow, but May should bring improvement.

The art of real estate is ever-changing, much like a thrilling rollercoaster ride – we're in for an interesting journey! And remember, our detailed statistics are just a glance away for those who love numbers. 

For detailed Statistics please see our Charts below.

Mortgage payments are people’s largest expense. Households may need up to 108% of their income for a median-priced home across Canadian cities. Affordability has deteriorated drastically, with even "affordable" markets now requiring nearly half of a household's income for mortgage payments. Lowering interest rates is crucial, and it's essential for the government to curb excessive spending to prevent further debt accumulation in Canada.

The Canadian monthly Nation Wide mortgage payment is $3,524.- per month! Here is a snap shot of average monthly mortgage payments in these cities: 

Greater Vancouver $5,866, Fraser Valley $4,677, Victoria $5,054, Calgary $3,159, Edmonton $2,119, Regina $1,709, St. John $1,611, Montreal $3,247. Some astonishing numbers!

Did you know: Choosing a 15-year mortgage could elevate your monthly payment and saving nearly $200,000 in interest over time compared to a 25-year plan!

Contemplating on listing or purchasing, we would love to hear from you and talk real estate. We are committed to serving your interest with utmost care.

Best wishes,

Annette, Stephanie and Team


Quote of the day: Many of life’s failures are people who did not realize how close they were to success when they gave up. Hold onto your dreams!


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Move Okanagan Group – serving Kelowna – Lake Country – Vernon – Silver Star - South Okanagan

www.moveokanagan.com

Based on MLS® active residential listings taken & sold units as reported by Association of Interior Realtors® in 2024 and YTD March 2024 for Central Okanagan.

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Annette Denk

Annette has been in Real Estate since 1994. Her determination to uphold a tradition of trust, integrity, and expertise has earned her a long list of satisfied clients who recommend her at every opport....

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