October 2023 Real Estate Update

Dated: October 18 2023

Views: 571

The real estate market shifted quite a bit. Usually, our September and October are still active months, but not this year. I believe the fires in August, interest rates up and maybe looming to go up again, inventory levels high, inflation still high, and now seasonal slowdown happening, it looks like we will have a slower winter ahead.In September, the benchmark price of single family homes declined between 6%-10% depending on areas. Sales numbers are down 25% in the last month. Fewer out of town buyers and inventory going up in all sectors are making a difference. It is definitely now a Buyer’s Market for homes, condos and townhomes.We are starting to see Sellers re-thinking their pricing and we see price drops on a daily basis happening.At the moment listings continue to rise, but with the winter coming this will change.The Bank of Canada is still holding interest rates but they could go up in October again, alone this unknow possibility makes a difference to buyers.One good thing, Buyers will have more choices, longer to make decisions and can negotiate more. Sellers have to be open to lower offers as we see this shift happening. On average it takes now 2 months to sell a home, and often only after several price reductions.It is too early to predict what the future will bring, but I know a slower winter market is happening already.For detailed Statistics for all areas, see charts below.Short Term Rental changes:

As of yesterday, the provincial government announced changes to the legislation governing short-term rentals. The changes are fairly comprehensive and cover the majority of aspects governing short-term rentals. The new regulations are intended to give municipalities and the province more power to regulate short-term rentals across the province. The intended changes are as follows:Principal Residences Only 

· As of May 2024, all short-term rentals in communities with populations 10,000 or over will be limited to principal residences only.

· Fines for short-term rentals owner/operators breaking local municipal by-law rules will increase to $3000 per infraction, per day.   

· Like municipalities, Regional Districts will be given the power to set the maximum penalty of $50,000 for severe contraventions of by-laws. 


Wishing you a fabulous October, our weather has been so wonderful. Always working in your best interest.Best wishes,

Annette and TeamQuote of the day: To handle yourself use your head; to handle others, use your heart. 

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

 

www.moveokanagan.com

 

Not intended to solicit properties currently listed for sale/under contract. Based on MLS® active residential listings taken & sold units as reported by Association of Interior Realtors® in 2023 and YTD September 2023 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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