November 2023 Real Estate Update

Dated: November 20 2023

Views: 482

Snow is starting to fall at our Ski Resorts and what a beautiful fall we’ve had so far.

The transition into winter, however, brings a noticeable cooldown in market activity. The confluence of high borrowing costs and a stringent stress test has hastened this deceleration. Predictably, home sales have slackened in response to elevated interest rates and the prevailing economic uncertainty surrounding inflation.

Buyers and Sellers find themselves in a holding pattern, eager for a potential respite in interest rates on the horizon. Despite persistent demand, both parties are cautious as they navigate the real estate landscape.

New residential listings increased 8.6% compared to last year. The total number of active listings saw an increase of 17.1% of total inventory compared to October last year. The most substantial uptick in active listings is in the South Okanagan with a total increase of 37.7% and followed closely behind in the North Okanagan with a 26.6% increase in active listings.

The pricing scenario varies across regions, with some areas witnessing stability while others experience declines of up to 6%.

Notably high end homes in Kelowna over 3M saw a staggering 50% sales decline. Vancouver is also undergoing a period of adjustment, with sales dipping below the 20-year average.

Below are the Statistics for a detailed breakdown for all Okanagan Regions with pricing and sales.

Thought I’ll share where you can buy a single family home below the National Average in November 2023:

Average Canadian Home Price: $815,300

Most Expensive average Home price:

-Vancouver: $2,018,200
-Fraser Valley: $1,520,500
-Toronto: $1,345,400
-Victoria: $1,345,400
-Kelowna: $1,021,985

Below Average Homes:

-Ottawa: $727,500
-Niagara Region: $666,200
-Calgary: $633,300
-Montreal: $610,800
-Halifax: $534,300
-Saskatoon: $432,200
-Edmonton: $424,000
-Quebec: $383,200
-Winnipeg: $359,600
-Regina: $326,300
-Saint John: $298,600

If you're considering entering any of these markets, I'd be delighted to connect you with an excellent agent in the respective cities.

Wishing you a wonderful pre-holiday Season. Should you have any real estate inquiries, please don’t hesitate to reach out, would love to chat with you.

Warmest wishes,

Annette and Team


Quote of the day: If you concentrate on finding whatever is good in every situation, you will discover that your life will suddenly be filled with gratitude, a feeling that nurtures your soul.

 

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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 October 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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