Hope you are having a wonderful Pre-Christmas Season. What incredible mild weather we are having and I am hoping for more snow to come!Our Real Estate market exhibited a more typical slow November. It is definitely a Buyers market with more listings on the market and pressure on pricing going down. Active Listings across BC have increased for the sixth consecutive month and are now back to their highest level since August 2020. Notably, recent headlines were dominated by impending Provincial Government legislation changes, particularly affecting short-term rentals in BC and the extension of the Speculation and Vacancy tax to include areas like Lake Country, Vernon, and Peachland has left many investors awaiting the details before deciding on the fate of their properties – whether to hold for long-term rentals or sell.Kelowna has decided to delay their decision in regards to short term rentals, on how to move forward until the Province makes their plans clearer, as this will supersede any local rules and regulations.The Bank of Canada maintained its 5% overnight rate, indicating a decrease in inflationary pressure. Despite lingering inflation concerns, a slowing economy and declining core inflation suggest a possible end to the rate-tightening cycle. Looking to 2024, discussions may focus on when and how fast the Bank might lower rates. Forecasts see the average 5-year fixed mortgage rate reaching around 5% by year-end, with variable rates following suit as the Bank of Canada initiates rate cuts in the coming quarters.For detailed Statistics for all our areas please see attachments below.As the festive season unfolds, we extend our warmest wishes to you and your family. Your loyalty is the greatest gift we could receive, and we look forward to another year of shared achievements in real estate.
Wishing you a Merry Christmas and a Happy New Year filled with happiness and joy.Warmest wishes, Annette, Stephanie & Kim Quote of the day: The holiday season is a perfect time to reflect on our blessings and seek out ways to make life better for those around us.
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Move Okanagan Group – serving Kelowna – Lake Country – Vernon – Silver Star
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 November 2023 for Central Okanagan.