February 2024 Real Estate Update

Dated: February 20 2024

Views: 619

It looks like our Okanagan market is recovering from the last few months of not being very active. Buyers’ confidence is getting better with Bank of Canada holding interest rates and talks of rates going downward in this coming year.

Even so Bank of Canada announced it is not the interest rate that will make a difference; but housing affordability is the real issue, not interest rates. The supply has fallen short of demand for years in regard to housing.

In the last month units Sold in the Okanagan is up between 5% to 24%, depending on areas, Active listings are up: Central Okanagan 21%, North Okanagan 10.5% and in South Okanagan up 33.5%, which means more selection for Buyers. Benchmark prices are up 2.3% for Single Family homes and days on the market average is 76 days. 

For Detailed Statistics for all regions please see charts below.

The federal government recently announced they are extending the 2-year ban on foreign home buyers further until 2027.

Exp Realty has unveiled its prestigious Luxury division, and I'm thrilled to announce that I am among the select three agents eligible to join this esteemed group here in the Okanagan. This exclusive opportunity allows me to showcase high-end properties on a global scale, reaching discerning buyers through renowned platforms such as the Wall Street Journal, Robb Report, Mansion Global, Unique Homes, Luxury Estate, UMKPT, and more.

By leveraging the expansive reach of these distinguished publications and platforms, my high end listings will capture the attention of a highly targeted audience actively seeking luxury real estate.

Being part of the Elite Marketing Group elevates our marketing efforts to new heights, promising unparalleled benefits for our clients. This is an exciting milestone in our journey, and I am honored to lead the charge in transforming the luxury real estate landscape in the Okanagan.

I believe home sales are on a clear uptrend for 2024. Total number of active listings still remains low, but new listings activity has shown sign of normalizing following a down year in 2023. A steady pace of new inventory will be crucial in keeping markets balanced as sales increase. 

As always, please reach out to us for any market advice or questions. Always working in your best interest. 

Best wishes,

Annette with Stephanie & Team 


Quote of the day: Love is the key to peace and happiness in life.

If you found this article interesting, FOLLOW / LIKE us on Facebook or please feel free to SHARE it.

 

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

 

www.moveokanagan.com

 

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

Blog author image

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....

Latest Blog Posts

April 2024 Real Estate Update

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

Read More

March 2024 Real Estate Update

The BC housing market is in a period of relative calm entering the spring, while activity is picking up, home sales remain below normal, and home prices have been essentially flat

Read More

February 2024 Real Estate Update

It looks like our Okanagan market is recovering from the last few months of not being very active. Buyers’ confidence is getting better with Bank of Canada holding interest

Read More

January 2024 Real Estate Update

Happy New Year 2024! Wishing you a fantastic year!Okanagan real estate market experienced a notable downturn in sales in December, witnessing a 26.1% decline in total residential

Read More