April 2021 Real Estate Update
Dated: April 19 2021
Warm spring weather and even a hotter market! Home sales continue at a near-historic level, with many homes going above list price and bidding wars with multiple offers.
Hard for the Buyers and Agents, as often we have to write many offers on different properties to hopefully get the offer accepted. Buyers get disappointed many times and have to start all over again with their search. Not an easy process we are in right now.
Last week, the federal banking regulator announced that it is tweaking mortgage rules. They want to increase the qualifying rate for uninsured mortgages amid concerns about an overheated housing market. The regulator explained that a higher qualifying rate “adds a margin of safety that ensures borrowers will have the ability to make mortgage payments in the event of change in circumstances”.
This most likely will happen in June, but I am not sure whether it will cool down our market.
We are still seeing people wanting to move out of the Cities, moving to the Okanagan or wanting a recreational property to go to. Vancouver is still the least affordable market in Canada, and people are cashing in.
Did you know:
In the past six months alone, single-family homes surged $100,000 (or nearly 15%) in value in Canada. This was by far the steepest increase for the national benchmark price on record. The country's most expensive markets, Vancouver and Toronto, recorded above-average gains of $143,000 and $139,000. Single-family home prices soared $147,000 in Ontario and $145,000 in the Fraser Valley since August!
The average MLS® residential price in BC is $947,707 a 20.4% increase from $787,032 recorded in March 2020 up $160,675 in one year.
Okanagan Stats from the same period as of last year for single family homes:
Sales are up in Central Okanagan 134% , North Okanagan 138% and Shuswap areas 150%
Benchmark Prices from last year are up Central Okanagan 14.6% , North Okanagan 11% and Shuswap 10.5%
Please refer to the Market Stat links below for all the details for townhomes and condos as well as the South Okanagan Stats.
Market Stats: Central / North Okanagan, Shuswap / Revelstoke
Market Stats: South Okanagan / South Peace River
Will this fever buying frenzy continue...? Our assumption is it will thru this summer and then we’ll have to see! Every market has a high and then a stall, turn around or level off. But nobody knows when that will be.
So excited to have received the ICON Award! Exp Realty’s highest award and I am now in the 1% of all agents in Canada!
ICON status is reserved for exceptional Agents and recognition is given for their business acumen, integrity and cultural contributions.
Always working in your best interest. Call anytime to chat real estate.
Annette and the Move Okanagan Group
Annette Denk – serving Kelowna – Lake Country – Vernon – Silver Star
Quote of the day: Don't let the fear of losing be greater than the excitement of winning.
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 opp....