01 Oct Current Okanagan Real Estate Trends
The ongoing “Urban Exodus” has affected where many people are living these days in BC as well as all across Canada. Smaller cities in the Thompson Okanagan region are popular for those wanting to leave the larger cities of Vancouver, Calgary, Edmonton, and Toronto to relocate to less populated cities such as Kelowna, Kamloops, Vernon, Penticton, and the Shuswap.
For many, remote working has become a new way of life, which opens up a larger pool of cities to choose from when considering relocating. The attractive real estate prices in smaller cities can definitely influence the decision-making process when choosing where to live. Combine that with the allure of lake-front properties, proximity to wineries and ski hills, and the Okanagan outdoor and vacation lifestyle, we can see why the region is a favoured destination.
According to Kelowna Capital News, the current market has some homes receiving multiple offers within hours of listing, and bidding thousands over the asking price is just a starting point. The market has slowed slightly due to a lack of supply, and listings are at record lows and not replenishing to meet the high demand, says Kim Heizmann, President of the Association of Interior REALTORS. The amount of active listings across the Association region is down 46% compared to August of last year.* This lack of inventory is resulting in a strong seller’s market seeing higher home prices.
Although the average selling prices for single-family homes and condos in the Okanagan are currently at record highs, they’re still considered a good deal for those accustomed to Vancouver and Fraser Valley home prices. With the average house price in Vancouver being $1.5 million compared to the average of $681,000 in Kamloops and $962,000 in Kelowna, it’s understandable these smaller city prices could be seen as a bargain to some. Furthermore, condos can offer an even more affordable price point on average at $396,000 in Kamloops and $473,100 in Kelowna.**
So if you’re working from home, why not do it from the Okanagan in an affordable home where you can get more for your housing dollar? As new supply is slowly coming to market, it’s unclear if we’ll see housing prices cool off by the end of the year, or what supply of properties will be available by then. However overall the current market is still very hot and as more folks relocate to the area, positive word of mouth will continue to support the region’s reputation as an appealing place to live, work, and play.
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*Stats from interiorrealtors.ca
**Stats from KelownaNow.com