Well, there is so much to talk about with regard to the Kelowna Real Estate Market this month. There are so many opinions flying around out there!
In case you haven't heard, we have experienced a definite slowdown in the market during the last month.
Buyer fatigue, the new Interest Rate environment (the Bank of Canada raised its overnight policy rate by 0.5 points to 1.5 per cent this morning), inflationary pressures, the impact of Oil prices, the Ukraine War, the volatile equity correction and the Media, have all contributed to Buyers sharply applying the brakes, and many are now sitting on the fence waiting to see what happens next.
This is causing some Seller anxiety as in many cases, showings are much slower, Buyers have more choice and offers are taking longer. The result has been a much higher number of price reductions during May, and more homes selling below the asking price.
Before everyone gets too carried away though, there is currently very little in our 'fundamentals' that...