Kelowna Real Estate Market News

The pace of home sales in the province has slowed in recent months but an unprecedented start to the year still has BC on track for a record-breaking year.


An expected second-half slowdown has arrived, prompted by eroding affordability and a tightening of mortgage qualification rules. However, with the BC economy on track for very strong growth this year and next, along with the eventual return of normal migration flows, home sales are anticipated to remain well above long-run average levels into 2022.


Canadian mortgage rates have remained stable after rising from all-time lows earlier this year. At an average of just 2.14 per cent for a 5-year fixed rate and under 1.5 per cent for a variable rate, borrowing costs continue to be highly supportive of housing market activity. That said, the implementation of a new stress test rate, which is now the higher of a borrower’s contract rate plus 200 basis points and 5.25 per cent for both insured and uninsured mortgages, has likely taken some...

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