Last month was yet another busy month for Kelowna Real Estate, but I was interested to hear people start to ask, is the market starting to cool?
It is true there may not have been quite as many showings with each property listed, and we are seeing more properties being listed than sold, so inventory is rising, but we are a long way away from a more balanced market.
I suspect it is more a case that the market was as busy as the previous month and not even busier.
When looking at Single-Family home sales last month, 52% sold over the asking price!
When looking through the sales last month, I saw one Development lot listed for $1million, selling for $2,450,000!
Two quotes stuck in my mind last month -:
UBCO associate professor of economics Ross Hickey in Castanet article March 18, 2022.
“It's going to become more and more expensive to live in places like Kelowna or Prince George. Why? Because we're not going to build housing fast enough,”
He also said -:
"Kelowna is growing at a...