Concerns about the current state of our Kelowna Real Estate Market continue to be the source of dinner-table conversation.
My thanks to Chief Economist, Brendan Ogmundson of the BC Real Estate Association who has just released his Fourth Quarter Real Estate Forecast.
This report covers MLS® home sales in the Thompson-Okanagan region, which is serviced by our own Okanagan Mainline Real Estate Board, South Okanagan Real Estate Board and Kamloops and District Real Estate Association. At present we are on pace for a third consecutive down year as the markets absorb the impact of the B20 stress test and the provincial speculation tax.
Recent Trends & 2020 Forecast Sales Numbers.
Like most markets around the province, home sales in the Okanagan Mainline and South Okanagan struggled in the first few months of the year, as rising mortgage rates compounded the negative effects of the stress test. However, a rapid and substantial decline in Canadian mortgage rates helped spur a recovery in...