It’s been a tough month for the Kelowna Real Estate market. Every day we have seen price reductions as anxious Sellers come to terms with the fact that they have had fewer showings than they were expecting, and are left wondering what it’s going to take to get their property sold.
Buyer continue to sit on the fence, and indeed a number of them have not even visited yet to start the buying process, they are just sitting on the edges watching to see what the Real Estate market will do.
We have now seen the full impact on the Mortgage Stress Test, the threat of rising Interest Rates and the upcoming Speculation Tax that is about to be voted upon in the BC legislature during October, which will affect Kelowna and West Kelowna.
The impact of Government intervention in the housing market has certainly had a dramatic effect, where in some cases first-time buyers have seen their purchasing power reduced fine 25%.
Let’s take a look at this months numbers.