For the buyers among you, I am sure you were wondering whether there is an end in sight to the rapidly rising Real Estate market we continue to see in Kelowna and the Central Okanagan area.
Unfortunately, the hot market looks set to continue, at least for the immediate future, which could be further fuelled by the widely anticipated rise in interest rates, (tipped to start in March 2022) as first-time and move buyers rush to get into the market, as housing affordability becomes an increasing problem.
Low inventory compared to demand remains the most acute cause, but we did see a marked increase in total Housing Starts, last month, which will begin to ease pressure over time.
Kelowna & Central Okanagan Real Estate Sales January 2022.
January 2022 Kelowna Residential Real Estate sales numbers were back up, after a dip in December.
Compared to the last month-:
- Total Sales were up 11.7% last month.
- Single-Family Homes sales were up 4%.
- Strata sales up...