In this month’s Newsletter                      3 min read

🤝 Deals are being done

🏷️ Realistic pricing remains king

🏖️ More short-term rentals coming back this summer?

From my iPhone last month:
Callie’s bummed that the weather is improving… I’m not.

Last month in our market

• The Central Okanagan real estate market saw a significant jump in activity this past month. As the “snow melted”, buyers and sellers returned to the table in numbers we haven't seen since last year

• Single-Family Homes, while slightly down year-over-year,  had the list-to-sell ratio improved to 96.4%, meaning sellers are pricing more accurately and finding buyers faster

• Condos held steady with 104 units sold. The median price sits at approximately $421,967, making this the most accessible entry point for first-time buyers.

• Townhome demand remains high for "missing middle" housing. The average price rose to $780,184, up nearly 4% from last year as families seek a balance between space and affordability.

This month in our market (so far)

• Although sales across BC are down year over year, we’re seeing strong sales activity here in the Central Okanagan

• Sales increased nearly 35% month over month in March

• It feels like a Balanced Market although the numbers show we’re just shy of it

• Sellers who price their homes accordingly, are seeing good activity and are first to negotiate offers with buyers. Many times, these sellers are re-lists from last year.

• We anxiously await any news from the province regarding an early exemption from the short-term rental restrictions imposed (set to come off November, but the city of Kelowna has requested an early exemption).

  • Several condo buildings in Kelowna were noted for an exemption from the primary residence requirement

In the world of mortgages…

• The Canadian mortgage market has been quite volatile lately, due in part to recent geopolitical events in the Middle East and overall rising energy prices.

• With the primary concern surrounding oil supply and safe transportation, increases in the 5-year Canadian government bond have put an upward pressure on all fixed rate mortgages. Economists are closely watching global economic indicators, which could further influence future interest rate adjustments.  

• Borrowers who are nervous about this volatility are leaning more towards fixed-rate mortgages, insulating them against any potential interest rate hikes.

• Variable rate mortgage offerings across the board are currently lower than fixed rate offerings, which can lead to increased savings for borrowers who are open to these types of mortgages!

• Contact Mortgage Broker Justin Pearson with any financing questions justin@mortgagekey.ca