Where are Okanagan prices headed?

​We all wish for that crystal ball when it comes to the real estate market.  However, it remains elusive.  What I can tell you is that 2016 has been a stellar year in the Okanagan if your dream was for your property value to rise.  However if you were a buyer, or planning a build or a move up, anxiety may have reared it's head for you.  In the last twelve months, the average price of a single family home rose 17%, from $524,000 to $613,000.  The condo market, although making great strides as well, rose about 10%, with the average price going from $268,000 to $295,000.  That market was over supplied, so the biggest indicator there is the average days on market went from 80 in October of 2015 to 51 in October 2016.  Where do we go from here?  We're seeing a bit of a cooling, less multiple offers, a little more time for buyers to think, and less inventory - all which are typical heading into winter.  The next few months will likely be a bit more docile.  Then depending how all the mortgage rule changes shake out over the next few months, I'm hedging my bets that come spring of 2017, we are going to see another strong year of real estate movement in the Okanagan!

Anne Wolfe

Anne Wolfe

REALTOR®
CENTURY 21 Assurance Realty Ltd.
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