As you probably realize, the Okanagan in general has been in a hot market for a few years now and it doesn’t seem to be slowing down. Homes in desirable areas are selling sometimes before they
Real Estate Rebound: Record-Breaking Numbers
Dated: August 28 2020
Surprisingly Strong Recovery to Propel Housing Market in 2021
BCREA 2020 Third Quarter Housing Forecast Update
Vancouver, BC – August 25, 2020. The British Columbia Real Estate Association (BCREA) released its 2020 Third Quarter Housing Forecast Update today.
Multiple Listing Service® (MLS®) residential sales in the province are forecast to rise 6.5 per cent to 82,380 units this year, after recording 77,351 residential sales in 2019. MLS® residential sales are forecast to increase 17.6 per cent to 96,860 units in 2021.
“The outlook for the BC housing market is much brighter following a surprisingly strong recovery,” said Brendon Ogmundson, BCREA Chief Economist. “We expect home sales will sustain this momentum into 2021, aided by record-low mortgage rates and a recovering economy.”
With home sales more than fully recovered and now above pre-COVID-19 levels, combined with a decline in the supply of re-sale listings driven by the pandemic, many markets are now seeing sharply rising average prices despite a weak provincial economy. We are forecasting the provincial MLS® average price to finish the year up 7.7 per cent and to increase a further 3.7 per cent in 2021.
I love chatting about real estate if you or anyone you know have questions, I’d be happy to chat. If you're local here in the Okanagan, let’s grab coffee!
Jolene Iglesias | REALTOR® in Kelowna, BC
Looking for the nearest working & motivated real estate agent in the Okanagan?
Call/Text Jolene Iglesias 250-212-2477
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Hi I’m Jolene, I want to introduce myself. I’ve been a REALTOR® in the Okanagan Valley since 2012. I hail from a little town called Chase in the Shuswap Lakes, my decision to build my dream li....
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