Depending on how you look at it, record-breaking property prices in Kelowna are either a blessing or a curse.
If you already own a home, its value has grown exponentially over the past few years, making you richer.
If you sell your home, your stocks will plummet as you will likely get multiple quotes quickly and sell above list price.
Such cash enables you to buy another home if you stay in Kelowna or to commit murder if you move somewhere where houses are cheaper.
People moving from more expensive cities like Vancouver, Victoria, and Toronto see Kelowna prices as a deal and buy into the frenzy, driving the local market even higher.
If you are a potential first time buyer trying to enter this overheated market, you are likely excited.
The prices are sky high, the down payment requirements are high, and the mortgage could be crippling.
It all depends on supply and demand.
Central Okanagan has a low inventory of homes for sale and demand for bigger and better homes by those with money complaints is high.
The latest statistics from the Association of Interior Realtors bear this out.
Kim Heizmann, realtor at Century 21 Executive Realty in Vernon, is president of the Association of Interior Realtors. “Class =” img-responsive “src =” https://www.kelownanow.com/files/files/images/ Kim% 20Heizmann% 202 (2) .jpg “style =” margin: 5px; “/>
“Given the economic recovery, low mortgage rates and the ongoing pandemic effects of buyers looking for more space, it’s no surprise that local property is booming,” said Kim Heizmann, agent of Century 21 Executive Realty in Vernon, association president.
“While the pandemic has increased demand, it has also caused a huge shock to the supply side and it will be a long time before healthy inventory levels are restored.”
According to the association’s figures, 829 houses of all kinds (single-family houses, townhouses and condominiums) in the central Okanagan changed hands in March, an astonishing 150% increase over the same month of the previous year.
“Buyers are having trouble finding a home, and the lack of supply is putting pressure on prices,” said Heizmann.
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