Mark Walker is a real estate agent and the agent / owner of Kelownas Walker Real Estate.
Photo credit: SUBMITTED
March 11, 2018 – 12:00 p.m.
OPINION
Are you ready to “leap forward” this weekend? I’m sure! Kelowna has beauty all year round, but I’m absolutely ready for the warmer temperatures.
How is our real estate market doing – is it also getting warmer?
OMREB’s latest February 2018 real estate market statistics in Kelowna show that the stock of single family homes has increased significantly. However, if you compare February 2018 with the same month of 2017, sales in this market segment fell quite significantly by 27.37 percent.
Conversely, Kelowna Condos posted a stronger sales record in February 2018, up 33.73 percent over 2017.
As the readers of this column know, I am keeping a close eye on the new speculative tax introduced by the NDP government. In response to the new government measures, I’m already starting to list properties from investors who live outside the province.
One of the most difficult aspects for me is that most of the people who are punished with this tax are not “speculators” but investors who make a significant economic contribution to our region and our province.
It’s important to remember that without our out-of-town visitors and homeowners, our city wouldn’t have nearly the amount of high-quality amenities we currently enjoy.
I’m not saying nothing needs to be done to increase access to housing, but I don’t think the NDP government’s speculative tax is the answer.
This latest round of statistics comes too early to draw parallels between the provincial government’s announcement and the numbers. However, we will continue to monitor developments closely.
The market will undoubtedly warm up as temperatures rise. The February figures show a slight increase in properties for sale by six percent – compared to February 2017 and February 2018.
House prices in Kelowna also continue to rise between February 2017 and 2018. For example, the average price of a residential property in Kelowna, including condos, townhouses, and mobile homes, was $ 534,067. That’s a small 1.41 percent increase from the February 2017 value of $ 526,634.
The beauty of real estate is that it is constantly changing. As a very experienced broker, investor and real estate entrepreneur, I’ve seen this over the years. In a market like this, I think it is even more important to hire a first class agent.
If you have any questions about the Kelowna real estate market, please feel free to contact me at 250-764-4344. I will be glad to answer any questions you might have.
– Mark Walker is a real estate agent and the agent / owner of Kelownas Walker Real Estate. His company operates KelownaProperties.com – Kelowna’s most comprehensive property search tool – and KelownaCondos – your source for everything you need to know about Kelowna condominiums.
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