This past month has seen a fair amount of change in government bodies both municipally and provincially. With a municipal election that saw a major shake-up take place and the confirmation of a new provincial NDP leader and Premier, the Vancouver area is in a state of change and flux.
Although market activity for the fall market followed expected seasonal patterns, demand for real estate is still historically low.
Canada is known for its diversity but also for being a country with a rich history of immigration. Apart from the Indigenous populations, all Canadians have come from somewhere else to make a home in our Great White North.
While often difficult to establish due to the complexities of the market, forecasting is a fundamental aspect of the real estate industry that allows us to better understand the factors that may affect the future of our market.
Historically, September has ushered in the fall market and typically brought increased sales momentum with it. However, this year, resale activity compressed over the month as buyers and sellers reconciled with changing values stemming from inflation and rising interest rates.
Kelowna is not only a great place to live, but also a great place to invest. It is rapidly growing beyond a long-weekend destination into a metropolitan center with sustainable population growth.