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Changing market conditions in Okanagan

Q3 2022 Market Report – Okanagan

Can you imagine…..writing an offer with subject conditions?? Unlike the frenzy of the Spring market this year the fall has brought a change to our real estate market. Buyers have now been able to write offers with subject conditions such as; financing, home inspections, insurance and on occasion subject to the sale of a home.

After a robust spring market, which was the hottest market on record, the last few months have brough a dramatic shift. The Association of Interior REALTORS® transacted 3,005 residential sales in the third quarter of 2022. This was a decline of 32.1% compared to the same period in 2021.

More inventory means more choice!
Inventory for single family homes in North Okanagan have increased above 6 months. This is bringing balance to our market with 315 Single family homes on the market up 83.1% from Q3 2021.

How has this affected Pricing?
The benchmark sale price may be up 4.6% compared to Q3 2021 but it is down from Q2 benchmark price. Q2 benchmark price saw the North Okanagan reach $798,500. We are now at a benchmark price of $731,800.

Interest Rates on the rise

The Bank of Canada has continued to raise its target with the latest increased announced on October 26, 2022. The Bank Rate now sits at 4% and the deposit rate at 3.75%. Rising interest rates have been putting some pressure on buyers who are looking to take advantage of their rate holds. We can assist you with securing a home before your interest rate hold expires.

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