Sellers
Market activity continues to be moderate as we enter 2023. While some buyers have come to accept the higher interest rates. Others are need based purchases; moving here to the North Okanagan after selling their home in another area of BC or out of province, along with changes in family dynamics.
Interestingly enough due to the lack of inventory in certain segments of the market, for example well priced single family homes with suites are still able to generate multiple offers with some opting to wait a few days after listing their home to review any and all offers.
The benchmark price for single family homes in North Okanagan saw a moderate decrease of 5.5% in January 2023 when compared to January 2022. The benchmark price for single family homes now sits at $696,500. In all other categories of housing there was a slight increase. With townhomes coming in at 7.8% increase when compared year-over-year and condos 5.8% increase.
Looking into 2023 we anticipate inventory levels to continue to increase giving more choice to buyers. The overall affect will be a more balanced market between buyers and sellers.
Buyers
Whether you are looking to jump into home ownership or if you are planning to move from one property to another, the first step I would recommend is getting pre-approved with a reputable mortgage broker or bank. This will help you be successful in setting the expectations for your affordability range and guide us to showing you the homes that would be most suitable for you.
Reach out to a Value Plus 3% Real Estate agent for a list of local mortgage brokers who can set you up for success!
To view the full release of market stats click on the link below
