January North Okanagan Real Estate Report 2024
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High Points & Low Points

Chris gives a recap of what happened regarding  North Okanagan real estate in this 10 year recap (Part 2)

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Buying or Selling? 10 Year North Okanagan Recap Part 2

Chris Holm & Associates

We want you to know that our team is unique in the way we chose to approach real estate here in the North Okanagan.  We are a true real estate co...

We want you to know that our team is unique in the way we chose to approach real estate here in the North Okanagan.  We are a true real estate co...

Mar 1 3 minutes read

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The real estate market is always changing and the current scenario is no exception. By June 2022, the market began to shift with an increase in inventory and a decrease in home sales compared to the previous two years. And by December 2022, the market had fully shifted, giving buyers some advantage with almost 8 months of supply.  The slowdown can be attributed to various factors, including increasing interest rates, high property prices and a limited number of buyers for the homes that are on the market.

Interest rates play an important component of a housing market’s health. When rates rise, it becomes more expensive for potential buyers to borrow money from banks. As a result, many people lose some buying power making it difficult to purchase homes in higher priced markets. In addition, home prices have started to outpace what potential buyers are willing to spend on properties.

The outlook for 2023 remains somewhat uncertain as experts struggle over whether real estate sales will pick back up or remain stagnant going forward. Home sellers should keep close tabs on how interest rates affect borrowing costs while potential buyers should watch out for favorable deals that come up during this uncertain time period. There will still be opportunities but both buyers & sellers looking at entering into the market should do plenty of research before diving in, head first, in order to ensure success going forward into 2023 and beyond.

If you would like to learn more, you will want to sign up for our weekly email newsletter today (link in Bio) and get all the latest updates on the real estate market and properties in the North Okanagan!

If you have any questions or opinions, we would love to see them in the comments below. Our goal is to provide you with as much information as possible so you can make a well informed decision regarding your real estate.



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