Image Credit: RE/MAX Housing Market Outlook Report
December 11, 2014 - 4:27 PM
KELOWNA – It’s going to continue to be a seller’s market in Kelowna over the next year as low interest rates combine with low inventory to drive prices up.
According to RE/MAX Housing Market Outlook Report, the 2015 average residential sale price in Kelowna rose seven per cent over 2014. Although that is one per cent less than the 2013 to 2014 rate of growth, it is still significantly higher than the national average.
“While sales have increased, inventory has not maintained pace, with active listings down 16 per cent compared to last year,” the report reads. "This lack of supply has resulted in multiple offers as buyers compete for attractive, well-priced properties."
The 2015 average residential sale price in Kelowna is estimated to reach $458,000.
“Low inventory should continue to have a significant impact on Kelowna’s real estate market well into 2015, as well as low interest rates. Low interest rates fuel the increase of unit sales as well as price, enabling buyers to afford more expensive listings.”
The average residential sale price across Canada is anticipated to be 2.5 per cent.
To contact the reporter for this story, email Adam Proskiw at aproskiw@infotelnews.ca or call 250-718-0428. To contact the editor, email mjones@infotelnews.ca or call 250-718-2724.
News from © iNFOnews, 2014