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WALKER: It's a great time to buy real estate in Kelowna

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September 23, 2017 - 12:00 PM

 


OPINION


If you’re looking to get into the Kelowna real estate market and have been keeping an eye on the low inventory over the last couple of years, it’s time for you to revisit the market.

The most recent stats from the Okanagan Mainline Real Estate Board show that inventory is at a 22 month high. In other words, there are more properties on the market in our area than at any point in essentially the last two years.

Don’t let the recent bump in interest rates fool you - now is a great time to buy real estate in Kelowna. On the flip side, even though we’re heading towards a more balanced market, there’s still reason for optimism for sellers too.

For example, despite the latest stats also revealing that the average price of a single family home has cooled to around $676,000 - down from the smoking hot days of summer when the average price reached more than $700,000 - $676K remains a 14.38 per cent over last year’s average price of $591,334.

The market waits for no- ne, so if you’ve been thinking of buying or selling, my advice is to chat with a real estate professional and take a look at the current market conditions - you may find them more suited to your needs.

If you’re reading this column - what do you think? Are you encouraged by these latest developments? Let me know in the comments. I always enjoy hearing feedback from readers.

Lastly, if you have any questions about the market in Kelowna or real estate in general, please feel free to contact me directly. It would be my pleasure to answer any questions that you may have. I can be reached at 250-764-4344 or Mark@KelownaProperties.com.

— Mark Walker is a real estate agent and the broker/owner of Kelowna’s Walker Real Estate. His company runs the website KelownaProperties.com - Kelowna’s most comprehensive real estate search tool. Mark Walker’s column appears here every two weeks.


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