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WALKER: Kelowna real estate market remains robust, healthy

Mark Walker is a real estate agent and the broker/owner of Kelowna’s Walker Real Estate.
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March 24, 2018 - 12:00 PM

 


OPINION


As a Kelowna real estate agent, one question I consistently get asked by friends, family and clients is: “How’s the market doing?”

And it is generally good news. There are little blips and corrections, but over time, as a general rule, property tends to appreciate in value. That’s certainly what we have seen over the last decade or so.

For example, consider that since January 2009 - following the most significant economic crash of modern times - the average sales price for a piece of Canadian Real Estate has climbed by a whopping 103 per cent - this according to the Canadian Real Estate Association (CREA). The zenith of this almighty rise was April 2017 when the average sales price was at $558,330.

Believe it or not, since then, we have actually seen a little bit of a correction in Canada, for instance, CREA also revealed that home sales fell 17 per cent to a five year low for February 2018, and there are a number of factors for that.

However, generally speaking, things remain very robust and healthy - especially when looking at the Kelowna real estate market. It’s true that there’s some uncertainty right now given the BC NDP’s stance on a number of issues, and markets tend to dislike uncertainty.

With that said, I would say the overall picture remains very rosy indeed. I’m certainly looking ahead with optimism. There are pros and cons to any kind of market, and how things line up for you depends upon your specific needs. That’s why it’s important to work with a skilled real estate professional too - someone who can get you the best deal for your situation.

If you have any questions about the Kelowna real estate market, please reach out to me at 250-764-4344. I would be very happy to answer any questions that you might have.

— 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 - and KelownaCondos - your source for all you need to know about condos in Kelowna.


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