Mark Walker is a real estate agent and the broker/owner of Kelowna’s Walker Real Estate.
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January 12, 2018 - 3:41 PM
OPINION
Did you know that January can be a good time to purchase Kelowna real estate? Not only do you have motivated sellers, but historical data (such as the stats for 2017) shows that home prices tend to fall in January.
Conversely, now can also be a great time to list property, as there’s less competition at every price point when compared with the spring and summer months. It’s also a great opportunity to get a headstart on the busy spring market.
With all that said, there are general rules and then there are specifics, and the best move for your needs will come down to the specifics of your situation. That’s why, no matter whether you are buying, selling or investing, it is a great idea to work with a qualified Realtor who can give you tailored advice based on your needs.
Looking ahead, it will be interesting to see how January 2018 plays out. The latest figures from the Okanagan Mainline Real Estate Board - for December 2017 - show that December was no ordinary month. There was a flurry of activity in the Kelowna real estate market during the final month of 2017.
In my opinion, this was due, at least in part, to the new mortgage qualification rules that came into effect at the start of 2018. Buyers were speedily attempting to get deals over the line so they could maximize their buying power before the new rules came into play.
As we look ahead to what this year holds, I do expect to see increased activity in the condo sector of the Kelowna real estate market. After all, with buying power squeezed by the new mortgage rules, some may want to look at more cost-effective avenues for entering the real estate market. There are also a number of attractive developments coming up in Kelowna.
In the final month of 2017, we saw Kelowna’s average home price (including condos and townhouses) climb by 12.34%, rising to $562,174 from December 2016’s average price of $500,420.
The Kelowna real estate market remains robust and healthy, and we’ll be watching it closely as 2018 unfolds. If you have any questions, my team and I would love to hear from you. You can reach our office at 250-764-4344 or visit us online at 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 - and KelownaCondos - your source for all you need to know about condos in Kelowna.
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