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KELOWNA OKANAGAN REAL ESTATE

Kelowna, Westbank, Peachland,  Lake Country

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RECORD YEAR IN 2015

Posted on February 12, 2016 at 11:05 PM

It's been awhile since I submitted an entry into my Blog. The reason, I was ran off my feet last year buying and selling homes for clients. It was a remarkable year.  The Kelowna and area market did very well in sales. The main question everyone is asking , did the prices go up? In general the average home went up in kelowna about 2.35 %. Peachland a bit less at 1.09%, but lakeview has alot to do with homes in Peachland. I had many people come see me and some happy and some sad. The new home owners who purchased in the last three years are wondering , why did my assessment go up by 30k?  Of course the clients that are thinking about selling have no problem with it. The fact is if you beleive it or not, that the BC governement (BC Assessment) have decided it was time for the province to raise  property taxes across the board.  On the media reports, everyone reporting prices are up 7-10 % in some areas, this is wrong, the BC Assessment is making these numbers up. We use actual sale numbers data to come up with the real number. Its not perfect, due to lakeview and other factors, but in fact, prices went up 2.35%.  That was 2015!  It's a interesting start to 2016. So many properties sold last year, that they is nothing left to sell on the market currently. This is driving prices up, and creating multiple offers ( I was in 2 last week).  If it continues prices will go sky high. Spring always brings many listing, so maybe it balance itself out.  There is no better time to list today, without any competition, lots of buyers out there, little product, you can get a top price. It's a funny market, Vancouver is on a cosmic out of this world market ( another topic for a full conversation)  and yet Alberta, news reports of laid off workers turning in their keys, and the West Kelowna food bank demand up by 33%.  We have a complete opposite effect west to east. Then there is the other factor, many Canadians bought property in the US, and if they are lucky they will sell soon, and  make a 30% ( maybe more) return on their recreation property, and return to the Okanagan to buy a townhome. Lots of factors are playing with the 2016 market.  Only time will tell. If we stay at a low inventory, the demand for once is going to be new construction in the area ( many projects breaking ground in spring) that will generate new homes, condo's, and townhomes. One final note for this week, Kelowna is the fastest growing community in Canada, so Its my opinion, new construction will proceed, and maybe a afew oil workers will put down roots in the Okanagan.8)

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