by Jas Khunkhun
There are four major at play as to explaining the rapid rise in the Kelowna Market:
* low interest rates * In migration from other bigger cities * The federal government handouts * low supply
No one expected that prices in real estate would rise with the onset of Covid 19. The exact opposite happened. About 30 percent of my clients are from the lower mainland who are looking to invest in Kelowna. There is a shift happening now which I really do know when it will stop (in migration from bigger cities). This means that Kelowna prices may continue to go up for a long time.
With all the government stimulus money into the economy, the economic recovery may be underway. Combine that with low mortgage rates and low supply of homes we have seen in Kelowna one of the fastest increases in prices ever.
It will take a long time to get back to a healthy inventory level.
In March, association figures show 829 homes of all kinds (single-family, townhouses and condos) changed hands in the Central Okanagan, an astounding 150% increase from the same month last year.
Buyers are struggling to find homes and the lack of supply is putting upward pressure on pricing.
How does Kelowna compare with other cities ? I think its a tough question. You would have to look at everything each city offers and Kelowna is at the top of the list when it comes to amenities.
My family has been living in Kelowna since the 1980’s.
This is really important for you as a buyer when selecting the various neighborhoods in Kelowna or the amenities they provide nearby; as a seller it is equally important to make sure you're getting the best price for your home.
I have done just about every real estate deal possible with Kelowna real estate alongside my clients. Majority of my clients are home buyers. But I also have helped my clients to purchase rental properties, commercial land and buildings, farms and even helped clients with purchasing rent to own properties. I have lots of experience in new home construction as well. I am also affiliated with an amazing group of realtors at Sage Executive Group Real Estate. We are not a franchise, but locally born and 60 plus members strong. I now enjoy helping my clients with all of their real estate needs.
I speak English and Punjabi fluently. My team is multi-lingual and have members that also speak Hindi and Mandarin .