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Market News - July 2020

Is Summer Finally Here?

The warm weather has brought a resurgence in the market. June showed a strong sales recovery, driven by strong single-family home transactions. The pandemic has led to an uptick in demand from lower mainland buyers as they seek space and the outdoors. The rise of remote workers, coupled with the appeal of the valley's natural beauty is driving buyers to relocate to the Okanagan.


Download July 2020 Newsletter PDF

+8.12%

AVERAGE PRICE
increase for sales in 2020 from this time last year.

61

DAYS TO SELL
13% (8 days) slower than this time last year.

$685,000

MEDIAN PRICE
for a single family home in the Okanagan.

Let's Chat

Brody Mader
250-899-1455
brody@okanaganlifestylegroup.com


Kaity Hemminger
250-869-4454
kaity@okanaganlifestylegroup.com

Suite 108 - 1289 Ellis St, Kelowna, BC V1Y 9X6

Hints at No Interest Rate Hikes Until 2023

Home buyers were reassured that interest rates will remain near historic lows “for a long time” based on statements from the Bank of Canada. In an official statement, the Governing Council said it would “hold the policy interest rate at the effective lower bound until economic slack is absorbed so that the 2 percent inflation target is sustainably achieved.” It’s rare to have such a clear roadmap for future interest rates.

Not intended to solicit properties currently listed for sale or individuals currently under contract. Sotheby’s International Realty Canada is Independently Owned And Operated.