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Market News - June 2020

Hoping For Summer

"May you live in interesting times" is the old saying that certainly applies to today. Covid – 19 and the wet weather continue to keep buyers home. The market remains slow, 42% below last years activity. Although due to the lack of inventory prices have continued to creep upwards. Sellers seeking to take advantage of the limited inventory are utilizing advantage of Virtual tours, online conferencing, and alternative technological solutions now being offered.

Download June 2020 Newsletter PDF

+5.12%

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

63

DAYS TO SELL
12.6% (8 days) slower than this time last year.

$659,000

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

Mortgage Changes

CMHC is changing insured mortgage rules. As of July 1, the maximum allowed debt servicing ratios are reducing and the minimum credit score is increasing.Currently the GDS/TDS to income ratio is 39/44. The new rules will change this to 35/42 and credit score requirements are increasing from 600 to 680.

GDS: The percentage of income that can be used for household expenses (mortgage, taxes, heat, and strata)

TDS: The percentage of income that can be used for household expenses and all other debts (GDS, credit cards, car loans, student debts, etc)

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