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Market News - September 2020

Time for Fall

We are still seeing high sales activity despite the lack of available homes for sale. The Okanagan's real estate inventory is still struggling to catch up to buyer demand, especially in the single-family homes part of the market — which has continued to be the most desired type of property during quarantine. As the summer wrapped up the market started acting more in the normal seasonal fashion with sales softening slightly as we head into fall after a busy summer.

Download September 2020 Newsletter PDF

+13.34%

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

61

DAYS TO SELL
3% (1 day) slower than this time last year.

$724,000

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

Interest Rate Outlook

The Bank of Canada has issued and reiterated its guidance that it has no plans to raise its overnight policy rate from the effective lower bound of 0.25 per cent until slack in the economy is absorbed and inflation returns sustainably to its 2 per cent target. How long that might be is contingent on the strength of the post-COVID-19 recovery.

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