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Market News - April 2021

A Growing Valley


Prices continue to rise in the Okanagan with median prices surpassing the eight hundred thousand mark. This rise in prices has led to significantly reduced buying power and caused the outlying areas of the Okanagan, such as Vernon and Penticton to reach unparalleled prices. This competition over homes has extended upward, leading to multiple competing offers even in the multimillion dollar range. While great for Sellers of luxury properties, it has led to shocked disbelief amongst buyers.

Download April 2021 Newsletter PDF

+28.36%

AVERAGE PRICE
increase for sales in 2021 from this time last year.

42

DAYS TO SELL
88% (30 days) faster than this time last year.

$835,00

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 News

The OSFI has stated that they are going to be reviewing uninsured qualifying rates. (This would apply to refinance, most mortgages with 20% or greater down payments, and purchases over $1M) They are looking to raise it to the higher of 2% over contract rate or 5.25%. Currently, the stress test rate is 4.79% which is based on the average of the 5 major banks. The increase would be nearly half a percent to uninsured files.

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