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Market News - July 2021

EYE OF THE STORM

Recently media have been indicating that the Okanagan market may be beginning to cool. However, we feel this is misleading, as the market traditionally drops off slightly in the summer months as people take the time to enjoy everything the valley has to offer. The heat and smoke have likely also lead to less buyers as they temporarily delay shopping for a new home. Median prices have continued to rise despite this “slow down” and it is likely that the market will once again resume its frantic pace in the fall.

Download July 2021 Newsletter PDF

+33.12%

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

22

DAYS TO SELL
64% (39 days) faster than this time last year.

$882,250

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


In an effort to stay competitive and revive the economy from the pandemic, the bank of Canada is holding its rates until likely the second half of 2022. In addition, CMHC is reverting to its old ratios and will match the other two insurers in Canada making it easier for buyers with unconventional mortgages to buy a home.

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