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Market News - May 2021

Growing Demand


The market continues its historic rise. While a slight cooling has occurred in multiple offers because of the travel restrictions, we are still seeing competing bids throughout the entire real estate spectrum. Only condos seem impervious to the Okanagan buying frenzy. Despite pressure from banks with changes in mortgage qualifications the market is unlikely to cool because of the maintained influx of national cash buyers.

Download May 2021 Newsletter PDF

+36.70%

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

23

DAYS TO SELL
63% (38 days) faster than this time last year.

$875,000

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 News

The Office of the superintendent of Financial Institutions (OSFI) has proposed a tougher minimum qualifying rate for uninsured mortgages to come into effect June 1, 2021. The new rate would be the mortgage contract rate plus 2%, or a 5.25% flat floor. That 5.25% is 0.46% points higher than the current minimum stress rate of 4.79%.

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