May 2023 Real Estate Updates for the BC Okanagan Valley that New Buyers Want to Know About
Spring is definitely in the air. Some may say “summer” after the Okanagan Valley has experienced a heat wave to rival the Hawaiian Islands (where we just returned from).
The month of May is off to a great start, and it’s not just the weather that we’re referring to. Buyers will be pleased to learn of some promising developments in the Okanagan real estate market. Let’s review.
Bank of Canada Merry-Go-Round
Three weeks ago the Bank of Canada made another announcement to state that they will maintain the policy rate as is (at 4.5 percent.) and will continue with quantitative tightening. This is just the beginning of the merry-go-round that experts expect through the summer. At the risk of repeating ourselves, you can read what this means for buyers here. Hint: variable ,mortgage rates are anticipated to hold steady if not trend down this summer.
Sales and Prices Drop (good news!)
Last year, Okanagan home sales rose which reduced inventory and drove up prices. It left many feeling as if there were no houses for sale in their area, because they felt that they were priced out of the market.. In March, we (and other experts) predicted that housing prices would drop in Q2. This prediction was correct, as the Vancouver Sun reports that home prices and sales are down across most of the Okanagan housing market. In fact, sales are currently half of what it was over the same period in 2022. Moreover, the number of active listings has more than doubled over the same timeframe. This is GREAT news for Okanagan buyers. They (you!) now have the pick of the litter at a price point you’re ready to pay. The only caveat, is that this won’t last long. Lower prices and higher inventory will attract a large number of buyers to the Okanagan, especially with the pattern occurring at the onset of the summertime. There is nary a visitor who doesn’t consider buying a home in the Okanagan Valley after spending a weekend, week, or month in its loving embrace. Act now, before others beat you to the punch.
Help with Your Down-payment
There’s another pleasing piece of Okanagan real estate news that forward-thinkers will appreciate. The federal government just released its First Home Savings Account program. This program will effectively help you save up for your down-payment without suffering tax implications. View more on this program here.
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