Kelowna condos – Now a good time to buy or sell?

Is it now a good time to buy or sell your condo?

These have been challenging times for all of us and some of the real estate market sectors have been and will be hit harder than others.

I am expecting the condo market to take quite a hit; maybe not right away but over the next few months.  When comparing the condo market from April & May 2019 to April & May 2020, the Median Condo prices are already down by 7%.

I feel that these are the main contributors to this happening:

1. Market saturation of new condo’s, especially in the downtown core of Kelowna

2. New tightening rules of CMHC that will be in effect as of July 1, 2020.  This will make it more difficult for (first time) home buyers to qualify for financing

3. Mentality shifts as a result of the COVID-19 pandemic. Buyers prefer to live in a single family home with their own yard rather than dealing with elevators and small living spaces.

Therefore, I expect that the demand for 1/2 duplexes, townhomes and single family homes will increase.  However, I don’t think the market of condo’s under the $425,000 price mark will be touched by this.  This is simply because at that price point there is no alternative to a condo.

Please remember that this is just the real estate world according to Rom.

Have a real estate question? You can contact me anytime by text, phone or email.  I would love to have a chat with you to discuss the market or your buying/selling plans. I look forward to hearing from you!

About the Author Rom Houtstra

Rom Houtstra is a licensed and experienced Kelowna Real Estate Agent for almost 18 years with Century 21, the largest Real Estate Company in the world with over 8000 offices in 44 countries. He is committed to providing top service when it comes to buying or selling Residential & Commercial real estate, businesses and leases. Ask him about his comprehensive Marketing Plan and Listing Presentation. If you are looking for properties in Kelowna, West Kelowna, Vernon, or in other areas of the Okanagan Valley contact Rom.

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