Rom’s Kelowna Real Estate Opinion Oct 2019

October 2019 Real Estate Report:

*Click the images to enlarge

Kelowna Real Estate Opinion for Oct 2019

The Okanagan is continuing to go down the path of a mild correction or a flat market. Central Okanagan sales are down about 10% and prices are down about 4% for the year to date. Some people would say that this would be a declining market. However, compared to what Alberta is going through, we are simply flat. Also, our markets are still substantially higher/better than the 10 year averages. One of my favourite phrases these days is: the market is a good, balanced market, not boom or bust.

The interesting thing to take note of is what is continuing to happen in big cities like Toronto and Vancouver. Both these 2 giants are continuing to show promise and positive gains in their lower-end markets. To give you an idea of how much statistics from Toronto and Vancouver affect the overall averages of the country, consider this. There are about 108,000 REALTORS® in Canada. About 62,000 of them are in Toronto and Vancouver. This explains why, when the media is reporting Canadian Real Estate statistics, it really has nothing to do with the market that your home is in, unless you live in Toronto or Vancouver.

The market in the Okanagan will remain steady as we go forward into 2020. Keep in mind that the market will follow it’s usual annual trends. In other words, the last quarter of each year and the first quarter of the following year are always the slowest quarters of every year.

If you are a first time home buyer, click here to read my recent blog on the new incentive program that was just introduced.

As always, this is the Real Estate World according to Rom.

About the Author Rom Houtstra

Rom Houtstra is a licensed and experienced Kelowna Real Estate Agent for almost 20 years. 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.