Rom’s Real Estate Market Opinion
January 2024
As far as market corrections go, 2023 was not a bad year. It was the most minor correction I have ever seen.
In general, the market right across Canada stepped in and stayed into balanced territory by the 4th quarter of 2023. The first two quarters of 2023 were down moderately from 2022. Absorption in the Central Okanagan came down to around that 10% mark and stayed there for the last 5 months.
2024 will be a fairly boring year. What I mean by that is there will be no spectacular increases or decreases. Unless we have another major world event like COVID, the market will likely fall into the pre-covid cycle. It will improve over 2023 but not much. This improvement will be primarily driven by interest rates decreasing slightly and a draw into the interior of British Columbia created by immigration and migration.
Love where you live
For me personally one thing is certain. No matter where I travel to, I always feel so privileged to come home. If it is not the best overall area in the world to live it is up there at the top. This is no longer a secret. Immigration and migration will continue to increase in our area which will continue to put upward pressure on home prices.
As always, this is just the real estate world according to Rom.
