If you ask me what's happening in the market I would have to take a moment. Prices continue to inch up in the North Okanagan but numbers of properties selling are fewer. We still have a durst of listings and buyer frustration is high -- lots of pent up demand without a lot of inventory to chose from.
A new influence in our local market is government's flailing proposed new "Speculation" tax targeting certain areas including Kelowna and West Kelowna locally. This tax will not address speculation at all but will be a huge incentive for people owning recreational and/or second homes from other provinces to get out of BC. Whenever uncertainty enters the marketplace it seems to slow things down.
Also not helpful to rental inventory are proposed new rules favouring tenants -- my understanding is that for some changes 4 months notice to tenants is required. Many landlord/ladies I know are selling their rental units. Interesting that the intent to help tenants is only going to make things harder as it is perceived in BC that all consideration goes only to tenants and not to owners. Not the least of owner's worries is the fact that they cannot insure for willful damage...and it is very hard to evict problem tenants.
On a bright note -- we continue to love living in one of the most beautiful areas of the world! And, regardless of all the factors influencing our real estate market; you have to live somewhere!
If you have any questions about where you fit in the market - give me a shout! I'm always happy to steer you in the honestly best direction for your situation. 250-306-2384 will bring you right to me!
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