Position yourself strategically as the market picks up
Times of uncertainty often bring opportunity. Such is the current real estate landscape in Canada and specifically in the Okanagan. We can help you be poised to take advantage of this unique moment.
Momentum is shifting in many markets across Western Canada. Reports from REALTORS® from widespread locales such as Calgary, Saskatoon and the Shuswap indicate a steady increase in sales and demand. Home sales in Vancouver were up 22% through mid-May compared to the same period in April. In Kelowna, sales are on the rise as well, with 80 sales through Royal LePage alone in the third week of May.
What does it all mean? As markets recover from the COVID slowdown, the spring market may be pushed into the summertime. This, coupled with a slight drop in prices from last year, could create a situation that buyers have been waiting for. First-time homebuyers who have struggled to enter the market could see their chance arrive. Others who have been wanting to upgrade or had their eye on a dream home may find it within reach.
How long will this opportunity last? Maclean’s reports a prediction by Scotiabank that the prices for homes will rise above pre-COVID levels by the middle of 2021. In strong markets like Kelowna, the rebound may be even quicker. That makes it even more important to seek professional advice in order to time your acquisition or sale. At Royal LePage we are perfectly equipped to serve you, with full attention to your safety during this crucial time. We are ready to make full usage of the latest technology to aid your home search or sale, with virtual viewings, home inspections, electronic signatures and more.
Royal LePage Kelowna Real Estate Report for May 2020
Royal LePage Kelowna Real Estate Report for April 2020