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Market Change?

June 7, 2022

Spring is on its way in the Okanagan, and it is uplifting to see the sun shining and warmer temperatures on the horizon. Typically, Spring is the most active time of the year in Real Estate and while the media is still promoting a very vigorous market, we are starting to see a shift.

The flurry of multiple offers on new listings is on the decline as buyers start to resist higher prices with many feeling uncertain given worldwide events and increased living costs. While we are still currently in a seller’s market, we will likely see a shift to a more balanced market in the near future. We anticipate the uncertainty in the market will be short term, giving buyers a welcome reprieve. For sellers looking to maximize their price, the anticipated shift is much less desirable.

Speaking with agents in Toronto and Vancouver, their markets are also slowing down with properties sitting longer and fewer multiple offers. One agent we spoke with who works in the Vancouver suburbs said, “ while we are still experiencing multiple offer situations, many of the bids are lower than the current asking prices.”

If you are thinking of selling, we highly recommend listing soon. As we head further into Spring, we are optimistic we will see more out of town buyers coming to explore the Okanagan. This past month we saw properties under $1million being the most active, as well as, a surge of investors buying from out of town. We continue to actively promote our listings nationally with trips planned to Vancouver and Toronto over the next few months.

If you have any specific questions about the market please let us know. We would be more than happy to help.

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P.S. please remember to fill out your speculation forms to be exempt – they are due March 31st.

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