Kelowna housing market is NOT crashing

The latest Royal LePage National House Price Survey & Forecast doesn’t quite tell the whole story.

The report put the median selling price of a single-family home in Kelowna at $1,163,700 in the second quarter of this year, a 15.2% bump from the same time last year.

15% is substantial and points toward a healthy and growing real estate market.

But what the survey doesn’t take into account is what’s happened in the last 90 days in Kelowna.

Skyrocketing inflation and higher mortgage interest rates have spooked potential home buyers.

That means way fewer sales — 32% less in June, compared to May — and selling prices are starting to slip.

</who>Francis Braam is the owner and broker at Royal LePage Kelowna.” class=”img-responsive”  data-src=”https://www.kelownanow.com/files/files/images/Francis%20Braam%20(high-rez)( 2).jpg” style=”margin: 5px;”/></p>
<p>“Call it a correction or an adjustment,” said Francis Braam, the owner and broker of Royal LePage Kelowna.</p>
<p>“Over the last 90 days the average selling prices of a townhouse has come down around 8%, single-family homes down about 6% and condos have remained flat.”</p>
<p>In the grand scheme of things, that is not catastrophic, considering that home prices across the board soared more than 30% to record highs during the pandemic.</p>
<p>In fact, even with the most recent dips, Kelowna prices are still historically high and largely unaffordable.</p>
<p>The benchmark selling price of a townhouse in June in Kelowna was $763,800, a condo $537,200.</p>
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