Kelowna Housing Market Interest Rates So Low Your Grand Children Will Not Believe You
The first month of 2015 has passed and the results are in some are very similar to January 2014
The feeling is that we are on the brink of movement in our Kelowna market and time will tell.
Kelowna Residential Sales
2014 January 116
2015 January 101
Not a lot of change and hard to tell with only a 15 homes sold in January 2014 over January 2015 but there is a difference in the average sale price
Average Kelowna Housing Market residential sale price
Kelowna Homes Sold in January 2014 average sale price $474,000
Kelowna Homes Sold in January 2015 average sale price $527,000.
Again difficult to judge just by looking at one month’s of sales in each year.
Condo Sales – Similar results
January 2014 34 units sold with an average sale price of $210,000
January 2015 38 units sold with an average sale price of $226,000
The mortgage rates are low with RBC posting a 3 year closed rate of 3.84% which is excellent for anyone considering buying. You probably will not see mortgage rates lower than this, for those sitting on the fence….. it is time to get off.
It is unclear at this time if our Kelowna Housing Market will be influenced by the Oil prices going down. Right now we are seeing most or the real estate activity in our market is with local buyers. The number of listings in Calgary market are up by 40 % and the number of sales were down by 30%.
Calgary Realtor Chris Audette says
“The market here has definitely turned to a buyers choice overall, while some pockets (like townhomes) remain relatively un-phased by the change. Buyers looking to upgrade are well advised to take advantage of the new market and capitalize on the overall home selling and buying strategy to make sense, while folks looking to sell and buy cheaper may be better off to wait and flippers may really want to examine their risk tolerance”.
If you are contemplating buying a Kelowna house or condo this year call or text me at 250-979-8066 for my top 5 picks in your price range