February 2019 Real Estate Market Stats
March is here and the sun is shining! Hopefully, Spring is on its way.
In Real Estate, February was another month where the market continued to correct. Sales volume, average price and days on market for single family homes in the North Okanagan residential market seem to have leveled out but month over month numbers are now starting to climb.
It’s not all quiet though. Sale prices of condos and townhomes are up 4%, while single-family dwellings went down 1% and condominiums were down 10%. The townhome and condo market is a good investment opportunity, especially for rental units. The perfect example of that is with our newest project www.boulevardvillas.com which saw the sale of Micro Suites (333 square feet of level entry living) sell out in a matter of days, while the townhomes in the complex are starting strong.
Interest Rates have also started to come down which will spur the market. HSBC(2.99%), TD(3.64%), and RBC(3.54%) have all recently lowered their rates on 5-year fixed rates hoping to spur the market and get Spring moving in the right direction. We strongly believe this will improve the Spring market. With the current lack of quality inventory in the North Okanagan, now is the time to list your home for sale, or prepare it for the coming sales season and get a jump on the market.
Oh, and don’t forget to ‘Spring Forward’ this coming weekend as clocks move ahead one hour on Saturday at midnight!
Are you looking for a new investment opportunity? How about our newest townhome development Boulevard Villas.
For full details on the Okanagan Mainline Real Estate Board click here.