We are seeing an increasing number of investors come back to buying in the Kelowna Real Estate Market at the moment.
So is it a good time to Buy?
In reading the Spring 2016 Housing Market Outlook supplied by CMHC http://www.cmhc-schl.gc.ca/odpub/esub/64359/64359_2016_B01.pdf it would seem that it is. According to their report, Young Professionals & Seniors are expected to drive Rental Property Demand through to 2020, as they tend to rent, before they decide to settle in the area.
This graph shows how these age groups are projected to affect the market in the next few years.
It seems that employment prospects are improving in the area, and with overall population growth expected to increase by 3,330 in 2016 and 3,439 in 2017, rental vacancy rates are expected to fall from 0.7 as of October 2015 to 0.5 in 2016.
UBCO continues to grow and, as a result, there were 343 Rental Apartment Housing Starts in Q1 2016, near the University,which represents 61% of overall starts.
Interestingly, CMHC, sees our local Real Estate Market as ‘balanced’ at the present time, with modest price increases projected, but with inventory remaining low, and this increased demand in most sectors, the market feels more like a ‘Sellers Market’ at present.
If you have any questions about the Kelowna Real Estate Market or would like assistance Buying or Selling a home in the area, please contact us, as we’d love to help you!
Trish and Tanis
Tel 250 863 8989