July Real Estate Statistics – Kelowna and The Central Okanagan
The Kelowna real estate market in July saw no surprises if you’ve been following closely along. Residential sales activity was below the normal average for a typical July. In fact, numbers slid into territory not seen for the first time since before the Covid-19 Pandemic began. Across the region, there were a total of 1196 residential sales. This marks just over a 33% decrease from the pandemonium of sales in the same month of 2021. Inventory continues to increase from the lows seen during the height of last year’s frenzy. While this might seem like a win for prospective buyers, we can expect slower sales due to steadily rising interest rates from the Bank of Canada.
If there was any doubt at the start of summer about what would happen with real estate in Kelowna as inflation takes hold, interest rates rise and we edge further out of the pandemic, the numbers are now painting a clearer picture of what’s ahead. If you have questions about buying or selling real estate in Kelowna this September then get in touch with us. We would love to have a conversation with you about the real estate market in Kelowna and how July is an indicator of what will come in the last quarter of 2022.
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