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Those numbers are insane. Just did a video on 5 reasons why home prices won’t go down. Biggest thing for me watching the direction of the market is these immigration numbers. There’s not enough supply. Building permits are about half the target number. Supply isn’t really coming and we are already severely under built.
@@livinginkelownabc 100%. I think there may be some softness in the condo/apartment segment of the market as there a ton of new supply coming online nationally, and in Kelowna. However, single-family is in such short supply, and building permits for this segment are scarily low looking out 1-2 years. With the zoning changes allowing muti-family dwellings on single-family lots, it doesn't make sense to build single-family homes. I think single-family prices potentially have a floor here now that we shouldn't see more rate hikes, and any drop in rates will see those prices moving higher, albeit, at a slower rate than 2020/2021. I'll check out the video you mentioned!
@@richyrich3285 The apartment market has softened for sure, with all the STR rules and other government initiatives (flipping tax, capital gains changes..etc) Right now we have the most amount of listings for condos EVER. The capital gains tax we saw a lot of people try to quickly unload before June deadline. We will see how many of those come off the market shortly of if they keep it up now that closing before June is less likely... tough to know. I will be honest, there are so many external factors happening in the market place it is tough to truly know how the consumers are responding as they appear to be paralyzed at the moment......which i don't blame them.
Thinking about a move to Kelowna, BC?
Let us know how we can help you!
Schedule a Call to Learn Everything that Kelowna Has to Offer: calendly.com/sellingkelownarealestate
Get the real estate weekly email directly to your inbox here! eepurl.com/gdR8NT
Search for Kelowna Homes for Sale:
Call or Text: 250-801-0361
Email:mark@sellingkelownarealestate.com
Zoom:calendly.com/sellingkelownarealestate
Consider that immigration numbers for Q1 2024 are outpacing the insane numbers for Q1 2023. A lot of demand still coming in from population growth.
Those numbers are insane. Just did a video on 5 reasons why home prices won’t go down. Biggest thing for me watching the direction of the market is these immigration numbers. There’s not enough supply. Building permits are about half the target number.
Supply isn’t really coming and we are already severely under built.
@@livinginkelownabc 100%. I think there may be some softness in the condo/apartment segment of the market as there a ton of new supply coming online nationally, and in Kelowna. However, single-family is in such short supply, and building permits for this segment are scarily low looking out 1-2 years. With the zoning changes allowing muti-family dwellings on single-family lots, it doesn't make sense to build single-family homes. I think single-family prices potentially have a floor here now that we shouldn't see more rate hikes, and any drop in rates will see those prices moving higher, albeit, at a slower rate than 2020/2021. I'll check out the video you mentioned!
@@richyrich3285 The apartment market has softened for sure, with all the STR rules and other government initiatives (flipping tax, capital gains changes..etc) Right now we have the most amount of listings for condos EVER. The capital gains tax we saw a lot of people try to quickly unload before June deadline. We will see how many of those come off the market shortly of if they keep it up now that closing before June is less likely... tough to know. I will be honest, there are so many external factors happening in the market place it is tough to truly know how the consumers are responding as they appear to be paralyzed at the moment......which i don't blame them.