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How will Kelowna market fare in 2020?

 

by Gerv Tacadena10 Dec 2019

After witnessing a slump in sales over the year, the Kelowna housing market is expected to find balance next year, according to the latest market outlook by RE/MAX.

RE/MAX said several factors could impact Kelowna's housing market next year, including taxation, weather patterns, and the lower mainland's economy. The average residential sales-price growth in the region is projected to be flat next year.

"The projected population growth for BC – approximately 50,000 new residents between now and 2040 – will also have a large impact on the housing market in the region as we look ahead to the next 3-5 years," RE/MAX said.

Of all property types, condos and detached homes with up to two storeys are expected to be the most popular. Buyers are likely to go after neighbourhoods such as Lower Mission and Westbank Centre for homes.

Kelowna North is projected to be the hottest neighbourhood due to its proximity to the downtown core, lake, and current development growth.

"Move-overs and first-time homebuyers are expected to drive demand in 2020 while luxury home sales in the region have tapered off year over year as a result of the new speculation tax impacting those with another primary residence," RE/MAX said.

The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.