Are you interested in watching the content rather than reading? Scroll down to the bottom to watch the video!
As we wrap up 2024, the Kelowna real estate market is showing some exciting developments. Here’s a quick rundown of the key changes, recent trends, and what buyers and sellers can expect in the coming months.
Key Changes Effective December 15, 2024
30-Year Amortized Mortgages for First-Time BuyersFirst-time homebuyers can now take advantage of 30-year amortized mortgages, reducing monthly payments and making homeownership more accessible. This change may also boost demand across the market, as more buyers are able to participate.
Insured Mortgages up to $1.5 million buyers purchasing homes under $1.5 million no longer need a 20% down payment. This opens up opportunities for those seeking higher-priced homes, reducing the barrier to entry for many buyers.
Recent Trends in the Market
October 2024: Sales soared by an incredible 60% year-over-year, driven by recent interest rate cuts and pent-up demand.
November 2024: While not as dramatic, sales still grew by 15% year-over-year, indicating a strong and steady market recovery.
What to Expect in 2025
Continued Growth in Sales: Transaction volumes are expected to increase through the first half of 2025 as interest rates remain low and buyer activity stays strong.
Interest Rate Stability: With inflation under control, the Bank of Canada is anticipated to hold or further reduce interest rates, maintaining affordability for buyers.
Lifestyle Changes Driving Demand: As affordability improves, families are making moves to suit changing needs, whether it’s upsizing, downsizing, or relocating for work.
Thinking of Buying or Selling?
Whether you’re a first-time homebuyer, an investor, or planning to sell, the market is ripe with opportunity. If you’d like personalized advice or want to explore your options, let’s connect!
Chat soon!
Braden Koop Kelowna Listing Realtor
Comments