It’s time for a fall real estate market forecast…
Here’s what the data suggests here in the Okanagan Region:
Home prices: Expect home prices to continue their upward trend but moving more modestly than pandemic-times, increasing by 2.8% in 2025.
Despite potential softening in demand, the lag in inventory keeps prices high.
The predicted 2025 average MLS price in the Okanagan Region: $767,900
Difference year-over-year: Up 2.8%
Unit sales: Expect number of homes sold to continue their upward trend, increasing by 7.4% in 2025.
The predicted 2025 number of sales in the Okanagan Region: 8,700
Difference year-over-year: Up 7.4%
The Bank of Canada cut its key interest rate to 4.25 per cent on September 4 – its third consecutive cut in a long-awaited monetary policy easing cycle.
The rate cut prompted big commercial banks to lower their prime rates, which are used to set the rates charged for variable-rate mortgages.
The next rate update is scheduled for Oct. 23.
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Royal LePage Locations West Realty
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