Hi, Jeffrey Sefton here with your Okanagan market update. We had a bit of good news again from Bank of Canada with a lending rate cut of another half percent on December 11th. And we're looking at more attractive mortgage rates than we saw a year ago. Hopefully, as we move into 2025, we'll see some continued improvement there.

 

 

As far as the market, today is December 14th, 2024. We're looking back at what happened in November. As far as the South Okanagan is concerned, units sold are up 61.3%. Well, that sounds like a great number, 61.3%. It's actually about 46 units over the sales of last year. Active listings on the market are up 8.9%. We've got 1,192 listings here in the South Okanagan.

 

And as far as the Central Okanagan is concerned, units sold are up 29.6%. And that's a 68-unit improvement from last year same time. So that's 68 units for the entire Central Okanagan and another 46 units for the South Okanagan over last year. And the active listings on the market in the Central Okanagan are 2,730, and that's up 15%.

 

What I expect to see as we move into the new year, January, February, and so on in 2025, is that we'll see more listings coming on the market. And hopefully, we'll see some improvement in sales as well.

 

For Buyers

For prospective buyers, the current market presents more opportunities than it does challenges. With the faster moving market well behind us, buyers have a chance to take a breath in their house hunt. Now is the time when buyers should refine their search criteria and make a move on a potential home when they are ready. 

The increasing number of homes on the market means buyers can afford to be selective, however there is no telling how long it will last before the market speeds up. For now, future homeowners can negotiate more effectively, potentially leading to better deals than were available earlier in the recent past. Nevertheless, it remains vital for buyers to act promptly once they identify a property that suits their needs. The potential of long-term appreciation in the Okanagan area still makes homeownership an attractive investment.

Additionally, buyers should stay informed about local financing options and be prepared for increased scrutiny associated with mortgage approvals, as lenders are keeping a closer eye on buyers’ financial health. Understanding pre-approval terms and working with experienced local real estate agents can improve your chances of securing the right property.

For Sellers

Sellers, too, must remain vigilant in the evolving real estate environment. As the marketplace matures, pricing strategy is more critical than ever. Homes that were priced aggressively in earlier months may now require re-evaluation to attract buyers. This includes conducting thorough market analyses to set competitive prices that reflect current trends.

Presentation and marketing play crucial roles in ensuring a successful sale. Investing in professional staging and high-quality photography can set a listing apart from others on the market. Clear, attractive listings that showcase a property’s best features will resonate with today’s discerning buyers.

Being transparent and prepared for negotiations can also position sellers favorably. Accepting that the market might not be as hyper-competitive as previously this can help in managing expectations. Patience and flexibility during negotiations will be vital for closing deals effectively.

 

 

Thanks for watching. See you next month! 

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Jeffrey Sefton is an Oliver, BC Real Estate Agent. As a member of the Okanagan Home Team with Real Broker, BC., Jeffrey specializes in residential real estate listings (home sales), and assists people in relocating to the sunny South Okanagan. His primary service areas include Oliver, Osoyoos, Okanagan Falls and Penticton.

Don't hesitate to contact Jeffrey to get your home sold for top dollar or to find your next home in the Okanagan. 

Jeffrey Sefton 
Okanagan Home Team
Real Broker BC
okanaganrealestatesearch.com
250-244-1762