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Though there was a great deal of uncertainty regarding the real estate market due to the combination of new mortgage rules coming into force and an increase in the credit rate from the Bank of Canada, the Kelowna real estate market has defied expectations and posted increases for 2018 as compared to the same period last year. Reinforcing the idea that the Okanagan is a hot place to buy a home, Kelowna new homes for sale did not waver in the first few months of 2018, contrary to expectations.
This has been welcome news for all local developers, as there was some tension in the closing months of last year as to whether all planned development projects would continue to sell as expected—this made many developers nervous to get projects in the ground early this year, pushing deadlines back by a few months in some cases. In line with sales for residential homes and townhouse developments across the Okanagan, however, condo developments have continued to sell at their regular rates, and new homes for sale in Kelowna have continued to profit accordingly.
Local developer McKinley Beach has seen steady sales throughout the beginning of the year and is thrilled at the current real estate trends for Kelowna, as they have several new phases opening for sale through 2018. A spokesperson for the company noted, “the real estate market in Kelowna has held steady despite interest rates rising and the new mortgage stress test being imposed on buyers as of the start of this year.” He continued on to say, “McKinley Beach has not seen a decline in sales at all since these new changes were announced, which says a lot about how desirable the Okanagan is as both a real estate market and as a place to live.”
To learn more about McKinley Beach and the new homes for sale in Kelowna, visit https://www.mckinleybeach.ca/ or stop by the showhome at 3322 Shayler Road, Kelowna, BC, V1V 2R1.
Release ID: 302565