The Market's Leaning Toward Buyers — At Both Ends

A short read on what's actually happening in the Central Okanagan market right now — real numbers, and what I'm seeing day to day.

Two things are on my mind this month.

First-time buyers: look at condos

If you're a first-time buyer, look at the condo market. There are 807 condos listed in the Central Okanagan and they're taking close to three months to sell. That means time and options — two things buyers haven't always had.

You don't need to nail the perfect moment. Getting in, even with a condo, and building some equity usually beats waiting for a bottom you'll only spot after it's gone.

The luxury end tells a different story

Around 307 homes are listed at $2 million and up, and only about 76 have sold in the last six months. That's roughly two years of inventory sitting on the market. In plain terms: if you're buying up there, you've got more choice and more room to negotiate than you've had in years.

Worth noting alongside that — the single-family benchmark price across the Central Okanagan is $1,062,800, holding steady. Typical homes aren't dropping. The inventory pressure right now is concentrated at the luxury tier, which is where the negotiating room is.

If a move up has been in the back of your mind, this is one of the better windows I've seen.

The bottom line

Right now the market's leaning toward buyers at both ends, for different reasons. I'm not saying run out and do something. Just that if a move was already on your mind, the conditions are working with you.

If you're trying to sort out what any of this means for your situation specifically, that's the part I like best. Reach out and tell me what you're weighing.