2024 Real Estate Market in West Kelowna

Happy New Year everyone! The real estate market in West Kelowna is expected to rebound in 2024, making for some promising opportunities. To help you get started with reaching this year’s estate goals, I am going to be going over a market outlook for houses in West Kelowna. From anticipated prices to provincial and national trends, I’ll cover it all in the article below. Continue reading to learn more about what to expect from the West Kelowna real estate market in 2024!

What to Know About the Real Estate Market in West Kelowna in 2024?

1. Home Prices Will Rebound

In 2024, the national average home price is said to climb 5.5%. Many major Canadian cities are rumoured to follow suit with this trend; including West Kelowna. Okanagan housing prices are projected to grow by 2% in the coming months. This indicates a return to healthier conditions from where the previous year ended off. Okanagan cities like West Kelowna are part of one of the fastest-growing markets in the country. This status has ensured the market’s longevity and prevented any significant dips in value. 

2. Interest Rates to Change

Another change to come this year will be interest rates. Although the Bank of Canada’s key lending rate is anticipated to remain the same for the first half of the year, cuts will likely be made in the second half of 2024. This could yield greater opportunities for residents to re-enter the real estate market after being sidelined. 

3. Sales Could Decline

Sales in the Okanagan region could be dampened as residents adjust to the new mid-single-digit borrowing costs. However, experts are hopeful that they will pick back up in the third and fourth quarters of the year. 

Contact me Today!

January is the perfect time to get a jump on your real estate resolutions for the year! For more information about how you can achieve this year’s goals in real estate, contact me today! I’d be happy to help you sell or buy property in this desirable area of the Okanagan. Be sure to check out my blog next month for more real estate tips and information. I look forward to working with you in the near future!