Last month I told you I would have some exciting news that I am only making known to my clients at this point.
Well, it is official now, as of last week I have officially joined RE/MAX Complete Realty in Calgary and the RE/MAX in Kelowna.
All of my contact information will remain the same, nothing changes there, the big change is being aligned with the #1 most trusted brand in real estate.
Ok, now that's over with, on to the rest of the email!
📊 Rate Hikes & What That Means for Markets
💰 Quick Calgary Update
🏡 Quick Kelowna Update
🔥 How are Forest Fires Impacting the Housing Market?
📧 Save my Contact Information
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📊 It seems like every email I have sent you this year I have talked about rising rates, I really wish I didn't have to do that. It is time for the BoC to actually stop this madness and watch to see what (if any) affect there is on the marketplace. Many economists agree with this sentiment, so hopefully they listen to that advice. The BoC rate is now at 5% which is the highest it has been in over 20 years, typically we see a levelling off period with sales and a quick adjustment by buyers. We will see a lot of buyer's fulfill their rate holds in the next couple of months and that period of adjustment will happen, whether there is a positive bounce back remains to be seen. Here's an article regarding a number of different local markets, click to see if yours is covered.
💰 Now that Stampede is officially over with record setting attendance, the craziness of the market will likely continue for the short term. There is always a bit of a slowdown in the market come end of August to about mid September, so if you are thinking of selling we should probably talk sooner than later. The month of June saw 1525 Single Family sales which was an increase of 3% from June of 2022. There are currently only 1323 single family listings on the market with 335 properties pending and 622 sales so far this month. Prices have increased steadily, for the first time in a very long time (think more than a decade) apartment and townhouse pricing is outpacing single family home prices. If you want more detail on these stats specific to your area, then email me back.
🏡 The overall benchmark price for single family homes is down 3.1% from last years numbers. Sales are up however for the month of June compared to last year, which is a good sign. However, that said, we are likely to see that same downturn in the market that Calgary is going to see. My prediciton at the beginning of the year was that the Kelowna market would balance out by this time in 2023, my revision is that balance will not likely come until closer to the end of the year. Sellers have to continue to have patience, while buyer's will continue to have their pick of the lot.
🔥 Given that we are seeing record numbers of forest fires in the country this year (I believe AB is down, but BC is up...don't quote me on that), I thought this article would be fairly relevant. Construction costs have skyrocketed and lack of supply due to a decrease in housing starts is what is fuelling new home price increases.
📧 Like I mentioned my contact info has not changed, if you are wanting to get a hold of me then reply to this email. If you are in Kelowna you can always reach me at info@livelovekelowna.ca, my BC number is 778-716-7527. My AB number is 403-827-7527. Make sure you save it in case you need it!
That's all I have for you this month!
All the best,
KELLEY SKAR
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