The British Columbia Real Estate Association(BCREA) released its 2024 First Quarter Housing Forecast Updateshowing Multiple Listing Service® (MLS®) residential sales in BC are forecast to increase 7.8 per cent this year
The Bank of Canada’s is holding its benchmark rate steady at 5% with the next announcement scheduled for March 6, 2024. The bank of Canada’s third quarter market participants, which include senior economists and strategists tracking Canadian financial markets overwhelmingly predict a drop by 25 basis points by April. I am confident the Okanagan housing market will see a measurable increase in both units sold and benchmark pricing as buyers who previously held-off will come back to the proverbial table. As a seller, I recommend you list by March of this year with an average 60-90 days on market measure, your home will be sold by June or July. As a buyer, get out there now before prices and competition increases.