Home prices in Kelowna will continue to rise over the next couple of years, but not as fast as they did in 2016 and 2017, according to Taylor Pardy, a senior marketing analyst with the Canadian Mortgage and Housing Corporation.
Pardy told a Kelowna luncheon audience he predicts prices for single-detached homes, which have spiked the most the past few years, will move “back towards balance” in 2018 and 2019, but that the cost of townhomes and apartments will continue to see “strong growth.”
However, since more single-detached homes sell each year than any other type, Pardy said overall home prices in the Okanagan will increase only moderately.
Pardy’s prediction comes as sales in 2017 were down compared to record-breaking numbers in 2016.
For more on why Pardy says he’s not worried about slowing sales, as well as the positives and negatives he sees on the horizon, check out the full story on Castanet’s sister business news website, Okanagan Edge.