Paige provided excellent and professional service in selling my home in Kelowna. Every detail was perfect. I will recommend Paige without reservation to anyone I know buying or selling real estate.

-Dale Bjornson

You are here: Real Estate Well Positioned for the Future

Real Estate Well Positioned for the Future

Canada’s real estate market has undergone some rapid changes in just the last few months, leaving many prospective home buyers and sellers to wonder what lies ahead.  While no one has a crystal ball to predict the future, it’s fair to look at the demographics and other factors driving the market to get a sense of what’s ahead.  In general, real estate is positioned well for the future.

  • Eight million Canadian baby boomers 41-60 have accumulated wealth through equity in their homes, investments, inheritances, etc. They’re in their prime real estate buying years for their principal residence and also for income properties and vacation homes.
  • Echo boomers are the children now aged 10-28 of baby boom parents.  These echo boomers will likely have similar economic impact in coming years that their parents have had throughout their lives.  The older echo boomers are now entering the housing market, providing a whole new source of home buyers who recognize real estate as a strong long-term investment.
  • Canada expects positive in-migration from other countries around the world, which will continue to fuel demand for housing.
  • People move for lifestyle reasons.  Canadians change jobs, get married and have babies, and that all creates a demand for housing, regardless of changing market conditions.  
  • Many of these growing families have not yet bought their first home and are either renting or living with family as they save for a down payment.  Hits to our listings on the coldwellbanker.com web site tell us that these potential buyers are already looking.
  • Moderating house prices and extremely low interest rates have delivered lower carrying costs for homes, and that will bring back buyers who have previously been locked out of the market.

So, the foundations for a good real estate market are there.  Of course, this is just the general overview.  For a more detailed picture of what’s going on in the Kelowna real estate market, contact Paige and Al.