Central Okanagan Market Update: Here’s Everything You Need To Know

By Nick Hazzi

Nick has been in the real estate industry for over 15 years and has a wealth of knowledge and experience. He is passionate about his clients and dedicated to ensuring they get the most out of real estate, providing value far beyond any sale.

For the last two years, the conversation around Okanagan real estate has been dominated by rising rates and declining prices. But the tides are turning. While national headlines focus on struggling condo markets in Toronto and Vancouver, a quiet surge is happening here in the Central Okanagan. I’m seeing the data and feeling it on the ground, and it’s time to reconsider what’s possible for buyers.

The data doesn’t lie: A market in shift. The latest Okanagan Mainline Real Estate Board (OMR) stats are telling a new story. We’ve just seen a 40% increase in sales volume for single-family detached homes, accompanied by a 10% decline in inventory.

In real estate, pricing is a simple function of supply and demand. A shortage of supply and skyrocketing demand inevitably create upward pressure on prices. We’re already seeing multiple offers become frequent again. This isn’t a prediction; it’s a current reality.

The winter buying window. While we’re not out of the woods yet, this winter may represent the last opportunity to secure the best possible deal. Why? Sellers listing in the winter often have a compelling, time-sensitive reason: a job transfer, a growing family, or financial changes. This motivation is your leverage. With less competition than in the spring, these sellers may be more susceptible to a strong, clean offer below the asking price, allowing you to negotiate for a better price.

How to be a “Loaded Gun” buyer. In this environment, good deals don’t wait. The buyer who wins is the one who is prepared to act. To capitalize on this window, you need to become a “loaded gun.” This means:

1. Get your financing in order: A solid pre-approval is non-negotiable. It provides you with the certainty and speed to move quickly.
2. Get educated: Work with an agent who will immerse you in the market so you can recognize a true deal without hesitation.
3. Be flexible and write clean offers: The ability to accommodate a seller’s preferred closing date or waive unnecessary conditions can make your offer the solution to their problem.

Finding diamonds in the rough. The market remains full of opportunities for those who know where to look. Many listings have been sitting for over a year, and their sellers are fatigued and ready to deal. A skilled agent can help you sift through these overlooked properties and even uncover off-market “coming soon” opportunities that others may miss.

The bottom line for buyers. If you’re considering a purchase with a five - 10 year horizon, this is one of the most controlled risk environments we’ve seen. The combination of recovering demand and the strategic advantage of winter buying creates a unique moment to secure long-term value.

The market is moving. If you’re considering a move and want a strategic partner to help you navigate this transition, we can create a plan tailored to your specific goals. To start your journey, call me at 250-878-6416, email nick@vantagewestrealty.com, or visit our website at www.vantagewestrealty.com. Don’t just watch the market change, be the one who capitalizes on it.