Blog > Real Estate Market Stats - February 2024
Market Recap:
The real estate market is off to a surprisingly quick start this year. After a slow 2023 it seems the sales numbers are back to the 10-year average. Buyers are gaining confidence after the Bank of Canada held interest rates again and even talks of rates going down within the next year, possibly sooner than expected. A few more condo listings are popping up in the buildings that allow short term rentals as new provincial regulations are no longer allowing short term rentals in non-primary residences as of May 1st of this year. We are seeing some investors listing their short term rental properties. Others are choosing to rent to long term tenants instead. The good news is at the same time we are seeing increased buyer activity in all areas, including first time home buyers that are currently matching the demand for these listings.
The real estate market is off to a surprisingly quick start this year. After a slow 2023 it seems the sales numbers are back to the 10-year average. Buyers are gaining confidence after the Bank of Canada held interest rates again and even talks of rates going down within the next year, possibly sooner than expected. A few more condo listings are popping up in the buildings that allow short term rentals as new provincial regulations are no longer allowing short term rentals in non-primary residences as of May 1st of this year. We are seeing some investors listing their short term rental properties. Others are choosing to rent to long term tenants instead. The good news is at the same time we are seeing increased buyer activity in all areas, including first time home buyers that are currently matching the demand for these listings.
Recent News:
- Short term rentals in non-primary residences will not be allowed as of May of this year (2024). There are a few exemptions, including resort areas (Big White, Silver Star, Apex, etc.). These new rules will apply to municipalities with a population over 10,000 although an application for exemption can be made if the municipal vacancy rate is over 3%.
- The city of Kelowna has halted all new short term rental applications and modified their bylaws to remove references to short term rentals. The new provincial legislation regarding short term rentals will take precedence.
- Municipalities were given the opportunity to submit a list of properties to be exempt from this new legislation. The city of Kelowna submitted a list of properties that included multiple condo buildings that have primarily been operating as short term rental buildings to support our busy tourism sector in the summer. This list was rejected by the province. Some of the buildings included multiple buildings downtown on Sunset Drive, Playa Del Sol, McKinley, and the new Aqua development on Lakeshore Road.
- Other new legislation coming May 1st of this year is a provincial rezoning rule that will allow most single family home sized lots to automatically allow 3-4 units and a carriage home. Also included in this legislation is the ability to rezone a property without going through municipal approval as long as the rezoning is in line with the Official Community Plan (OCP).
- The federal government recently announced they are extending the 2-year ban on foreign home buyers further until 2027.