Well 2015 is coming to an end. If you were lucky enough to be involved in the buying or selling of Real Estate in Penticton you will know it was a pretty brisk market. The Penticton Real Estate market saw a increase in sales up to the end of November of approx 19% 2015 over 2014.
With the low interest rates helping fuel the market, buyers are able to purchase a home with mortgage payments that are less than what they would pay for rent. The rental market in Penticton has a very low vacancy rate which has been driving the cost of rent up also.
What to expect in 2016.
I expect interest rates to rise at a slow rate. Possibly a 1/4 - 1/2% by mid year. With listings in the area low the spring Penticton Real Estate market should be busy as there seems to be more buyers than sellers. Prices could rise a little due to the low inventory. All in all I see a strong year for sales in the Penticton area.
If you are thinking about selling or buying Real Estate in the Penticton area or know someone who is, please feel free to call me anytime with any Penticton Real Estate questions.
Happy New Year! I hope you all have a wonderful, prosperus 2016.