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May RE/MAX monthly update: Increased inventory ‘great for the buyer coming into the market’

This series is sponsored by RE/MAX Kelowna

The month of May saw little change in the housing market compared to a year ago said Jerry Redman, owner and managing director of RE/MAX Kelowna.

Earlier this month, Redman sat down with Jim Csek of KelownaNow to discuss housing statistics in the Central Okanagan.

Also joining the duo was Marlon Lazic, a mortgage specialist with CIBC, who shared some insights into what buyers should know and do when looking for a new home.

May saw a decrease of 3.55% on the average price of a home, while the median price dropped from $990,000 to $985,000.

Redman explained that it will be interesting to see how the market acts compared to last year, stating that after May 2023, there were some slow months, but that this year it could continue to trend upwards.

“I think that’s probably what’s going to happen, we're going to see that uptick continue ... we're up to about 20% more listings this year compared to last year, which I think is great for the buyer coming into the market ... you’re not having to battle for everything as you did a few years ago,” he said.

But, Redman did add that they are starting to see listings receive multiple offers with a pent-up demand in the region.

Before discussing housing stats, the trio dived into the topic of mortgages and the impact of the recent Bank of Canada rate cut decision.

Lazic and Redman shared that when shopping for a home it is important to get pre-approval for a mortgage, with Redman adding that more people on the listing side are asking buyers if they have been pre-approved.

“Pre-approvals are really important when you’re out shopping too because it’s actually quite surprising how many offers in the last while have been collapsing because of financing,” said Redman.

Click the above video for a deeper dive into the local housing market.

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