Kelowna Real Estate Market News

This month when I viewed the Kelowna Real Estate Buyers Survey Results for July 2018, I decided to compare them to this time last year rather than last month, as the year on year trend was more insightful.


If ever we wanted to gauge how the Mortgage Stress Tests affected First Time Buyers, this months results really highlighted it.  First-time Buyers only made up 11.8% on the market in July 2018 compared to 16.9% in 2017.


Revenue Property Buyers were also down from 15.1% to 12.4% and the number of people downsizing was up from 13.4% to 16.2%.


There were fewer local Buyers than this time last year - 2018 - 53.5% 2017 - 56.4%, more Buyers from the Lower Mainland 21.1% (16.8%), fewer Buyers from Alberta 8.8% (11.3%) and more Buyers from within BC 10.2% (6.8%)


The number of people Buying in the Kelowna Area was down to 45.4% (51.9%) and the number Buying in the Vernon Area was up to 20.7% from 19.4%.


Here are the full Okanagan Mainline Real Estate Board (OMREB)...

Read full post

The British Columbia Real Estate Association (BCREA) reports that a total of 7,055 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in July, a 23.9 per cent decrease from the same month last year. The average MLS® residential price in BC was $695,990, down 0.4 per cent from July 2017.


Total sales dollar volume was $4.9 billion, a 24.2 per cent decline from July 2017. “The BC housing market continues to grapple with the sharp decline in affordability caused by tough new mortgage qualification rules,” said Cameron Muir, BCREA Chief Economist. “However, less frenetic housing demand has created more balanced market conditions in many regions, leading to fewer multiple offers and more choice for consumers.


” Year-to-date, BC residential sales dollar volume was down 18.9 per cent to $37 billion, compared with the same period in 2017. Residential unit sales decreased 20.6 per cent to 50,926 units, while the...

Read full post

As we look back on the last month in the Kelowna Real Estate Market, Buyers and Sellers can totally be forgiven for feeling confused!


There have been several times this month where I have shaken my head!


Overall, showings have been much slower, and we have seen many Sellers reduce prices to encourage Buyers to ' hop off the fence'. In some cases, it has worked and in others, it has not, which has left some really well-priced properties for sale.


Buyer sentiment certainly seems to be that the Kelowna Real Estate Market is softening, but I still had Buyers in multiple offer situations.

Kelowna Real Estate Sales July 2018


 


Date


Total

Single Family


Strata


Lots


Manuf

  Jul 18 451 223 191 17 20
  Jun 18 509 265 195 22 27
  May 18 535 262 221 31 21
  Apr 18 502 247 207  23 15
  Jul 17 658 317 273 43 25



July continued to see sales numbers follow a downward trend, with totals sales down 31.4% on this time last year. Single Family Homes sales are...

Read full post

Interestingly there were more cash Buyers in Kelowna and the Central Okanagan Real Estate Market in May 2018.


Is this yet another sign of how much of an impact the new Mortgage Stress tests are having on the Real Estate Market?


Fewer local Buyers entered the Real Estate Market last month, but sales numbers were steady to Lower Mainland and Alberta Buyers.


Here are the full results published by the Okanagan Mainline Real Estate Board (OMREB).

Best describe your most recent Buyer (moving to/from property type)

First Time Buyer – 16.15% up from 14.53% 

Moving Up – 16.86% down from 18.97% 

Similar Property Type – 20.19% down from 21.18% 

Revenue Property Investor – 14.96% up from 14.78% 

Downsizing – 12.83% down from 14.53% 

Single-family Res to Strata – 5.46% down from 6.65% 

Strata into Single Family – 2.85 down from 5.42% 

Recreational Property – 7.36% up from 4.68% 

Retirement Community - 0.95% down from...

Read full post

Buyers are now more likely to sue post-closing if they feel that have “lost” money through non-disclosure of latent defects.


Stigma – is a negative perception of a property for reasons unrelated to the appearance or function of the property (ie; a ghost – does NOT need to be disclosed) – Caveat Emptor Applies (Buyer Beware).


Patent Defect is an obvious flaw, that would be discovered by a superficial inspection of the property by an ordinary purchaser, for example, a hole in the wall, or a crack on the side of the home. (This does NOT need to be disclosed) – Caveat Emptor Applies.


Latent Defects – one that is NOT discoverable by a potential buyer through reasonable inspection or inquiries and must be material in that the property is rendered dangerous or uninhabitable (BUYER REQUIRED TO DISCLOSE)


Material Latent Defects – are defects required to be disclosed by the LICENSEE under their Real Estate Rules.



My thanks go to Peter Borszcz of Phil...

Read full post

Welcome to my Quail Ridge / University District Real Estate Half Year Market Report for 2018.


This report is designed to give current Owners, Buyers, Sellers, and Investors an insight into how the Quail Ridge & University District Real Estate Market has performed, here in Kelowna, during the first 6 months of 2018, and my forecast for the remainder of the year.


Quail Ridge / University District

Real Estate Sales January 1, 2018 to June 30, 2018.


 


Date


Total

Single Family Homes


Condos


Townhomes


Lots

 

Jan-Jun

2018

38 17 20 1 0
 

Jan-Jun

2017

62 7 37 17 1
  Jan-Jun 2016 70 28 29  8 5


Overall sales numbers have fallen by 39% compared to this time last year. Interestingly there is a 143% increase in sales of Single Family Homes, but the usual 'Spring Market' for Condos has not materialised with a 46% fall in sales. Both the Quail Ridge and Academy Way area were affected.


The biggest drop off has been in sales of Town Homes. This largely involves Town Homes...

Read full post
The trademarks MLS®, Multiple Listing Service® and the associated logos identify professional services rendered by REALTOR® members of CREA to effect the purchase, sale and lease of real estate as part of a cooperative selling system.
MLS®, REALTOR®, and the associated logos are trademarks of The Canadian Real Estate Association.