Kelowna Real Estate Market News

The Kelowna and Interior Buyer Survey Results are now out for June 2021.


Move-up Buyers were less busy last month while Buyers of similar properties and downsizing Buyers were busier.


They were slightly fewer Alberta buyers, however a few more buyers from other areas of BC.


There seemed to be slightly fewer Buyers in Kelowna, Vernon & Coldstream, with more Buyers in the Shuswap / Revelstoke and Summerland areas.


Please read the full report below.


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


First Time Buyer – 16.93% (17.65 %)

Revenue Property Investor – 13.75% (12.33%)

Moving Up – 13.94% (15.75%)

Similar Property Type – 24.10% (22.77%)

Downsizing – 13.35%  (10.82%)

Single-family Res to Strata – 5.18% (2.66%)

Recreational Property – 7.77% (9.87%)

Retirement Community – 1.39% (2.09%)

Strata to Single Family – 1.99% (3.61%)

 


Describe the Buyer (family dynamic):


Couple without children – 24.51%...

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The British Columbia Real Estate Association (BCREA) reports that a total of 11,070 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in June 2021, an increase of 34.7 per cent over June 2020. The average MLS® residential price in BC was $910,445, a 22.2 per cent increase from $745,194 recorded in June 2020. Total sales dollar volume was $10.1 billion, a 64.6 per cent increase from last year.


“As expected, housing market activity is calming to start the second half of 2021,” said BCREA Chief Economist Brendon Ogmundson. “That said, while down from record highs earlier this year, home sales across the province remain well above long-run average levels.”


Total active residential listings were down 23.4 per cent year-over-year in June and continued to fall on a monthly seasonally adjusted basis.


Year-to-date, BC residential sales dollar volume was up 161.6 per cent to $64.7 billion, compared with the same period in 2020. Residential...

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While there are 'mutterings' of the Kelowna Real Estate Market slowing down, I have to say this is more to do with lack of suitable inventory than a 'market slowdown'!


I have been working with several buyers looking for Single-Family Homes & Townhomes, and we are racing to view new listings nearly every day, and anything we write on is in 'multiple offers'.


In the Academy Way area near the University, Condo listings offering vacant possession for September are becoming increasingly rare, and I understand that rentals are very hard to come by.


One Agent at my office reported over 100 showings on one of their more affordable home listings last week!


As Buyers get more desperate, we are also seeing properties where Sellers indicate they will look at offers on a certain day, suddenly receive 'bully offers'.


So what is a 'Bully Offer'? A Bully Offer is an offer to buy a property before the date the Seller has indicated they will accept offers. It is...

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The Kelowna and Interior Buyer Survey Results are now out for May 2021.


First-time Buyers were busier again this month, and Buyers from the Lower Mainland & Vancouver Island are also continuing to purchase homes in this area.


Please read the full report below.


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


First Time Buyer – 17.65 % (14.47%)

Revenue Property Investor – 12.33% (13.05%)

Moving Up – 15.75% (16.82%)

Similar Property Type – 22.77% (18.24%)

Downsizing – 10.82% (15.41%)

Single-family Res to Strata – 2.66% (5.35%)

Recreational Property – 9.87% (9.12%)

Retirement Community – 2.09% (1.89%)

Strata to Single Family – 3.61% (2.67%)



Describe the Buyer (family dynamic):


Couple without children – 24.95% (24.77%)

Two-Parent Family /children – 28.17% (28.02%)
Empty nesters or retired – 18.34% (18.58%)
Single female – 13.61% (12.54%)
Single male – 12.48% (10.84%)
Single parent with children...

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The British Columbia Real Estate Association (BCREA) reports that a total of 12,638 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in May 2021, an increase of 178.2 per cent over May 2020 when the onset of the COVID-19 pandemic prompted a lockdown of the provincial economy. The average MLS® residential price in BC was $916,340, a 26.2 per cent increase from $726,335 recorded in May 2020. Total sales dollar volume was $11.6 billion, a 251 per cent increase from last year.



“Provincial housing markets continue to calm after peaking in March,” said BCREA Chief Economist Brendon Ogmundson. “The implementation of a stricter mortgage stress test in June may have a minor impact on home sales but we expect strong market activity over the second half of the year.”


Total active residential listings were down 17 per cent year-over-year in May and dipped lower on a seasonally adjusted basis following two prior months of rising active listings....

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Downsizing Buyers were busier in the Kelowna and Central Okanagan Real Estate Market during April 2021, with fewer Buyers moving from the Lower Mainland and more from Alberta.


A higher percentage purchase in the Vernon / Coldstream area last month, while slightly fewer buyers purchased in the Kelowna / West Kelowna area.


Please read the full report below.


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


First Time Buyer – 14.47% (16.21%)

Revenue Property Investor – 13.05% (14.40%)

Moving Up – 16.82% (16.60%)

Similar Property Type – 18.24% (19.46%)

Downsizing – 15.41% (13.23%)

Single-family Res to Strata – 5.35% (4.41%)

Recreational Property – 9.12% (8.43%)

Retirement Community – 1.89% (1.56%)

Strata to Single Family – 2.67% (2.72%)


Describe the Buyer (family dynamic):


Couple without children – 24.77% (23.82%)

Two Parent family /children – 28.02% (27.27%)
Empty nesters or retired – 18.58% (20.10%)
Single...

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The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are member’s of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.