Kelowna Real Estate Market News

Vancouver, BC – October 15, 2019.


The British Columbia Real Estate Association (BCREA) reports that a total of 6,938 residential unit sales were recorded by the Multiple Listing Service® (MLS® ) in September, an increase of 24 per cent from the same month last year.


The average MLS® residential price in the province was $697,943, an increase of 2.1 per cent from September 2018. Total sales dollar volume was $4.84 billion, a 26.5 per cent increase from the same month last year. “Markets across BC built on momentum from the summer,” said BCREA Chief Economist Brendon Ogmundson. “While the year-over-year increase in provincial sales was quite strong, home sales in most areas are simply returning to historically average levels.”


MLS® residential active listings in the province were up 4 per cent from September 2018 to 39,117 units and were essentially flat compared to August on a seasonally adjusted basis. Overall market conditions remained in a...

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We are now 3/4 of the way through the year, so it's time for my Q3 2019 report on the Quail Ridge & UBCO Kelowna Real Estate Market.

Single Family Homes




12

  Months


6

Months


3

Months   

Sales*        18 13 6
Av Sold P.M    1.5 2.2 2
Current Listings   17 17 17
Months Supply   11 6 8.5
% Chance Selling   8.8% 12.9% 11.8%


* Figures for Single Family Homes and Bare Land Strata Properties.


Current Price Range for Sale   $599,900 - $1,699,000

Average Days on Market  2018 - 36 Days 2019 - 88 Days


We have just started to see homes being listed under the $600,000 mark again, and homes which are listed below the assessed value, a sign that prices have continued to soften.


Sales in the last 90 days have been between $640,000 & $1,009,000, with evidence of Sellers having to adjust their list pricing to the current market conditions and being prepared to negotiate.


At the time of writing, I am aware of 3 homes that are...

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The September Real Estate Market, in the Kelowna area, offered a very 'mix-bag' of results.


On the one hand, there were Properties that had little or no showing activity, others went into multiple offers rights away and suddenly multiple offers on properties that had been listed for some time.


Buyers have certainly been taking their time on making decisions, and it is essential that Homes are presented at their very best for showings and the pricing is 'sharp' and appropriate for the current Market. 



Kelowna & Central Okanagan Real Estate Sales September 2019.


 


Date


Total

Single Family


Strata


Lots


Manuf

  Sep 19 428 225 156 22 25
  Aug 19 474 225 207 24 18
 

Jul 19

525 254 225 15 31
 

Jun 19

465 244 182 14 25
  Sep 18 375 203 141 11 20

Last month-:

- Total Sales were down 9.7% last month.

- Single-Family Homes sales held steady.

- Strata sales down 24.6%.


Compared to last year sales numbers continue to show a positive improvement.


- Overall sales were...

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As Ski Season approaches, Buyers tend to turn their attention to Buying Real Estate in Ski Resorts.


My thanks, this week, go to Peter Borszcz of Pihl Law Corporation, here in Kelowna who has put together a timely reminder of some of the issues you must consider when purchasing or selling a property at a ski resort:

  1. Unique Titles and Leaseholds – some examples of these include the leasehold strata units of Snow Pines, the Restrictive Covenants on titles preventing competitive ski businesses, or the Easements to allow for use of adjacent ski runs or lifts. 
  2. Use Restrictions – Many buildings have both title and strata restrictions on how and when that building can be used and by whom, these should be fully reviewed and you should not make common real estate assumptions like “I can live in this unit full time” if its part of a resort strata hotel complex.
  3. Short Term Accommodation Issues – AirBNB and VRBO and other short term accommodation...
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First-time Buyers, Revenue Investors and Move-Up Buyers were all busier this month. It will be interesting to see if that is an indicator that the effects of the Mortgage Stress Test are now easing.


Fewer local people bought last month - probably enjoying the summer holidays, whereas there were move Buyers from the Lower Mainland.


As far as areas go, Kelowna was a little busier, whereas fewer Buyers bought in the Vernon and Coldstream area.


Please find the full summary below.


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


First Time Buyer – 21.60% (18.29%)

Revenue Property Investor – 11.24% (13.27%)

Moving Up – 13.61% ( 16.81%)

Similar Property Type – 20.41% (16.81%)

Downsizing – 14.50% (15.04%)

Single family Res to Strata – 3.25% (5.01%)

Recreational Property – 7.69% (7.67%)

Retirement Community – 1.48% (0.59%)

Strata to Single Family – 3.25% ( 2.65%)



Describe the Buyer (family dynamic):


Couple without children ...

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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.