Kelowna Real Estate Market News

The January 2019 Kelowna and Central Okanagan Real Estate Buyers Survey Results have now by produced, courtesy of our local Real Estate Board - OMREB.


One of the main highlights to note this month is the fall in Buyers coming from the Lower Mainland and Vancouver area, where their own Real Estate Markets have been slow this winter.


Property Type:


16.87%  First Time Purchase (down from 19.88% in December)

19.28%  Move Up Purchase (up from 14.91%)

18.07%  Relocating to Similar Property Type (down from 21.12%) 

10.84%  Revenue/Investment (down from 15.53%)

16.27%  Downsizing (up from 8.70%)

4.82%    Moving from Single-family Home to Strata Unit (down from 4.97%)

2.41%    Moving from Strata Property to Single Family Home (down from 2.48%)

7.83%    Recreational Property (down from 8.70%)

3.61%    Retirement Home/Seniors Community (up from 1.86%)


Buyer Type (Family Dynamic):


30.30%  Two Parent family/children...

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The British Columbia Real Estate Association (BCREA) reports that a total of 3,546 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in January, a decline of 33.2% from the same month last year.


The average MLS® residential price in the province was $665,590, a decline of 7.7% from January 2018. Total sales dollar volume was $2.36 billion, a 38.4% decline from the same month last year. “BC households continue to grapple with the policy-induced affordability shock created last year by the federal government,” said Cameron Muir, BCREA Chief Economist. “The resulting pullback in consumer demand is largely responsible for January’s lacklustre performance.”


Total MLS® residential active listings increased 41.2% to 29,522 units compared to the same month last year. The ratio of sales to active residential listings declined from 25.4% to 12%over the same period. “Many BC regions are now...

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The Kelowna Chamber of Commerce has published it's 2019 Economic Scorecard for the City.


We finished 10th out of 17 overall, against a number of North American and some international cities.


There were some bright spots, but definitely some areas for improvement.


To read the full report go to https://www.kelownachamber.org/files/COK18-041_Economic%20Score%20Card_web.pdf


Kind Regards


Trish Cenci


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After a very quiet start to January, which followed a quiet December, I am pleased to report that Buyers and Sellers are beginning to think about Real Estate again. We are beginning to see more new listings and Buyers are out looking.


Speculation Tax in Kelowna and West Kelowna seems to be here to stay, for now, so its time to get your Speculation Tax Declarations in!

Kelowna & Central Okanagan Real Estate Sales January 2019.


 


Date


Total

Single Family


Strata


Lots


Manuf

  Jan 19 199 88 93 7 11
  Dec 18 200 107 77 6 10
  Nov 18 303 150 113 21 19
  Oct 18 385 190 165  9 21
  Jan 18 342 159 147 24 12



Total sales were roughly on par with last month although down 42% on this time last year. Single Family home sales were down 45% on last year and Strata sales were down 37%, which is an even higher drop than last month.


This is certainly depressing reading for Sellers, but putting a positive spin on it, it can only get better!!


Inventory Levels

Total levels...

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Check out the Buyers Survey Results for Kelowna and the Central Okanagan area, provided by the Okanagan Mainline Real Estate Board.

As you can see First Time Buyers were busier last month and local and Lower Mainland Buyers were also busier.

We do expect fewer Alberta Buyers generally in December, so it is not unusual to see their numbers down a little.

Kind Regards

Trish Cenci

Tel 250 864 1707

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