Kelowna Real Estate Market News

The latest Kelowna Real Estate Buyers Survey Results are now out, for September 2020.


First-time Buyers were busier again this month, but there were few Buyers 'moving up'.


The numbers moving from the Lower Mainland were up last month, as were the number moving from Eastern Canada.


Here is the full report.


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


First Time Buyer – 18.98% (14.22%)

Revenue Property Investor – 9.3% (9.71%)

Moving Up – 19.35% (23.48%)

Similar Property Type – 18.98% (20.54%)

Downsizing – 10.25% (14.00%)

Single family Res to Strata – 4.55% (2.26%)

Recreational Property –  11.39% (11.06%)

Retirement Community – 2.85% (0.90%)

Strata to Single Family – 4.55% (2.03%)

  


Describe the Buyer (family dynamic):


Couple without children – 24.48% (25.23%)

Two Parent family/children – 28.44% (33.11%)

Empty nesters or retired – 19.77% (18.69%)

Single female – 13.56% (10.81%...

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Vancouver, BC – October 14, 2020.


The British Columbia Real Estate Association (BCREA) reports that a total of 11,368 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in September 2020, an increase of 63.3 per cent from September 2019. The average MLS® residential price in BC set a monthly record of $803,210, a 15.3 per cent increase from $696,647 recorded the previous year. Total sales dollar volume in August was $9.1 billion, an 88.3 per cent increase over 2019.


“The provincial housing market had a record-setting September,” said BCREA Chief Economist Brendon Ogmundson. “Both total sales and average prices were the highest ever for the month of September as pent-up demand from the spring pushes into the fall.”


“Average prices are skewing higher as demand for space during the pandemic drives sales of single-detached homes,” added Ogmundson. Total provincial active listings are still down about 12 per cent...

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Wow! What a whirlwind month for the Kelowna Real Estate market.


I very much doubt whether anybody could've predicted the level of activity we have been seeing over the last three months, and September was the busiest months yet.


Kelowna & Central Okanagan Real Estate Sales September 2020.



Sales numbers were impressive, across the board.

Compared to the last month-:

- Total Sales were up 13.6% last month.

- Single-Family Homes sales up 12.9%.

- Strata sales up 14%.


Compared to last year sales numbers again showed a positive improvement.


- Overall sales were up 85%

- Single-Family Home sales up 82.7%.

- Strata sales were up 88.5%.


Inventory Levels September 2020

Inventory levels are down in all main sectors -:


Total listings in the Central Okanagan are now 2,558 down from 2,822 last month and down from 3,138 last year.

Single Family & Bare Land Strata Residential 894 units down from 1,032 last month and down from 1,258 last year.

Condo - 644 units down from 668 units...

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The latest Kelowna Real Estate Buyers Survey Results are now out, for August 2020.


Move up Buyers and Recreational Buyers, together Two-Parent Families with Children were busier in the market last month.


There were slightly less local Buyers, and less Buyers in the Kelowna / West Kelowna area, whereas there were more Buyers in the Vernon / Coldstream area.


Here is the full report.


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


First Time Buyer – 14.22% (15.10%)

Revenue Property Investor – 9.71% (8.92%)

Moving Up – 23.48% (21.28%)

Similar Property Type – 20.54% (21.74%)

Downsizing – 14.00% (11.44%)

Single family Res to Strata – 2.26% (5.26%)

Recreational Property – 11.06% ( 8.47%)

Retirement Community – 0.90%(2.29%)

Strata to Single Family – 2.03%  (3.20%)

  


Describe the Buyer (family dynamic):


Couple without children – 25.23% (25.28%)

Two Parent family/children – 33.11% (28.44%)

Empty nesters...

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The British Columbia Real Estate Association (BCREA) reports that a total of 10,172 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in August 2020, an increase of 42.8 per cent from August 2019.



The average MLS® residential price in BC was $771,309, a 12.7 per cent increase from $684,093 recorded the previous year. Total sales dollar volume in August was $7.8 billion, a 61.1 per cent increase over 2019. “Very strong provincial home sales continued in August,” said BCREA Chief Economist Brendon Ogmundson. “While pent-up demand from the spring is driving much of the increase, we anticipate a sustained strong level of sales through the fall.”


Total provincial active listings are still down more than 10 per cent year-over-year, with some markets even more under-supplied as the pandemic continues to keep listings low.


As a result, prices are sharply rising around the province. Year-to-date, BC residential sales dollar volume was...

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August 2020 was another hot month for the Kelowna Real Estate Market!


Some Buyers experienced challenges gaining household insurance, due to the forest fires in Penticton, but happily, these have subsided now, and I have not heard of anyone having issues recently.


Demand for homes and townhomes was active throughout the month and after a slow start for Condos, we saw more activity towards the end of the month.


More parents and investors have been looking around the University area and they are looking to complete purchases, as late in the year as possible, ready for students hopefully starting school at UBCO, in January 2021.


Interestingly, I have also had a few more inquiries from Sellers looking to sell now, so I am anticipating seeing a few more listings coming on the market in the next little while, which will be unusual for this time of year.

Kelowna & Central Okanagan Real Estate Sales August 2020.



While sales numbers were not as high as July, they were still very impressive.

...
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