Kelowna Real Estate Market News

I do hope that you are all keeping safe and well out there?

The temporary closure of many businesses locally and nationally has come as a tremendous shock to people both professionally and personally and has had a dramatic impact on Families life, Health Care, Education, our Social Interaction and the Real Estate Market.

Initially, as the Covid-19 health crisis began to be felt across Canada, everyone, quite rightly, focused on home and keeping their families safe, and the real estate market largely shut down for a short time.

As everyone comes to terms with the 'new norm' - Real Estate Professionals are also adapting their business practices to continue to help those who really need to buy and sell homes at the moment.

This has involved making sure we can offer safe ways for clients to view homes. I am offering Buyers the ability to view my listings by virtual tour and professional photos, if there is interest I suggest a drive-by if that's possible for them and if they are still ...

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In the Kelowna Real Estate Buyers Survey results for February 2020, it seems that more Couple without Children and Empty Nesters were busier buying, and this potentially goes to explain why there were more cash buyers.

There were fewer buyers from local Markets but more from the Lower Mainland and more deciding to buy in the Vernon area.

Here are the full results -:

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

First Time Buyer – 20.63% (22.09%) 

Revenue Property Investor – 9.52% (12.27%)

Moving Up – 17.46% (16.56%)

Similar Property Type – 19.58 (19.63%)

Downsizing – 14.29% (13.50%)

Single-family Res to Strata – 5.29% (6.13%)

Recreational Property – 4.76% (6.75%)

Retirement Community-1.06% (3.68%)

Strata to Single Family – 3.70% (1.23%)

Describe the Buyer (family dynamic):

Couple without children – 25.40% (23.93%)

Two-Parent Family /children – 24.87% (28.22%)

Empty nesters or retired – 17.46% (13.50%)...

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I am pleased to report that the snow has been melting reasonably quickly here in the Okanagan Valley and Two Eagles Golf Course was open yesterday!

In hosting Open Houses during the last month, I have certainly seen Buyers looking from Vancouver, and Alberta, as well as local Buyers.

February seems to have been a 'mixed bag' of results, as I have seen evidence of properties going into Multiple Offers, Housing in parts of the $700,000 to $900,000 range are sluggish,  and Condos and Townhomes showings & sales in $300,000 to $400,000 range have been quite brisk for this time of year.

In Quail Ridge and around UBCO, Parents and Investors are already looking, and there is certainly less inventory to view than at this time last year.

The biggest headlines though are the hikes we are starting to see in Strata Insurance Premiums. Strata Corporations, particularly Condos, are being warned to expect increases of between 30%-300%!! In some areas of BC, we are also hearing that some Strata...

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The January 2020 Buyers Survey Results are now posted for the Kelowna Real Estate Market and Central Okanagan area.

First Time Buyers and Couples without Children were some of the busiest Buyers last month. Buyers purchasing similar Properties were also busier in the market.

There were a few more Buyers from Alberta, and a few less from the Lower Mainland, and activity in Vernon, was also down last month.

To read the full report, please see below.

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

First Time Buyer – 22.09% (20.88%)

Revenue Property Investor – 12.27% (13.19%)

Moving Up – 16.56% (21.43%)

Similar Property Type – 19.63% (13.19%)

Downsizing – 13.50% (10.44%)

Single-family Res to Strata – 6.13% (2.75%)

Recreational Property – 6.75% (7.14)

Retirement Community-3.68% (1.10%)

Strata to Single Family – 1.23% (2.75%)

Describe the Buyer (family dynamic):

Couple without children – 23.93% (19.23%)

Two-Parent Family...

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The British Columbia Real Estate Association (BCREA) reports that a total of 4,426 residential unit sales were recorded by the Multiple Listing Service® (MLS® ) in January 2020, an increase of 23.7 per cent from the 3,579 units sold in January 2019. The average MLS® residential price in BC was $725,370, a 9.1 per cent increase from $664,633 recorded the previous year. Total sales dollar volume in January was $3.2 billion, a 35 per cent increase over 2019.

“Housing markets in BC are off to a strong start in 2020,” said BCREA Chief Economist Brendon Ogmundson. “We expect a much more typical year of home sales in 2020 as markets recover from the policy-induced slowdown of the past two years.”

Total MLS® residential active listings fell 12.6 per cent to 25,790 units compared to the same month last year. The ratio of sales to active residential listings increased to 17.2 per cent from just 12.1 per cent last January.

“While many markets are showing...

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Despite the snow and some cold temperatures for the Okanagan during January, potential buyers of Kelowna Real Estate have been starting to look and the number of potential investors I have spoken to has been well up on last year.

Interestingly, a number are looking for AirBnB potential properties.

Overall, it has been a lower inventory that has been the biggest challenge, and as a result, we have seen stronger activity, particularly when more affordable homes list with suites and financing has still been a challenge, for some, and this is has been the cause of a number of offers collapsing.

This week BC Stats estimated the current population of Kelowna had increased to 142,000 from 133,000 in 2016 and is still rising, And we continue to see reports of the future growth of UBCO.

Kelowna & Central Okanagan Real Estate Sales January 2020.

Last month-:

- Total Sales were down 5.7% last month.

- Single-Family Homes sales down 2.1%

- Strata sales down 14.2%.

Compared to last year sales numbers...

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