Kelowna Real Estate Market News

First Time Buyers and Two-Parent Families were busier, and more Buyers were Buying in the Kelowna / West Kelowna area according to this latest month's Buyer Survey Results for the Kelowna and Central Okanagan Real Estate Market area during April 2020.

Here is the full report -:

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

First Time Buyer – 25.00% (19.28%)

Revenue Property Investor – 7.58% (7.63%)

Moving Up – 14.39% (21.69%)

Similar Property Type – 9.85% (18.47%)

Downsizing – 22.73% (16.87%)

Single family Res to Strata – 3.03% (4,42%)

Recreational Property – 4.55% ( 2.41%)

Retirement Community – 2.27% (3.61%)

Strata to Single Family – 3.79% (4.02%)

Describe the Buyer (family dynamic):

Couple without children – 21.37% (25.6%)

Two Parent family/children – 31.30% (21.2%)

Empty nesters or retired – 17.56% (23.2%)

Single female – 17.56% (13.6%)

Single male – 12.21% (12.4%)

Single parent...

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In today's post, we look at the benefits of appointing a legal representative before the removal of subjects & why it's a good idea to have a 'Subject to Professional Advice' clause in your Contract of Purchase and Sale.

"Legal Advice from a Real Estate Lawyer is fundamentally different (and more than just 'filing documents')" says Kelowna Real Estate Lawyer Peter Borszcz, of Montgomery Miles & Stone Law Firm.

Appointing a Lawyer before you remove your subject clauses means that you receive -:

  1. Education on the nature of the land tenure (fee simple v. strata property v. native land v. cooperative interest) being offered for sale.
  2. An explanation of the client's title, review of charges, explanation of easements and other relevant legal notations;
  3. A review of the contract, and suggestions on omissions and inconsistencies in the contract document to the Realtor;
  4. A discussion of the future uses of the property, review of the alignment of the future uses with the legal limitations...
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The British Columbia Real Estate Association (BCREA) reports that a total of 3,284 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in April 2020, a decline of 50.8 per cent from April 2019. The average MLS® residential price in BC was $737,834, a 7.8 per cent increase from $684,430 recorded the previous year. Total sales dollar volume in March was $2.4 billion, a 46.9 per cent decrease over 2019.

“We expected to see a sharp drop in sales for April as we confronted the COVID-19 pandemic,” said BCREA Chief Economist Brendon Ogmundson. “However, buyers and sellers are adapting to a new normal, and activity should pick up as the economy gradually re-opens.”

While home sales were down by more than half compared to this time last year, the supply of homes for sale, which normally rises through the spring, was down close to 10 per cent on a seasonally adjusted basis and down 23.7 per cent year-over-year. That slide in total active...

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I hope you are continuing to stay safe and well out there?
When I have been venturing out people seem to be pretty good, here in Kelowna, about social distancing and trying to 'flatten the curve' as soon as possible.

I'm also getting pretty adept at getting my protective gloves on and off and using my hand sanitizer when visiting properties!

In walking around town over the weekend, I am just starting to see evidence of some shops opening, with their new social distancing protocols, and later this week we will have the BC Government proposals for starting to reopen the Province for business.

There have been some real estate sales going on, and I have still heard of multiple offers on some homes, as buyers still need to buy, but obviously sales numbers in Kelowna, have been affected by the COVID-19 crisis.

Kelowna Real Estate Market Sales April 2020.

To be expected last month's numbers show a dramatic drop.

Last month-:

- Total Sales were down 45.7% last month.

- Single-Family...

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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.