Kelowna Real Estate Market News

Downsizing Buyers were busier in the Kelowna and Central Okanagan Real Estate Market during April 2021, with fewer Buyers moving from the Lower Mainland and more from Alberta.

A higher percentage purchase in the Vernon / Coldstream area last month, while slightly fewer buyers purchased in the Kelowna / West Kelowna area.

Please read the full report below.

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

First Time Buyer – 14.47% (16.21%)

Revenue Property Investor – 13.05% (14.40%)

Moving Up – 16.82% (16.60%)

Similar Property Type – 18.24% (19.46%)

Downsizing – 15.41% (13.23%)

Single-family Res to Strata – 5.35% (4.41%)

Recreational Property – 9.12% (8.43%)

Retirement Community – 1.89% (1.56%)

Strata to Single Family – 2.67% (2.72%)

Describe the Buyer (family dynamic):

Couple without children – 24.77% (23.82%)

Two Parent family /children – 28.02% (27.27%)
Empty nesters or retired – 18.58% (20.10%)

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The British Columbia Real Estate Association (BCREA) has now released its 2021 Second Quarter Housing Forecast.

Multiple Listing Service® (MLS®) residential sales in the province are forecast to rise 33.6 per cent to 125,600 units this year, after recording 94,013 sales in 2020. In 2022, MLS® residential sales are forecast to pull back 20.3 per cent to 100,150 units.

“Home sales across the province are on pace to shatter previous records,” said Brendon Ogmundson, BCREA Chief Economist.

“However, there are early signs that markets are calming from the frenetic pace of recent months and could balance out over the second half of this year.”

"The trajectory of home sales in the second half of 2021 and for 2022 will be highly dependent on the evolution of Canadian mortgage rates. Fixed mortgage rates have started to rise from a record-low average of 1.8 per cent to just over 2 per cent and could rise further as the Bank of Canada tapers its bond purchases through...

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The British Columbia Real Estate Association (BCREA) reports that a total of 13,683 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in April 2021, an increase of 312.3% over April 2020 when the onset of the COVID-19 pandemic prompted a lockdown of the provincial economy. The average MLS® residential price in BC was $946,606, a 29.1% increase from $733,330 recorded in April 2020. Total sales dollar volume was $12.9 billion, a 432.2% increase from last year.

“Although provincial home sales were down slightly from an all-time high in March, sales activity was the highest on record for April,” said BCREA Chief Economist Brendon Ogmundson. “Home sales continue on a record pace, though we do see a calming environment compared to the frenzied activity of recent months.”

Total active residential listings were down 14.5% year-over-year in April but did tick higher on a seasonally adjusted basis for the second consecutive month as new...

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The current Kelowna Real Estate Market is one of the hottest we have ever seen!

It is proving to be a stressful time, for many Buyers, as they view a home and find themselves bidding with 8 or 9 other parties, and then having to wrestle with whether they should go in 'subject free' to give them the best chance.

I've been involved in 'multiple offers', 'bully offers' and had no suitable product to show potential Buyers.

Understandably, some are becoming disillusioned and have given up for now, while others have sharpened their game plan and eventually been successful. 

Kelowna & Central Okanagan Real Estate Sales April 2021.

April 2021 Residential Real Estate sales numbers pegged back a little last month, but were way higher than this time last year when we were just beginning to see the impact of the Covid 19 pandemic.

Compared to the last month-:

- Total Sales were down 8.3% last month.

- Single-Family Homes sales down 3.6%.

- Strata sales down 10%

- Lots down 43.9%....

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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.