Kelowna Real Estate Market News

The Kelowna and Interior Buyer Survey Results are now out for May 2021.

First-time Buyers were busier again this month, and Buyers from the Lower Mainland & Vancouver Island are also continuing to purchase homes in this area.

Please read the full report below.

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

First Time Buyer – 17.65 % (14.47%)

Revenue Property Investor – 12.33% (13.05%)

Moving Up – 15.75% (16.82%)

Similar Property Type – 22.77% (18.24%)

Downsizing – 10.82% (15.41%)

Single-family Res to Strata – 2.66% (5.35%)

Recreational Property – 9.87% (9.12%)

Retirement Community – 2.09% (1.89%)

Strata to Single Family – 3.61% (2.67%)

Describe the Buyer (family dynamic):

Couple without children – 24.95% (24.77%)

Two-Parent Family /children – 28.17% (28.02%)
Empty nesters or retired – 18.34% (18.58%)
Single female – 13.61% (12.54%)
Single male – 12.48% (10.84%)
Single parent with children...

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The British Columbia Real Estate Association (BCREA) reports that a total of 12,638 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in May 2021, an increase of 178.2 per cent over May 2020 when the onset of the COVID-19 pandemic prompted a lockdown of the provincial economy. The average MLS® residential price in BC was $916,340, a 26.2 per cent increase from $726,335 recorded in May 2020. Total sales dollar volume was $11.6 billion, a 251 per cent increase from last year.

“Provincial housing markets continue to calm after peaking in March,” said BCREA Chief Economist Brendon Ogmundson. “The implementation of a stricter mortgage stress test in June may have a minor impact on home sales but we expect strong market activity over the second half of the year.”

Total active residential listings were down 17 per cent year-over-year in May and dipped lower on a seasonally adjusted basis following two prior months of rising active listings....

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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.