Kelowna Real Estate Market News

Housing market activity in the Thompson-Okanagan region has moderated from the elevated highs of the spring and home sales are currently trending in line with long-run average levels. However, the strength of the first half of the year has home sales on pace for a record-setting 2021.

Employment growth in Kelowna is recovering from the COVID-19-induced declines of 2020, though another summer of wildfires and limited tourism in addition to stricter COVID-19 protocols has tempered that recovery. The same holds true outside of Kelowna where employment has only recently started to post year-over-year gains in job growth. Despite a challenging economic environment, housing demand has remained strong, in part due to still robust migration into the region.

A major theme observed during the pandemic has been the relocation of buyers into less densely populated areas of the province. That trend is evident in how demand has evolved over the past year in the Interior. As a result, markets in the Okanagan...

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The Kelowna Real Estate Buyers Survey Results are now out for September 2021.

First-time Buyers were much busier in the Market last month, together with both single Male and Single Female Buyers.

There were more local Buyers and we continued to see good numbers from the Lower Mainland and Vancouver Island.

There were also more Buyers buying in the Princeton/Keremeos areas, Summerland, and Penticton / Naramata.

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

First Time Buyer – 19.42% (12.74%)

Revenue Property Investor – 17.59% (20.75%)

Moving Up – 14.44% (14.62%)

Similar Property Type – 17.32% (20.75%)

Downsizing – 13.91% (10.85%)

Single-family Res to Strata – 4.99% (4.25%)

Recreational Property – 8.14% (8.96%)

Retirement Community – 1.84% (1.89%)

Strata to Single Family – 1.57% (4.01%)%

Describe the Buyer (family dynamic):

Couple without children – 21.41% (23.83%)

Two Parent family /children – 23.76%...

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The British Columbia Real Estate Association (BCREA) reports that a total of 9,164 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in September 2021, a decrease of 19.9 per cent from September 2020. The average MLS® residential price in BC was $913,471, a 14 per cent increase from $801,241 recorded in September 2020. Total sales dollar volume was $8.4 billion, an 8.6 per cent decline from last year.

“Home sales have settled at levels that are slightly above the long-term average,” said BCREA Chief Economist Brendon Ogmundson. “The main story in all markets continues to be a severe lack of listings supply, particularly in Fraser Valley, Vancouver Island, and Interior markets.”

Total active residential listings were down 36.8 per cent year-over-year in September for the province as a whole and were more than 50 per cent below last September’s levels in the Fraser Valley and Victoria.

Year-to-date, BC residential sales dollar...

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Revenue Property Investors were busier buying in the Kelowna Real Estate Market during August than in the previous month.

The number of buyers from the Lower Mainland and Vancouver Island also remained at elevated levels.

Please read the full report below-:

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

First Time Buyer – 12.74%

Revenue Property Investor – 20.75%

Moving Up – 14.62%

Similar Property Type – 20.75%

Downsizing – 10.85%

Single-family Res to Strata – 4.25%

Recreational Property – 8.96%

Retirement Community – 1.89%

Strata to Single Family – 4.01%

Describe the Buyer (family dynamic):

Couple without children – 23.83%

Two Parent family /children – 31.54%

Empty nesters or retired – 20.33%

Single female – 10.75%

Single male – 9.81%

Single parent with children – 2.80%

Where did Buyer move from?

From within Association area – 46.28%

From Lower Mainland/Island –...

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September seemed to be a busier month for listing, and Fall definitely seemed to be in the air as we had some cooler than usual days.

As I look at the sales coming through, there is still plenty of evidence of multiple offers, but interestingly seeing a few more 'expired' listings than earlier in the year.

Kelowna & Central Okanagan Real Estate Sales September 2021.

September 2021 Kelowna Residential Real Estate sales numbers seemed to have held steady.

Compared to the last month-:

- Total Sales were up 1.3% last month.

- Single-Family Homes sales up 5.9%.

- Strata sales down 1.6%

Compared to last year -:

- Overall sales were down 27.9%

- Single-Family Home sales down 30.4%.

- Strata sales were down 18.4%.

In some sectors of the market, it is still a challenge due to lack of quality inventory and I have again been experiencing multiple offers.

There does, however, seem to be some evidence of a slowdown, with fewer Sellers looking at offers on a certain...

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