Kelowna Real Estate Market News

The Kelowna Real Estate Buyers Survey Results are now out for January 2022.

The was a sharp fall in first-time buyers last month, probably caused by the lack of inventory and increasing struggle with affordability.

Investors were busier, as were downsizing Buyers.

There were fewer Buyers from the Lower Mainland, but a modest uptick in Buyers from Alberta.

Kelowna / West Kelowna saw fewer Buyers than other areas last month, as this area continues to see an acute shortage of inventory.

Here is the full report below.

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

First Time Buyer – 14.57% (21.29%)

Revenue Property Investor – 21.05% (15.26%)

Moving Up – 19.03% (16.06%)

Similar Property Type – 19.03% (18.88%)

Downsizing – 19.53% (11.65%)

Single-family Res to Strata – 3.24% (5.62%)

Recreational Property – 6.88% (5.62%)

Retirement Community – 0.40% (2.41%)

Strata to Single Family – 2.02% (2.41%)

Describe the Buyer (family...

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The British Columbia Real Estate Association (BCREA) reports that a total of 6,138 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in January 2022, a decrease of 14.7 per cent from January 2021. The average MLS® residential price in BC was $1,042,169, a 23.5 per cent increase from $843,918 recorded in January 2021. Total sales dollar volume was $6.4 billion, a 5.3 per cent increase from the same time last year.

“Sales activity is down compared to record levels at the start of last year,” said BCREA Chief Economist Brendon Ogmundson. “However, the level of sales activity remains strong compared to the long-term average and inventory is still incredibly low. As a result, it will take quite some time to get back to a healthy balance in the BC market.”

Total active listings remain near record lows with just 13,000 total listings in the province. For context, a healthy level of re-sale listings for the province is closer to 40,000...

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For the buyers among you, I am sure you were wondering whether there is an end in sight to the rapidly rising Real Estate market we continue to see in Kelowna and the Central Okanagan area.

Unfortunately, the hot market looks set to continue, at least for the immediate future, which could be further fuelled by the widely anticipated rise in interest rates, (tipped to start in March 2022) as first-time and move buyers rush to get into the market, as housing affordability becomes an increasing problem.

Low inventory compared to demand remains the most acute cause, but we did see a marked increase in total Housing Starts, last month, which will begin to ease pressure over time.

Kelowna & Central Okanagan Real Estate Sales January 2022.

January 2022 Kelowna Residential Real Estate sales numbers were back up, after a dip in December.

Compared to the last month-:

- Total Sales were up 11.7% last month.

- Single-Family Homes sales were up 4%.

- Strata sales up...

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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.