Kelowna Real Estate Market News

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

First-Time Buyers were busier again last month, with more Buyers coming from the Lower Mainland/ Vancouver Island than the previous month, and more Buyers purchasing in the Kelowna / West Kelowna Area.

Here is the full report below.

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

First Time Buyer – 17.28% (14.57%)

Revenue Property Investor – 18.98% (21.05%)

Moving Up – 11.9% (19.03%)

Similar Property Type – 18.98% (19.03%)

Downsizing – 13.03% (19.53%)

Single-family Res to Strata – 5.10% (3.24%)

Recreational Property – 7.37% (6.88%)

Retirement Community – 7.37% (0.40%

Strata to Single Family – 2.27% (2.02%)

Describe the Buyer (family dynamic):

Couple without children – 21.02% (24.21%)

Two Parent family /children – 29.26% (26.59%)

Empty nesters or retired – 21.31% (19.44%)

Single female – 11.36% (8.73%)

Single male...

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The British Columbia Real Estate Association (BCREA) reports that a total of 8,902 residential unit sales were recorded by the Multiple Listing Service ® (MLS® ) in February 2022, a decrease of 18.8 per cent from February 2021. The average MLS® residential price in BC was $1.109 million, a 24.9 per cent increase from $887,866 recorded in February 2021. Total sales dollar volume was $9.9 billion, a 1.5 per cent increase from the same time last year.

“While sales are not keeping pace with the unprecedented level of activity we saw this time last year, demand continues to be quite strong,” said BCREA Chief Economist Brendon Ogmundson. “There are some encouraging signs that listings are recovering from historical lows, but there is a very long way to go before markets achieve balance.”

Provincial active listings were 19 per cent lower than this time last year with the total inventory of homes for sale in the province at just 16,000 units. That level of inventory...

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At the risk of sounding like a broken record, last month's real estate market really wasn't for the faint-hearted buyer!

Yet again, we saw many properties going into multiple offers and we saw properties at times sell $100,000 and $200,000 over asking, which in the past has been unheard of here.

For example, a 5 bedroom home in Rutland South listed for $1099,000 selling for $1,240,000 –  $141,000 over the asking price, and in Kettle Valley a 3 bedroom Townhouse listed for $699,000 sold for $911,000 - $212,000 over the asking price!

Looking at the previous month's Buyer Survey results, it seemed that the number of first-time buyers looking was down, whereas revenue and move-up buyers were up.

The additional restrictions caused by the rise in the Omicron virus, and the difficulty with roads between the Lower Mainland and Kelowna, may have affected some Buyers being able to visit, but interestingly there was a modest increase in Alberta buyers.

There were also fewer buyers in the...

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