Kelowna Real Estate Market News

Well, there is so much to talk about with regard to the Kelowna Real Estate Market this month. There are so many opinions flying around out there!

In case you haven't heard, we have experienced a definite slowdown in the market during the last month.

Buyer fatigue, the new Interest Rate environment (the Bank of Canada raised its overnight policy rate by 0.5 points to 1.5 per cent this morning), inflationary pressures, the impact of Oil prices, the Ukraine War, the volatile equity correction and the Media, have all contributed to Buyers sharply applying the brakes, and many are now sitting on the fence waiting to see what happens next.

This is causing some Seller anxiety as in many cases, showings are much slower, Buyers have more choice and offers are taking longer. The result has been a much higher number of price reductions during May, and more homes selling below the asking price.

Before everyone gets too carried away though, there is currently very little in our 'fundamentals' that...

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The latest Association of Interior Realtors Buyer Survey Results for April 2022 are now out.

First-Time and Investor Buyers were busier again last month, with Lower Mainland Buyers still remaining active.

Here are the full results.

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

First Time Buyer – 18.24%

Revenue Property Investor – 13.19%

Moving Up – 14.95%

Similar Property Type – 19.78%

Downsizing – 17.14%

Single family Res to Strata – 4.40%

Recreational Property – 6.59%

Retirement Community – 1.32%

Strata to Single Family – 2.86%

Describe the Buyer (family dynamic):

Couple without children – 21.59%

Two Parent family/children – 25.99%

Empty nesters or retired – 19.82%

Single female – 12.56%

Single male – 13.88%

Single parent with children – 2.20%

Where did Buyer move from?

From within Association area – 54.80%

From Lower Mainland/Island – 25.11%

From Alberta –...

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The British Columbia Real Estate Association (BCREA) released its 2022 Second Quarter Housing Forecast recently. Multiple Listing Service® (MLS® ) residential sales in the province are forecast to decline 22 per cent from a record high 2021 to 97,240 units this year. In 2023, MLS® residential sales are forecast to fall an additional 12.4 per cent to 85,150 units.

“After a strong first quarter, BC markets are now adjusting to a much different interest rate environment,” said BCREA Chief Economist Brendon Ogmundson. “With mortgage rates surpassing 4 per cent for the first time in over a decade, the housing market over the next two years may have very little resemblance to the housing market of the past year.”

On the supply side, we have begun to see active listings move off of record lows and re-sale inventories trend back toward balance. However, because inventories reached such low levels over the past year, the journey back to balance may take up to a...

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The British Columbia Real Estate Association (BCREA) reports that a total of 8,939 residential unit sales were recorded by the Multiple Listing Service® (MLS® ) in April 2022, a decrease of 34.9 per cent from a record April 2021. The average MLS® residential price in BC was $1.065 million, a 12.9 per cent increase from $943,765 recorded in April 2021. Total sales dollar volume was $9.5 billion, a 26.5 per cent decline from the same time last year.

“Canadian mortgages have sharply increased, surpassing 4 per cent for the first time in a decade,” said BCREA Chief Economist Brendon Ogmundson. “With interest rates rising, demand across BC is now on a path to normalizing. However, given existing levels of supply, market conditions remain tight.”

Provincial active listings were 7.5 per cent lower than this time last year, though listings are starting to accumulate in some markets as demand fades. However, it will likely take a year or more for the supply of...

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Last month the Kelowna Real Estate Market seemed to show the first definite signs of a slow-down, after the latest interest rate rise and the continuing impact of inflation on the cost of living.

Before we start thinking ' the sky is falling', however, 47% of Single-Family home sales last month sold at or above the asking price compared to March 2022 when 52% sold over the asking price. 

Kelowna & Central Okanagan Real Estate Sales April 2022.

April 2022 Real Estate sales numbers were down on the previous month

Compared to the last month-:

- Total Sales were down 11% last month.

- Single-Family home sales were down 14.3%.

- Strata sales down 6.7%

Compared to last year -:

- Overall sales were down 36%

- Single-Family Home sales were down 37.8%.

- Strata sales were down 29.9%.

Inventory Levels April 2022

Inventory levels have risen again this month.

Total listings in the Central Okanagan are now 1554 up from 1232 last month and for the...

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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.