Kelowna Real Estate Market News

The British Columbia Real Estate Association (BCREA) reports that a total of 5,645 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in August 2022, a decrease of 40.8 per cent from August 2021. The average MLS® residential price in BC was $918,378, a 2.1 per cent increase from $899,428 recorded in August 2021. Total sales dollar volume was $5.2 billion, a 39.6 per cent decline from the same time last year.


“Housing activity across the province remains well below normal but is showing signs of stabilizing,” said BCREA Chief Economist Brendon Ogmundson. “While inventory is up over last year, active listings have somewhat stalled at relatively low levels in most major markets and as a result we are seeing a healthier balance compared to last year.”


Year-to-date, BC residential sales dollar volume was down 22.1 per cent from the same period in 2021 to $63.8 billion. Residential unit sales were down 30.5 per cent to 62,502 units,...

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At the beginning of August, it felt like everyone had gone on holiday, and general market activity was low.


Over the last couple of weeks, we have seen an uptick in online activity, showings and offers.


While Buyer offers remain predictably aggressive, for homes that are priced correctly for the current market, we are still seeing a reasonable level of activity, and I even got into a multiple-offer situation last week!


Interestingly, rising borrowing costs have seemed to affect higher price homes more, and I will be interested to see if this trend continues and whether buyers resign themselves to having to downsize their expectations, as interest rates rise further.


Kelowna and Okanagan Real Estate Sales August 2022

 

Compared to last month

Sellers will be pleased to hear that sales numbers were up across the board last month, with total sales increasing by 33.1%, Single-Family home sales up 32.8% and Strata by 31.4%


Compared to last year

Total sales were down 27.6%, Single-Family homes...
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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.