Kelowna Real Estate Market News

BC Real Estate Market - the First Signs of Recovery?

The BC Real Estate Association figures are now out for July 2019.


As you can see from the Graph sales were up and listings were down, for the first time in a while.


It will be interesting to see if this is an anomaly, as July is often a quieter month in Kelowna and the Okanagan Valley, or whether Buyers are genuinely coming to terms with the more stringent Lending Rules that have been holding them back for the last year - 18 months.


The British Columbia Real Estate Association (BCREA) reports that a total of 7,930 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in July, an increase of 12.4 percent from the same month last year. The average MLS® residential price in the province was $684,497, a decline of 1.6 percent from July 2018. Total sales dollar volume was $5.43 billion, a 10.5 percent increase from the same month last year.


“BC home sales climbed higher for the first time in 18 months on a year-over-year basis in July,” said BCREA Chief Economist Cameron Muir. Housing demand has also trended higher since March, rising 21 percent on a seasonally adjusted basis. “Households appear to be adjusting to the tighter credit environment as the shock of the B20 stress test dissipates.”


MLS® residential active listings in the province trended lower in July, down 3 percent from June and 6 percent from April on a seasonally adjusted basis. Active listings were up 12.4 percent to 41,621 units on a year-over-year basis, while overall market conditions remained unchanged from 12 months ago with the sales-to-active listings ratio at 19.1 percent.


Year-to-date, BC residential sales dollar volume was down 18.9 percent to $30 billion, compared with the same period in 2018. Residential unit sales decreased 14.4 percent to 43,612 units, while the average MLS® residential price was down 5.3 percent to $687,413. 


Kind Regards


Trish Cenci


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