Kelowna Real Estate Market News

BC Real Estate Sale Momentum Continues in September 2019

Vancouver, BC – October 15, 2019.

The British Columbia Real Estate Association (BCREA) reports that a total of 6,938 residential unit sales were recorded by the Multiple Listing Service® (MLS® ) in September, an increase of 24 per cent from the same month last year.

The average MLS® residential price in the province was $697,943, an increase of 2.1 per cent from September 2018. Total sales dollar volume was $4.84 billion, a 26.5 per cent increase from the same month last year. “Markets across BC built on momentum from the summer,” said BCREA Chief Economist Brendon Ogmundson. “While the year-over-year increase in provincial sales was quite strong, home sales in most areas are simply returning to historically average levels.”

MLS® residential active listings in the province were up 4 per cent from September 2018 to 39,117 units and were essentially flat compared to August on a seasonally adjusted basis. Overall market conditions remained in a balanced range with a sales-to-active-listings ratio of about 18 per cent.

Year-to-date, BC residential sales dollar volume was down 12.4 per cent to $39.7 billion, compared with the same period in 2018. Residential unit sales were 8.9 per cent lower at 57,773 units, while the average MLS® residential price was down 3.9 per cent year-to date at $687,530.

The Seasonally adjusted graph of sales continues to highlight the immediate effect of the Mortgage Stress test in early 2018, and it seems that Buyers are now gradually adjusting.

Compared to last year the Kelowna & Central Okanagan Real Estate Market has seen average prices go up 5%, active listings were standing at 4,172 in September 2019, which is a modest fall of 0.5%, and Sales to Active listings has also improved to 15.7%.

Please do remember that this is a snapshot across our Market and some pockets of Real Estate are performing very differently to others, as we have been seeing in my Monthly Reports.

Kind Regards

Trish Cenci

Information taken from BCREA's latest report written by Brendon Ogmundson Chief Economist.

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