Kelowna Real Estate Market News

There were fewer Revenue Property Buyers last month, but more buying similar properties and downsizing.


Local buyers continued to be busy in the MArket as well as Buyers from the Lower Mainland and Vancouver Island.


Please read the full report below.


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


First Time Buyer – 16.21% (16.67%)

Revenue Property Investor – 14.40% (18.99%)

Moving Up – 16.60% (16.46%)

Similar Property Type – 19.46% (14.35%)

Downsizing – 13.23% (10.97%)

Single-family Res to Strata – 4.41% (6.96%)

Recreational Property – 8.43% (9.28%)

Retirement Community – 1.56% (0.63%)

Strata to Single Family – 2.72% (2.74%)


Describe the Buyer (family dynamic):


Couple without children – 23.82% (24.79%)

Two Parent family /children – 27.27% (29.41%)
Empty nesters or retired – 20.10% (19.54%)
Single female – 12.42% (10.71%)
Single male – 11.52% (10.50%)
Single parent with children – 3.20%...

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March 2021 was another hugely busy month in the Kelowna Real Estate Market.


There were many disappointed buyers who really put their best foot forward, had the least subject conditions they could, and were still not successful in buying a home.


With the number of buyers who are continuing to look and the level of inventory coming onto the market, one would have to say that the current pricing increases are likely to continue, in the short term.


We have seen a modest increase in Mortgage Rates and also there is now a ‘storm cloud’ brewing, with the banks reviewing the Mortgage Stress Test criteria.


The last time they did this it had a dramatic impact on the market in the short term, so there is every reason to believe that some Buyers may accelerate plans to try and find something before any changes take place in June 2021.


Also, during the last month, UBCO announced that they will be returning to

in-person schooling next year so we have certainly seen a spike in investors and...

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The British Columbia Real Estate Association (BCREA) reports that a total of 10,918 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in February 2021, an increase of 89.1 per cent over February 2020 and over a thousand sales higher than the previous February record, set in 2016. The average MLS® residential price in BC was $889,584, a 17.3 per cent increase from $758,382 recorded in February 2020. Total sales dollar volume was $9.7 billion, a 121.8 per cent increase from last year.


“Near-record sales in Metro Vancouver, combined with unprecedented housing demand outside of Metro Vancouver, continues to drive a blistering pace of home sales in BC,” said BCREA Chief Economist Brendon Ogmundson.


Total active residential listings were down 28.7 per cent to 20,185 units in February, the lowest level of provincial active listings on record, going back to 2000. Fortunately, new listings have increased considerably, but given the pace of sales,...

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Revenue Property Investors were busier in the Market during the last month, as were Couples without Children.


We saw an increase in Buyers from the Lower Mainland and Vancouver Island & a few more Buyers Buying in the Kelowna / West Kelowna areas and Shuswap / Revelstoke areas.


Please read the full report below.


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


First Time Buyer – 16.67%

Revenue Property Investor – 18.99%

\Moving Up – 16.46%

Similar Property Type – 14.35%

Downsizing – 10.97%

Single-family Res to Strata – 6.96%

Recreational Property – 9.28%

Retirement Community – 0.63%

Strata to Single Family – 2.74%


Describe the Buyer (family dynamic):


Couple without children – 24.79%
Two Parent family /children – 29.41%
Empty nesters or retired – 19.54%
Single female – 10.71%
Single male – 10.50%
Single parent with children – 3.57%


Where did Buyer move from?


From within Association...

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It's been another busy month for the Kelowna Real Estate Market.


Bidding on properties has been 'fierce' at times and I have heard many stories of multiple offers, with the most being 15 offers on 1 home!


Buyers really have to be well prepared for what's ahead and ready to be disappointed several times over before being successful with an offer.


When viewing single-family homes, in particular, half-hour showing windows have been the norm, typically over a weekend with offers looked at on a Monday or Tuesday.


Even with whispers that fixed mortgage rates may start to rise, with inventory still low, there currently seems no end in sight for this hot market.


Kelowna & Central Okanagan Real Estate Sales February 2021.



As you can see February Residential Real Estate sales numbers bounced back significantly in February 2021.

Compared to the last month-:

- Total Sales were up 65% last month.

- Single-Family Homes sales up 51.7%%.

- Strata sales up 64.1%

- Lots up 125%.


Compared...

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The latest Kelowna Real Estate Buyers Survey Results are now out, for January 2021.


First Time Buyers & those moving to similar properties were busier this month, & there was a reduction in move-up Buyers.


Fewer families purchased, and fewer local Buyers were in the market, but more empty-nesters / retired people bought & more from the Lower Mainland and Alberta. 


There was also a significant fall in those buying in the Kelowna area, I suspect due to lack of inventory,


Here is the full report.


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


First Time Buyer – 17.67% (15.61%)

Revenue Property Investor – 14.67% (14.97%)

Moving Up – 16.33% (24.20%)

Similar Property Type – 18.00% (15.92%)

Downsizing – 12.67% (12.74%)

Single-family Res to Strata – 3.33% (2.55%)

Recreational Property –  11.33% (6.69%)

Retirement Community – 1.00% (1.27%)

Strata to Single Family – 0.67% (2.87%)


Describe the Buyer (family...

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