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


First-Time Buyers and Move-Up Buyers were busier last month, as well as buyers of Similar Properties.


There were a larger proportion of local buyers in the Market last month, together with a modest uptick in Buyers from the Lower Mainland and Vancouver Island, and a slight drop in Alberta Buyers.


There were fewer Buyers in the Kelowna /West Kelowna area, while many other areas saw numbers rise.


Here are the full results.


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


First Time Buyer – 19.79% (16.85%)

Revenue Property Investor – 10.25% (11.80%)

Moving Up – 13.07% (10.67%)

Similar Property Type – 25.80% (22.75%)

Downsizing – 15.90% (16.01%)

Single-family Res to Strata – 4.95% (5.62%)

Recreational Property – 8.13% (8.43%)

Retirement Community – 2.47% (2.25%)

Strata to Single Family – 2.47% (2.53%)


Describe the Buyer (family dynamic):...

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The British Columbia Real Estate Association (BCREA) reports that a total of 5,572 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in July 2022, a decrease of 42.4 per cent from July 2021. The average MLS® residential price in BC was $923,449, a 3.6 per cent increase from $891,376 recorded in July 2021. Total sales dollar volume was $5.1 billion, a 40.3 per cent decline from the same time last year.


“High mortgage rates continued to lower sales activity in July,” said BCREA Chief Economist Brendon Ogmundson. “Many regions around the province have seen sales slip to levels well below normal for this time of year.”

As the pace of sales activity declines below normal levels, inventory is accumulating. Provincial active listings rose 28 per cent year-over-year, though from a very low level in July 2021. Inventories remain quite low, but the slow pace of sales has tipped some markets into balanced or even buyers’ market territory.

Year-to-date, BC residential sales dollar volume was down 20 per cent from the same period in 2021 to $58.7 billion. Residential unit sales were down 29.3 per cent to 56,801 units, while the average MLS® residential price was up 13.2 per cent to $1.03 million.

...
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Welcome my latest market performance report for Real Estate in Quail Ridge & the University District of Kelowna from January to June  2022,  based on MLS® listings & sales.


Quail Ridge / University District Real Estate

January 1, 2022, to June 30, 2022.

Sales Numbers



Summary for 6 Months January to June 2022 compared to 2021.

- Total MLS® Sales are down 42%.

- 52% decrease in Single Family Homes sales.

- 34% decrease in Condo sales.

- 59% decrease in Townhome Sales. 


Homes - sales range $850,180- $1,675,000.

Town Home - sales range $575,000 - $970,000

Condos - sales range $300,000 - $645,000.


Single Family Homes


The year started with 3 Single-Family home listings and currently stands at 14 listings.

The current price range is $939,500 to $2,050,000.

Inventory has started to rise since the market hit its peak in March 2022. There were 7 sales between January and March 2022 and 5 sales between April and June. 2022. 

Delving deeper into the numbers,...

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We've seen another increase in new listing inventory this month, and as interest rates took another jump it has had a significant effect on sales numbers, in the Kelowna Real Estate Market, which has continued to temper home price growth.


The higher mortgage rates have caused many homebuyers to pause their search, especially, as there are further predicted interest rate rises, and leaving others unable to afford their next move.
 
Everyone, of course, has an opinion, and some are predicting quite the correction in the real estate market due to the interest rate rises.

The reality is there has been a downward adjustment on move-up buyer budgets, it has taken some first-time buyers and investors out of the market, and generally buyers are taking longer to decide and offering more aggressively. This clearly affects demand for homes, and with supply rising, we are bound to see downward pressure, but it is impossible to predict by home much right now.

Interestingly, Median Sale Prices showed...
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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.