The British Columbia Real Estate Association (BCREA) reports that a total of 9,164 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in September 2021, a decrease of 19.9 per cent from September 2020. The average MLS® residential price in BC was $913,471, a 14 per cent increase from $801,241 recorded in September 2020. Total sales dollar volume was $8.4 billion, an 8.6 per cent decline from last year.

“Home sales have settled at levels that are slightly above the long-term average,” said BCREA Chief Economist Brendon Ogmundson. “The main story in all markets continues to be a severe lack of listings supply, particularly in Fraser Valley, Vancouver Island, and Interior markets.”

Total active residential listings were down 36.8 per cent year-over-year in September for the province as a whole and were more than 50 per cent below last September’s levels in the Fraser Valley and Victoria.

Year-to-date, BC residential sales dollar...

Revenue Property Investors were busier buying in the Kelowna Real Estate Market during August than in the previous month.

The number of buyers from the Lower Mainland and Vancouver Island also remained at elevated levels.

Please read the full report below-:

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

First Time Buyer – 12.74%

Revenue Property Investor – 20.75%

Moving Up – 14.62%

Similar Property Type – 20.75%

Downsizing – 10.85%

Single-family Res to Strata – 4.25%

Recreational Property – 8.96%

Retirement Community – 1.89%

Strata to Single Family – 4.01%

Describe the Buyer (family dynamic):

Couple without children – 23.83%

Two Parent family /children – 31.54%

Empty nesters or retired – 20.33%

Single female – 10.75%

Single male – 9.81%

Single parent with children – 2.80%

Where did Buyer move from?

From within Association area – 46.28%

From Lower Mainland/Island –...

September seemed to be a busier month for listing, and Fall definitely seemed to be in the air as we had some cooler than usual days.

As I look at the sales coming through, there is still plenty of evidence of multiple offers, but interestingly seeing a few more 'expired' listings than earlier in the year.

Kelowna & Central Okanagan Real Estate Sales September 2021.

September 2021 Kelowna Residential Real Estate sales numbers seemed to have held steady.

Compared to the last month-:

- Total Sales were up 1.3% last month.

- Single-Family Homes sales up 5.9%.

- Strata sales down 1.6%

Compared to last year -:

- Overall sales were down 27.9%

- Single-Family Home sales down 30.4%.

- Strata sales were down 18.4%.

In some sectors of the market, it is still a challenge due to lack of quality inventory and I have again been experiencing multiple offers.

There does, however, seem to be some evidence of a slowdown, with fewer Sellers looking at offers on a certain...

The British Columbia Real Estate Association (BCREA) reports that a total 9,507 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in August 2021, a decrease of 7.1 per cent over August 2020. The average MLS® residential price in BC was $901,712, a 17.2 per cent increase from $769,691 recorded in August 2020. Total sales dollar volume was $8.6 billion, an 8.9 per cent increase from last year.

“Home sales around the province have essentially returned to normal after a record setting spring,” said BCREA Chief Economist Brendon Ogmundson. “However, we continue to see a drought in the total supply of listings as well as downward trend in new listings activity.”

Total active residential listings were down 37.9 per cent yearover-year in August and were 42 per cent below normal levels for the month of August.

Year-to-date, BC residential sales dollar volume was up 102.2 per cent to $82 billion, compared with the same period in 2020....

After the record temperatures we experienced in Kelowna and the Central Okanagan earlier in the summer, many feared we would be in for a difficult 'Fire Season', and sadly that has been the case.

We have experienced 2 very large fires, one at the North of Lake Okanagan, and one in the Glenrosa / Peachland area, as well as many smaller fires that the Firefighters have done an amazing job of quickly bringing under control.

These fires filled the Valley with dense smoke, and together with deteriorating Covid numbers, led the local and Provincial Government to ask people to stay away.

These factors, together with continuing low inventory, have continued to have an impact on the Kelowna Real Estate Market.

Kelowna & Central Okanagan Real Estate Sales August 2021.

August 2021 Kelowna Residential Real Estate sales numbers have continued their downward trend .

Compared to the last month-:

- Total Sales were down 7.9% last month.

- Single-Family Homes sales stable.

- Strata...

The pace of home sales in the province has slowed in recent months but an unprecedented start to the year still has BC on track for a record-breaking year.

An expected second-half slowdown has arrived, prompted by eroding affordability and a tightening of mortgage qualification rules. However, with the BC economy on track for very strong growth this year and next, along with the eventual return of normal migration flows, home sales are anticipated to remain well above long-run average levels into 2022.

Canadian mortgage rates have remained stable after rising from all-time lows earlier this year. At an average of just 2.14 per cent for a 5-year fixed rate and under 1.5 per cent for a variable rate, borrowing costs continue to be highly supportive of housing market activity. That said, the implementation of a new stress test rate, which is now the higher of a borrower’s contract rate plus 200 basis points and 5.25 per cent for both insured and uninsured mortgages, has likely taken some...