Kelowna Real Estate Market News

In last month's report, I mentioned that the Kelowna Real Estate Market appeared to have been busier since the election. This has continued into November and I had one of the busiest late Fall months in some years.


It felt like serious Buyers had started looking again, and some of my Sellers were on the receiving end of some very aggressive offers.


My feeling is that we are in a more balanced Market now, and the Sellers are 'digging in their heels' and we may be turning the corner with our Real Estate Market.


I am sure there will still be some 'motivated Sellers' over the coming months, particularly if they have had their property on the market for a while, and I have seen the first 'Relocation Buyers', for this season, as some Employers opt to relocate their staff during the winter months.


My sense is we will have some continued Real Estate activity this Winter, which will outpace the sales numbers last year.



Kelowna & Central Okanagan Real Estate Sales November 2019.


 


Date


Total

Single Family


Strata


Lots


Manuf

  Nov 19 389 197 156 18 18
  Oct 19 410 198 159 27 26
 

Sep 19

428 225 156 22 25
 

Aug 19

474 225 207 24 18
  Nov 18 300 148 112 21 19
...
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Move up Buyers were the busiest Buyers last month, representing 20.51% of the Market, with First Time buyers also being busier, according to the Okanagan Mainline Real Estate Board (OMREB).


A continuing sign that Buyers are gradually recovering from the impact of the Mortgage Stress Test rules.


There were a few more Buyers from Alberta 10.26%, compared to 6.26% last month, and a small increase in the numbers looking in the Kelowna & West Kelowna area.


Please find the full summary below.


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


First Time Buyer –  19.55% (17.24%) 

Revenue Property Investor –  9.29% (12.23%) 

Moving Up – 20.51% (19.44%)

Similar Property Type – 16.67% (17.87%)

Downsizing – 13.46% (16.61% )

Single family Res to Strata – 6.09% (5.02%) 

Recreational Property – 6.73% (6.27%)

Retirement Community – 1.60% (2.82%) 

Strata to Single Family – 3.53% (2.19%) 


Describe...

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Vancouver, BC – November 13, 2019.


The British Columbia Real Estate Association (BCREA) reports that a total of 7,666 residential unit sales were recorded by the Multiple Listing Service® (MLS® ) in October, an increase of 19.3 per cent from the same month last year.



The average MLS® residential price in the province was $724,045, an increase of 5.1 per cent from October 2018. Total sales dollar volume was $5.55 billion, a 25.4 per cent increase from the same month last year. “Most markets around the province are returning to a more typical level of sales activity,” said BCREA Chief Economist Brendon Ogmundson. “That recovery in sales and slower listings activity is putting upward pressure on prices in many markets.”


MLS® residential active listings in the province were up 1 per cent from September 2018 to 36,567 units, although down slightly when compared on a seasonally adjusted basis. With sales and listings down, overall market conditions...

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With some of the first snow on the ground in Kelowna & the Central Okanagan valley some Sellers & potential Sellers will be asking should I list my home for sale during the winter months?


As many of you will know the Winter months in Kelowna and the Central Okanagan Real Estate Markets tend to be slower, so logic says, “I shouldn’t list my home for sale at this time of year I should wait until Spring – right?”


The answer could be “yes” or “no”.

Questions to ask yourself from a Real Estate Market Perspective.

  1. What is the State of the Real Market for my type of Property? Is it a Buyers, Sellers or Balance Market? To find out ask your Real Estate Professional. If there is less competition and still Buyers looking, you may get a better price for your home.
  2. Does my Property appeal to local Buyers, Recreational Buyers, Investors or all of the above? With road and weather conditions being more challenging during the winter months, some buyers...
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Concerns about the current state of our Kelowna Real Estate Market continue to be the source of dinner-table conversation.


My thanks to Chief Economist, Brendan Ogmundson of the BC Real Estate Association who has just released his Fourth Quarter Real Estate Forecast.


This report covers MLS® home sales in the Thompson-Okanagan region, which is serviced by our own Okanagan Mainline Real Estate Board, South Okanagan Real Estate Board and Kamloops and District Real Estate Association. At present we are on pace for a third consecutive down year as the markets absorb the impact of the B20 stress test and the provincial speculation tax.


Recent Trends & 2020 Forecast Sales Numbers.


Like most markets around the province, home sales in the Okanagan Mainline and South Okanagan struggled in the first few months of the year, as rising mortgage rates compounded the negative effects of the stress test. However, a rapid and substantial decline in Canadian mortgage rates helped spur a recovery in...

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During that exciting and nervous time between acceptance of your Offer and Final Subject Removal Day, you often have lots to do and lots of information to read.


When buying a Strata Property you often receive a giant package of information with Strata Minutes, a Form B with Financial information, By-Laws, Rules and a Depreciation Report.


The Depreciation Report is usually quite lengthy and can look a little overwhelming.


In this blog post, I want to give you a quick overview of what it is about and why it is so important to read it.


What is a Strata Depreciation Report?


Think of it as a 30-year Cashflow Forecast for the Common Property in a Condominium or Townhome complex. This typically includes the Buildings, Roads, Landscaping and Recreational Facilities.


It is a very useful document for a Strata Corporation, current Home Owner and a prospective Home Owner to see what capital expenses are coming up and whether there are sufficient funds in the Contingency Reserve Fund to cover them or...

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