The British Columbia Real Estate Association (BCREA) reports that a total of 8,939 residential unit sales were recorded by the Multiple Listing Service® (MLS® ) in April 2022, a decrease of 34.9 per cent from a record April 2021. The average MLS® residential price in BC was $1.065 million, a 12.9 per cent increase from $943,765 recorded in April 2021. Total sales dollar volume was $9.5 billion, a 26.5 per cent decline from the same time last year.

“Canadian mortgages have sharply increased, surpassing 4 per cent for the first time in a decade,” said BCREA Chief Economist Brendon Ogmundson. “With interest rates rising, demand across BC is now on a path to normalizing. However, given existing levels of supply, market conditions remain tight.”

Provincial active listings were 7.5 per cent lower than this time last year, though listings are starting to accumulate in some markets as demand fades. However, it will likely take a year or more for the supply of...

Last month the Kelowna Real Estate Market seemed to show the first definite signs of a slow-down, after the latest interest rate rise and the continuing impact of inflation on the cost of living.

Before we start thinking ' the sky is falling', however, 47% of Single-Family home sales last month sold at or above the asking price compared to March 2022 when 52% sold over the asking price. 

Kelowna & Central Okanagan Real Estate Sales April 2022.

April 2022 Real Estate sales numbers were down on the previous month

Compared to the last month-:

- Total Sales were down 11% last month.

- Single-Family home sales were down 14.3%.

- Strata sales down 6.7%

Compared to last year -:

- Overall sales were down 36%

- Single-Family Home sales were down 37.8%.

- Strata sales were down 29.9%.

Inventory Levels April 2022

Inventory levels have risen again this month.

Total listings in the Central Okanagan are now 1554 up from 1232 last month and for the...

The British Columbia Real Estate Association (BCREA) reports that a total of 11,463 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in March 2022, a decrease of 24.1 per cent from a record March 2021. The average MLS® residential price in BC was $1.096 million, a 15.7 per cent increase from $946,813 recorded in March 2021. Total sales dollar volume was $12.6 billion, a 12.1 per cent decline from the same time last year.

“Home sales in the province continue to moderate from record highs of this time last year,” said BCREA Chief Economist Brendon Ogmundson. “Given the sharp rise in Canadian mortgage rates and expected tightening from the Bank of Canada, activity will likely slow further in the second half of this year.”

Provincial active listings were 12.4 per cent lower than this time last year with the total inventory of homes for sale in the province at under 20,000 units. That level of inventory remains well below the roughly...

Last month was yet another busy month for Kelowna Real Estate, but I was interested to hear people start to ask, is the market starting to cool?

It is true there may not have been quite as many showings with each property listed, and we are seeing more properties being listed than sold, so inventory is rising, but we are a long way away from a more balanced market.

I suspect it is more a case that the market was as busy as the previous month and not even busier.

When looking at Single-Family home sales last month, 52% sold over the asking price!

When looking through the sales last month, I saw one Development lot listed for $1million, selling for $2,450,000!

Two quotes stuck in my mind last month -:

UBCO associate professor of economics Ross Hickey in Castanet article March 18, 2022.

“It's going to become more and more expensive to live in places like Kelowna or Prince George. Why? Because we're not going to build housing fast enough,”

He also said -:

"Kelowna is growing at a...

Here is my latest market performance report for Real Estate in Quail Ridge & the University District of Kelowna during January to March 2022,  based on MLS® listings & sales, together with my analysis of what to look out for in the coming months.

Quail Ridge / University District Real Estate

January 1, 2022, to March 31, 2022.

Sales Numbers

Summary for 3 Months January to March 2022 compared to 2021.

- Total MLS® Sales are down 2%.

- 22% decrease in Single Family Homes sales.

- 6% decrease in Condos sales.

- 71% decrease in Townhome Sales. 

Homes - sales range $948,000 - $1,675,000.

Town Home - sales range $624,900 - $935,000

Condos - sales range $330,000 - $620,000.

Single Family Homes

Listings are traditionally quite low at this time of year in the Quail Ridge / UBCO area, as traditionally Sellers tend to put their homes on the market in Spring & Summer. 

There have been some homes on the market this fall and winter, and there are currently...

The Kelowna Real Estate Buyers Survey Results are now out for February 2022.

First-Time Buyers were busier again last month, with more Buyers coming from the Lower Mainland/ Vancouver Island than the previous month, and more Buyers purchasing in the Kelowna / West Kelowna Area.

Here is the full report below.

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

First Time Buyer – 17.28% (14.57%)

Revenue Property Investor – 18.98% (21.05%)

Moving Up – 11.9% (19.03%)

Similar Property Type – 18.98% (19.03%)

Downsizing – 13.03% (19.53%)

Single-family Res to Strata – 5.10% (3.24%)

Recreational Property – 7.37% (6.88%)

Retirement Community – 7.37% (0.40%

Strata to Single Family – 2.27% (2.02%)

Describe the Buyer (family dynamic):

Couple without children – 21.02% (24.21%)

Two Parent family /children – 29.26% (26.59%)

Empty nesters or retired – 21.31% (19.44%)

Single female – 11.36% (8.73%)

Single male...