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,...

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.

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):...

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,...

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.