Kelowna Real Estate Market News

I decided to look at a snapshot of current building underway, what type of housing is being built and how it is being absorbed to check whether there are any signs of sectors becoming over-built in the Kelowna Real Estate Market as we saw in the past.


Seasonally Adjusted Housing Starts December 2018


After a rapid rise in housing starts appear to be easing off for now.


More Townhomes appear to be being built compared to last year.

As you can see there are a significant number of Condos being built, as there is much building work in Water Street, Ellis, Bernard, and St Paul area, for example.


This downtown area will be one to watch. Potentially, if demand doesn't increase over the next 12 months, we may well see some evidence of over-supply later in the year.



Kelowna Rental Market

As you can see, Vacancy Rates are still quite low.


I was interested to see the Average Rents that CMHC are quoting.


In speaking to many Clients, who are Landlords, the rents...

Read full post

Wondering how Luxury Real Estate is performing in Kelowna & the Central Okanagan? Here is a snapshot of this specialist sector of the Real Estate Market as at December 2018.

Central Okanagan December 2018 Luxury Real Estate Numbers

• The Okanagan Valley single-family luxury market is a Buyer's Market with a 3% Sales Ratio.
• Homes sold for a median of 94.59% of list price in December 2018.
• The most active price band is $1,100,000-$1,199,999, where the sales ratio is 13%.
• The median luxury sales price for single-family homes has decreased to $1,290,000.
• The median days on market for December 2018 was 153 days, up from 123 in November 2018.



Kind Regards


Trish Cenci



Acknowledgment - Data with thanks to the Institute of Luxury Real Estate.

Read full post

The Latest BC Real Estate Association Report is now out for December 2018.

BC Real Estate Key Stats 

-Total Residential Real Estate Sales fell by 24.5% in 2018.

- BC Home sales fell below the 10-year average of 84,800 to 78,345 in 2018.

- Average Prices in BC fell by 5.2% Year on Year.

- Total Active Listings are up 33.3%, which is the highest since 2014.


Okanagan Key Stats 

- Average Price Year to Date is up 5.7% 2018 526,200 2017 $497,604.

- Unit sales were down 18.3% to 7,400 from 9,053

- Active Listings December 2018 2,826 2017 2087 - up 35.4%

- Sales to active listings 2018 11.5% 2017 22% - gone from a Sellers to Buyers Market.


To read the full report http://www.bcrea.bc.ca/docs/news-2018/2018-12.pdf


Kind Regards


Trish Cenci


Read full post

For those of you who have not read one of my Quail Ridge / University Real Estate Blogs before, my name is Trish Cenci, and I am a Real Estate Agent in Kelowna, who specializes in buying and selling Real Estate in the Quail Ridge and University District of Kelowna.


This post is my annual report on what has happened in this area of the Market during the last year and some of my predictions for 2019.

Total Quail Ridge / University District Real Estate Sales for 2018

After 2 'banner' years of Real Estate Sales in the Kelowna area, there was a 36% fall in Quail Ridge / University MLS® Residential Real Estate sales in 2018.


Interestingly, sales of Single-Family Homes increased, but Condo sales fell 29% and Townhomes a whopping 93%!


Single Family Homes


Of the 24 sales in the Quail Ridge / University area, 17 were under $800,000, which represented great value, compared to some other areas of the City and contributed to the areas increase in sales numbers.


We continued to see a shift...

Read full post

First and foremost Happy New Year everyone!


In this months report, it's time to reflect on the last year in our Kelowna Real Estate Market and look ahead to what we may expect in 2019.


December was a difficult month for Sellers, as both showing numbers and Buyer activity was very subdued.

Kelowna & Central Okanagan Real Estate Sales numbers.


The graphic above shows the monthly Kelowna & Central Okanagan Real Estate sales over the last 9 years and highlights the dramatic change in the Market from the highs of 2016 and 2017.


The year started on the kind of trajectory we had been expecting, but gradually, as the changes to Mortgage Stress Tests started to bite around May and affordability became more of a problem, sales have dipped to their lowest level since 2012.


 


Date


Total

Single Family


Strata


Lots


Manuf

  Dec 18 200 107 77 6 10
  Nov 18 303 150 113 21 19
  Oct 18 385 190 165 9 21
  Sep 18 375 203 141  11 20
  Dec 17 342 185 122 22 13



Total...

Read full post

The November 2018 Buyers Survey Results are now out for the Kelowna and Central Okanagan Real Estate Market.


First-time Buyers were busier again this month, up from 14.87% to 16.84%. Investor numbers were also up from 14.56% to 16.84%.


The numbers Buying properties from within the Central Okanagan area were also up from 56.07% to 58.95%, from the Lower Mainland up from 18.07% to 205 and from Alberta up from 7.48% to 10.53%.


People Buying in the Kelowna area last month took a jump fro, 42.06% to 62.11%.


Here are the full results below.


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


First Time Buyer – 16.84%
Revenue Property Investor –
16.84%
Moving Up – 20.00%
Similar Property Type – 21.05%
Downsizing – 7.37%

Single Family Residential to Strata – 3.16%
Recreational Property – 9.47%
Retirement Community – 3.16%
Strata to Single Family – 2.11%

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

Read full post
The trademarks MLS®, Multiple Listing Service® and the associated logos identify professional services rendered by REALTOR® members of CREA to effect the purchase, sale and lease of real estate as part of a cooperative selling system.
MLS®, REALTOR®, and the associated logos are trademarks of The Canadian Real Estate Association.