Kelowna Real Estate Market News

As to be expected, January 2018 was a quieter month for inquiries and showings in the Kelowna Real Estate Market.


Does this represent a 'shift' in our Real Estate Market? I don't believe so. We are still experiencing multiple offers and inventory is still lower.


In the last week, I have already started to experience an increase in inquiries. Investors are still looking, although my sense is they are becoming more nervous, wondering whether the market has peaked.

Central Okanagan Real Estate Sales January 2018

 


Date


Total

Single Family Homes


Strata


Lots


Manuf

  Jan 18 342 159 147  24 12
  Dec 17 341 185 120 23 13
  Nov 17 448 213 161  55 19
  Oct 17 544 254 194  71 25
  Jan 17 260  114  114  19 13

 

Summary of numbers -: 

Total sales virtually the same as last month, but up 31.5% on 2017.

Single Family Home sales down 14% from December 2017 up 13.9% on 2017.

Strata sales up 22.5% from December 2017 and up...

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REVISED POST

 

In speaking to my Clients and Members of the General Public, I am becoming increasingly aware that they have not heard how the changes to the BC Real Estate Consumer Rules will change. This change was originally due to take place on March 15th, 2018, but the Superintendent of Real Estate has now put this back until June 15th, 2018.

 

NOTE - AS OF MARCH 26TH, 2018 THE SUPERINTENDENT OF REAL ESTATE IS LISTENING TO FEEDBACK FROM REAL ESTATE AGENTS AND THE GENERAL PUBLIC AND SOME OF THESE RULES ARE LIKELY TO BE AMENDED.

 

Here is a summary of the changes, so far.


Disclosure of Representation
 
The Superintendent of Real Estate has created a new rule that requires a licensee to disclose to a consumer, at the outset of their dealings:
  • whether the licensee will be able to represent the consumer as a client,
  • what the duties and responsibilities of licensees are to clients and unrepresented parties, and
  • how to file a complaint about a licensee's conduct....
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If you're a Landlord in British Columbia and you are not already aware of the Changes in the BC Landlord and Tenant Act then you need to read on!

These changes affect Fixed Term Tenancies and Rent Increases.


If you're thinking of Buying or Selling Real Estate in BC, it may affect your ability to give or receive vacant possession, so it's important to be informed.

What's Affected? 

1. Amendments that limit the use of a vacate clauses in fixed-term tenancy agreements 
2. Limits to rent increases between agreements with the same tenant 

This affects new and existing fixed-term tenancy agreements & limits rent increases between fixed-term tenancy agreements with the same tenant, 

Landlords will no longer be able to include a “vacate” clause in a fixed-term tenancy agreement except in certain circumstances.  


Unless the landlord and tenant agree to another fixed term, the tenancy will automatically continue as a month-to-month tenancy under...

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British Columbia Real Estate Association (BCREA) issues its final report for Real Estate sales in December 2017, which showed a total of 103,763 residential unit sales were recorded by the Multiple Listing Service® across the province in 2017, a decline of 7.5% from a record 112,211 unit sales in 2016.

 

The average MLS® residential price in BC was $709,579 in 2017, up 2.7% from the previous year. Total sales dollar volume was $73.63 billion, down 5.1% from 2016. “Robust housing demand in 2017 was underpinned by a strong economy, employment growth & rising wages,” said Cameron Muir, BCREA Chief Economist. “Above trend migration, both international and interprovincial, also bolstered housing demand, while broader demographic fundamentals added fuel to condominium sales in urban centers and to all home types in retirement-oriented communities.”

 

The BC housing market ended the year with a strong December. Home sales...

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Welcome to my Quail Ridge / University District Real Estate Market Report for 2017.


This report is designed to give current Owners, Buyers, Sellers, and Investors an insight into how the University District Real Estate Market has performed, here in Kelowna, in the last 12 months, and what you may expect in the coming year.


Quail Ridge / University District Real Estate Sales Numbers 2017


 


Date


Total

Single Family Homes


Condos


Townhomes


Lots

  2017 117 15 68  32 2
  2016 121 40 54 22 5
  2015 84 49 49  9 2

 

Overall sales numbers were similar to last year, but there was a significant difference in what types of properties sold.

 

Single Family Homes

 

There was a 62% fall in Single Family Homes sales numbers, in Quail Ridge, in 2017.

 

 

Looking at the levels of inventory on the graphic above, inventory numbers were far better than 2016, so it was not a lack of inventory. It appears to have been more to...

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The Kelowna Real Estate Market Buyers Survey Results are now out for November 2017.

 

Interestingly Relocating were Buyers busy in the Kelowna Real Estate Market and interestingly Lower Mainland / Vancouver Buyers represented 21.1% of the Market, which is one of the highest percentages we have seen.

Property Type:

21.3% by Relocating and moving to similar property type (down from 21.5% in October)
18.9% by First Time Buyers (up from 15.5%)
18.9% by Move-Up Buyers (up from 13.9%)
13.1% buying Revenue/Investment Property (down from 18.2%)
11.9% by Buyers Downsizing (up from 11.5%)
5.7% buying Recreation Property (down from 7.6%)
4.5% moving from Strata Property to Single Family Home (up from 3.6%)
4.1% moving from Single Family Home to Strata Unit (down from 5.2%)
0.4% moving into Retirement Home/Seniors Community (down from 2.7%)

Buyer Type (Family Dynamic):


29.1% Two Parent Family/Children (up from 28.8% in October)
25.8% Couple without Children (up from 23.3%)
16.8% Empty Ne...

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