Kelowna Real Estate Market News

Finding the Perfect Size Home for You!

How do you find the ideal home size for you and your family?

If you’re house shopping, there’s probably one question that’s been on your mind often: “What size home should I buy?” At a glance, the answer seems obvious: as big as you can afford! But that’s only a small piece of the puzzle. Home size matters on many levels from personal preference to resale value, future plans, your budget, and more.

How do you find the ideal home size for you and your family? Here are three things you need to consider:

The Truth About Square Footage

A foot is a foot, right? When it comes to the square footage of your future home that may not be the case. Measuring the size of a house isn’t incredibly precise. More often than not, the size will change depending on which appraiser is measuring and what mechanism they’re using to determine the square footage: measuring tape, laser measure, or eyeball. The reality is that there...

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Looking at the BC Real Estate Association sales numbers for February 2018, the average price of Residential Homes in Kelowna and the Central Okanagan are up 6.1% to $509,545 from $480,052, with active listings down 1.9% to 2,333 from 2,379.

 

Year-to-date sales numbers are up 9% from 873 to 952, and average prices year-to-date are up to $516,081 from $463,644, a rise of 11.3%

 

BCREA reports that a total of 6,206 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in February, a 5.7 percent decrease from the same period last year. The average MLS® residential price in BC was $748,327, up 8.8 percent from the previous year. Total sales dollar volume was $4.64 billion, a 2.6 percent increase from February 2017.

 

“More stringent mortgage qualification rules for conventional borrowers are dampening housing demand in the province,” said Cameron Muir, BCREA Chief Economist. “Since the new rules came into...

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The BC Real Estate Association has published its forecast for the BC Real Estate Market for 2018 through to 2019 today.

 

Snapshot of their Kelowna Real Estate Market Forecast

- Fall in unit sales for the Kelowna Real Estate Market and Central Okanagan of 2.8% & 0.6% in 2019.


- Average MLS® prices will rise 6.7% in 2018 and 2.6% in 2019. 

 

Read the full summary below-:

 

BC Housing Forecast Update March 2018

 


Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 8.6 percent to 94,855 units this year, after recording 103,763 residential sales in 2017. MLS® residential sales are forecast to edge back a further 1 percent to 94,025 units in 2019. Housing demand is expected to remain above the 10-year average of 84,800 units in 2020. Strong economic performance and favourable demographics in BC are underpinning housing demand. However, more stringent mortgage qualification rules, rising interest rates and...

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If you are thinking of moving this Spring, chances are that you are looking to finance the purchase, you will be thinking about what route to go with your Mortgage.

 

This month my thanks go to Susan Cowling, a BC Mortgage Broker, for her thoughts on what you should know before making a decision on a Fixed or Variable Mortgage.

 

It’s the first and only thing anyone usually asks when you talk about your mortgage: What’s your rate? While everyone can recall their rate off the top of their head, it’s the only detail of the mortgage they remember or care to know. Though the rate is obviously important, your mortgage is so much more than a rate, and if you’re not paying close attention, it can cost you money.

 

Before we dive deeper, let’s talk fixed rate vs. a variable rate and which one is better. Well, that all depends. First-time homebuyers and older homebuyers typically love the stability of a fixed rate. Keep in mind, seven-in-ten fixed mortgages...

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The BC Real Estate Association has published its latest forecast for Mortgage Interest Rates today.

 

Mortgage Rate Outlook

Canadian mortgage rates have continued 2017’s upward trend. The five-year qualifying rate for insured mortgages bumped up 15 basis points to 5.14 percent while discounted rates offered by lenders increased similarly to 3.39 percent. The increases were driven by the earlier than expected rate increase by the Bank of Canada in January. The Bank has now raised interest rates three times since last summer, with its key policy rate sitting at 1.25 percent.

 

The Bank’s next move and the impact on mortgage rates hinges on how Canadian inflation evolves over the next two years. Our baseline forecast, which lines up similarly with the Bank of Canada’s, assumes the Canadian economy will return to its full employment level this year. That would mean inflation returning to the Bank’s 2 percent target with the overnight target rate gradually...

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It's been quite the month for BC Real Estate! I take a holiday and come back to the Provincial Government having announced major tax changes which will definitely affect the Central Okanagan Real Estate Market and the BC Superintendent of Real Estate announced that he has delayed the changes to Real Estate Consumer Protection until June 15th 2018.

Central Okanagan Real Estate Sales February 2018

 


Date


Total

Single Family Homes


Strata


Lots


Manuf

  Feb 18 358 156 170  14 18
  Jan 17 342 159 147 24 12
  Dec 17 341 185 120  23 13
  Nov 17 448 213 161  55 19
  Feb 17 384  208  150  16 10

 

Summary of numbers -: 

Total sales up 4.8% on last month, and down 6.8% on last year.

Single Family Home sales down 1.8% on last month and down 25% on last year.

Strata sales up 15.6% on last month & up 13.3% on last year.


It remains to be seen whether this is a trend, which could be caused by the change in the Mortgage qu...

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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.