Kelowna Real Estate Market News

The latest Buyers Survey Results have now been published by the Okanagan Mainline Real Estate Board for February 2018.


They show us who has been Buying Real Estate in Kelowna and the Central Okanagan during February.


First Time Buyers and Two-Parent Families were the busiest Buyers. The full results are below.

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

First Time Buyer – 19.3%

 

Moving Up – 18.8%

 

Similar Property Type – 18.8%

 

Revenue Property Investor – 14.4%

 

Downsizing – 13.5%

 

Single-family Res to Strata –6.7%


Strata into Single Family – 4.0%

 

Recreational Property – 4.0%

 

Retirement Community - 2.2%

Describe the Buyer (family dynamic):

Two Parent family/children – 28.3%


Couple without children – 26.5%


Empty nesters or retired – 17.0%


Single female – 14.4%


Single male – 9.9%


Single Parent with Children – 3.1%

 

How did Buyer...

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BC Real Estate Sales March 2018

 

The British Columbia Real Estate Association (BCREA) reports that a total of 7,409 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in March, a 24.6 percent decrease from the same month last year. The average MLS® residential price in BC was $726,930, up 5.3 percent from the previous year. Total sales dollar volume was $5.39 billion, a 20.6 percent decline from March 2017.

 

“More burdensome mortgage qualifications are having the predictable effect of swiftly curbing housing demand,” said Cameron Muir, BCREA Chief Economist. “You simply cannot pull as much as 20 percent of the purchasing power away from conventional mortgage borrowers and not create a downturn in consumer demand.”

 

Despite the decline in consumer demand, the supply of homes for sale remains low in most BC regions. Total active listings on the market are essentially unchanged from March 2017...

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There have been two big talking points in Kelowna this month. In Real Estate it is the effect the proposed Speculation Tax may have on Real Estate in Kelowna and West Kelowna.

 

People are also talking about the weather, as we continue to experience snow flurries and a heavy rainstorm just over a week ago that caused landslides and flooding. This has reminded people of the flooding we experienced in the Valley last year and the Cities and Municipalities are working hard to make sure we are not 'caught out' again.


On the plus side, Golf Courses are beginning to Open and most should be open by the end of this week.

 

Update on the Speculation Tax

I attended a Town Hall style meeting in Kelowna during March, where members of the General Public asked questions of a Lawyer, Accountant, Developer and Members of the Lib Dem Party, including their Leader.

 

While the opposition Parties are committed to lobbying against this Tax, in our area, it became very...

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