Kelowna Real Estate Market News

Interestingly there were more cash Buyers in Kelowna and the Central Okanagan Real Estate Market in May 2018.


Is this yet another sign of how much of an impact the new Mortgage Stress tests are having on the Real Estate Market?


Fewer local Buyers entered the Real Estate Market last month, but sales numbers were steady to Lower Mainland and Alberta Buyers.


Here are the full results published by the Okanagan Mainline Real Estate Board (OMREB).

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

First Time Buyer – 16.15% up from 14.53% 

Moving Up – 16.86% down from 18.97% 

Similar Property Type – 20.19% down from 21.18% 

Revenue Property Investor – 14.96% up from 14.78% 

Downsizing – 12.83% down from 14.53% 

Single-family Res to Strata – 5.46% down from 6.65% 

Strata into Single Family – 2.85 down from 5.42% 

Recreational Property – 7.36% up from 4.68% 

Retirement Community - 0.95% down from...

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Buyers are now more likely to sue post-closing if they feel that have “lost” money through non-disclosure of latent defects.


Stigma – is a negative perception of a property for reasons unrelated to the appearance or function of the property (ie; a ghost – does NOT need to be disclosed) – Caveat Emptor Applies (Buyer Beware).


Patent Defect is an obvious flaw, that would be discovered by a superficial inspection of the property by an ordinary purchaser, for example, a hole in the wall, or a crack on the side of the home. (This does NOT need to be disclosed) – Caveat Emptor Applies.


Latent Defects – one that is NOT discoverable by a potential buyer through reasonable inspection or inquiries and must be material in that the property is rendered dangerous or uninhabitable (BUYER REQUIRED TO DISCLOSE)


Material Latent Defects – are defects required to be disclosed by the LICENSEE under their Real Estate Rules.



My thanks go to Peter Borszcz of Phil...

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Welcome to my Quail Ridge / University District Real Estate Half Year Market Report for 2018.


This report is designed to give current Owners, Buyers, Sellers, and Investors an insight into how the Quail Ridge & University District Real Estate Market has performed, here in Kelowna, during the first 6 months of 2018, and my forecast for the remainder of the year.


Quail Ridge / University District

Real Estate Sales January 1, 2018 to June 30, 2018.


 


Date


Total

Single Family Homes


Condos


Townhomes


Lots

 

Jan-Jun

2018

38 17 20 1 0
 

Jan-Jun

2017

62 7 37 17 1
  Jan-Jun 2016 70 28 29  8 5


Overall sales numbers have fallen by 39% compared to this time last year. Interestingly there is a 143% increase in sales of Single Family Homes, but the usual 'Spring Market' for Condos has not materialised with a 46% fall in sales. Both the Quail Ridge and Academy Way area were affected.


The biggest drop off has been in sales of Town Homes. This largely involves Town Homes...

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What's happening in the Kelowna Real Estate Market seems to be high on the 'Dinner Table' conversation list again!


The Market was definitely slower during June and the number of sales certainly reflects that, but when you look at average sale prices, prices are still rising.


Only this last week I found myself in 2 multiple offer situations in the 'more affordable' condo market, so my Buyer didn't think things were slowing down!!


Kelowna Real Estate Sales June 2018


 


Date


Total

Single Family


Strata


Lots


Manuf

  June 18 509 265 195 22 27
  May 18 535 262 221 31 21
  Apr 18 502 247 207 23 15
  Mar 18 426 206 192  13 15
  June 17 655 313 252 59 31



Kelowna Real Estate sales numbers were both down on last month and well down on this time last year.


Totals sales are down 22.3%. Single Family Homes sales are down 15.3%, Strata Sales 22.6%, Manufactured Homes 12.9% and Lots down 62.7%.



Total inventory is also rising. It currently stands at 3245 units up 21.58% from...

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