Kelowna Real Estate Market News

Are you thinking of buying a Property in Kelowna, which will give you the flexibility to undertake Short Term Rentals? 


This article gives you details of some of the things you need to think about before making your Purchase.


Information is current as of August 2018, but you will need to check the local City of Kelowna Website https://www.kelowna.ca/our-community/planning-projects/current-planning-initiatives/short-term-rentals & Government websites, at the time you decide to buy for the latest legislation that may affect you.


The City of Kelowna - Current Position on Short Term Rentals

At the present time, Short Term Rentals, of less than 30 days, are not permitted in any Residential Area in Kelowna, despite the fact that we regularly see properties for rent on such websites as Airbnb and Vacation Rentals by Owner.


There are specific pockets of the City and zoning which do permit Short Term Rentals - such as the Discovery Bay and Sunset Waterfront Resort Condo...

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The British Columbia Real Estate Association (BCREA) has now released its 2018 Third Quarter Housing Forecast Update.


Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 21 per cent to 82,000 units this year, after recording 103,768 residential sales in 2017. MLS® residential sales are forecast to increase by 8 per cent to 88,700 units in 2019. The 10-year average for MLS® residential sales in the province is 84,800 units.


The BC housing market is grappling with a sharp decline in affordability caused by tough B20 stress test rules for conventional mortgages, said Cameron Muir, BCREA Chief Economist. While these rules have had a negative effect on housing demand across the country, the impact has been especially severe in BCs large urban centres because of already strained housing affordability.


In spite of the policy-driven downturn in housing demand, strong fundamentals continue to underpin the market. Demographics are highly...

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This month when I viewed the Kelowna Real Estate Buyers Survey Results for July 2018, I decided to compare them to this time last year rather than last month, as the year on year trend was more insightful.


If ever we wanted to gauge how the Mortgage Stress Tests affected First Time Buyers, this months results really highlighted it.  First-time Buyers only made up 11.8% on the market in July 2018 compared to 16.9% in 2017.


Revenue Property Buyers were also down from 15.1% to 12.4% and the number of people downsizing was up from 13.4% to 16.2%.


There were fewer local Buyers than this time last year - 2018 - 53.5% 2017 - 56.4%, more Buyers from the Lower Mainland 21.1% (16.8%), fewer Buyers from Alberta 8.8% (11.3%) and more Buyers from within BC 10.2% (6.8%)


The number of people Buying in the Kelowna Area was down to 45.4% (51.9%) and the number Buying in the Vernon Area was up to 20.7% from 19.4%.


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

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The British Columbia Real Estate Association (BCREA) reports that a total of 7,055 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in July, a 23.9 per cent decrease from the same month last year. The average MLS® residential price in BC was $695,990, down 0.4 per cent from July 2017.


Total sales dollar volume was $4.9 billion, a 24.2 per cent decline from July 2017. “The BC housing market continues to grapple with the sharp decline in affordability caused by tough new mortgage qualification rules,” said Cameron Muir, BCREA Chief Economist. “However, less frenetic housing demand has created more balanced market conditions in many regions, leading to fewer multiple offers and more choice for consumers.


” Year-to-date, BC residential sales dollar volume was down 18.9 per cent to $37 billion, compared with the same period in 2017. Residential unit sales decreased 20.6 per cent to 50,926 units, while the...

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As we look back on the last month in the Kelowna Real Estate Market, Buyers and Sellers can totally be forgiven for feeling confused!


There have been several times this month where I have shaken my head!


Overall, showings have been much slower, and we have seen many Sellers reduce prices to encourage Buyers to ' hop off the fence'. In some cases, it has worked and in others, it has not, which has left some really well-priced properties for sale.


Buyer sentiment certainly seems to be that the Kelowna Real Estate Market is softening, but I still had Buyers in multiple offer situations.

Kelowna Real Estate Sales July 2018


 


Date


Total

Single Family


Strata


Lots


Manuf

  Jul 18 451 223 191 17 20
  Jun 18 509 265 195 22 27
  May 18 535 262 221 31 21
  Apr 18 502 247 207  23 15
  Jul 17 658 317 273 43 25



July continued to see sales numbers follow a downward trend, with totals sales down 31.4% on this time last year. Single Family Homes sales are...

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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.