Kelowna Real Estate Market News

The August 2018 Buyers Survey Results are now out for Kelowna Real Estate Buyers and the Central Okanagan Area.


I am pleased to report that after a very low July, First-time Buyers were more active in the market increasing from 11.8% to 15.8%, and then not surprisingly there was an increase in higher ratio Financing from 8.9% to 114.9%. The biggest fall being 'Downsizing Buyers from 16.2% to 11.1%.


More Couples without children were active - increasing from 19.2% to 24.9%.


There were a few more local people buying last month up from 53.5% to 55.7%. Lower Mainland Buyers held steady at 20.5% just slightly down from July's 21.1%, while Alberta Buyers were up from 8.8% to 11.9%. In other areas of BC, Buyers were down from 10.2% to 7.2%.


As far as areas go, Shuswap saw an increase in Buyers from 9.7% to 13.9%, while the number of Buyers in Kelowna, West Kelowna and Vernon were slightly down.


Here are the full details below -:


Best describe your most recent Buyer (moving to/from...

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Updates to Property Transfer Tax Return now in effect Changes to the Property Transfer Tax (PTT) return are now in effect as of Monday, September 17.


These changes are expected to provide the BC Government with better tools to ensure property buyers are not evading taxes they owe and increase evidence of true real estate ownership.


When making a real estate purchase through corporations or trusts, buyers and transferees with significant interest in property must be identified on the PTT return and will have to disclose the following information:


 name

 date of birth

 citizenship information

 contact details, and

 tax identification numbers.


It’s important to note that:

 the change is not retroactive (it only applies from September 17 onwards)

 it is intended to be applied consistently to all property types and classes, including commercial and residential, and

 all data collected on the PTT return is treated as confidential.


There are exemptions for certain trusts such as ...

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The BC Real Estate Association has just released its Fall 2018 Mortgage Rate Forecasts.


As expected Mortgage Rates are likely to be on the rise!


The Canadian Mortgage Market is undergoing significant tightening with the availability of credit falling and interest rates rising. The mortgage stress test introduced in January negatively impacted home sales nationwide as prospective homebuyers with more than 20 per cent down payments were denied access to loans they would have qualified for under the old regulatory regime. As a result, mortgage credit growth in Canada has slowed dramatically. On the pricing side, monetary policy continues to be the primary driver of higher mortgage rates in 2018 as the Bank of Canada embarks on its first tightening cycle since 2004. Although the 5-year qualifying rate was fairly steady over the third quarter, as the Bank continues to tighten, mortgage rates will almost certainly follow.


When the Bank of Canada adjusts its overnight rate, it influences borrowing...

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I can't believe it that I am actually writing September on my Blog Post today!


August was dominated by thick smoke clouds shrouding Kelowna and the Okanagan Valley and for most of the month, I didn't see the Mountains but some amazing Sunsets!


It may have kept a few people away, but overall the City seemed busy with Tourists, but the Kelowna Real Estate Market was extremely flat.


August is usually slow, but after a hectic last two years, it 'seemed' slower than normal.


I am sure some Sellers were a little 'shell-shocked' as weeks would go by and some Listings would not have any showings.


The Kelowna Real Estate Market remains in transition mode, and many Buyers continue to sit on the Fence and will see how Fall plays out, particularly with the Speculation Tax vote due in October.


Kelowna Real Estate Sales August 2018


 


Date


Total

Single Family


Strata


Lots


Manuf

  Aug 18 434 205 191 16 22
  Jul 18 451 223 191 17 20
  Jun 18 509 265 195 22 27
  May 18 535 262 221  31 21
  Aug 17 574 261 258 30 25
...
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