Kelowna Real Estate Market News

When the Real Estate Market changes from a Sellers Market to a Buyers Market, it can be an anxious time for Sellers, as 'days on market' can become a lot longer and showings slower.


Sellers need to be both 'mentally prepared' and be willing to adopt a more aggressive approach to help them achieve a successful sale.


Here are some hints and tips to consider -:


1. Know the Market.


Review a Comparable Market Analysis with your Real Estate Agent. It is essential to know what comparable properties have been selling for.


You also need to know what is the current 'state' of your market and medium-term forecast. Is the market in your area balancing out or still weakening?


2. Should I sell now or should I wait for the market to improve? 


Is waiting for the Market to improve an option for you? If you don't have to sell now it is probably better to wait.


If you have to sell within 30 to 45 days, then you may be looking at having to price your home more aggressively, which may be...

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The latest Buyers Survey Results are now out for October 2018 for the Kelowna and Central Okanagan Real Estate Market.


First-time Buyers weren't as busy this month down to 14.87% from 20.08%, but there were more Investors up from 8.79% to 14.45%


Two-parent families with Children represented the highest Family Dynamic at 28.13%, and slightly more Buyers purchased from Alberta up to 10.7% from 7.48%.


Slightly fewer Buyers purchased in Kelowna - down to 42.06% from 43.21%, however, there were more Buyers purchased in the Vernon area up to 20.87% from 17.28%.


Here are the full results below.

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

First Time Buyer – 14.87%

Revenue Property Investor – 14.56% Moving Up – 12.97%
Similar Property Type– 22.15% Downsizing – 18.99%

Single Family Res to Strata – 5.70%
Recreational Property – 5.38%
Retirement Community-1.27%
Strata to Single Family – 3.16% 


Describe the Buyer (family dynamic):...

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I was reading the latest Padmapper report today, who publish a Canadian Rent Report in November 2018. I thought I would share it with you, both for the benefit of Kelowna Real Estate Investors and those looking to Rent in our Market.


It analyzes rental data from hundreds of thousands of active listings across the country, these  Rental Listings are then aggregated on a monthly basis to calculate median asking rents for the top 24 most populous metro areas, providing a comprehensive view of the current state of the market. 


The report is based on all data available in the month prior to publication. Any data that is reported does not include short-term or Airbnb listings.



Overall, 15 Canadian cities saw an upward trend, 5 downward, and 4 remained flat last month. While Kelowna had the largest monthly rental growth rate in the country, up 5.8%, Abbotsford saw the biggest rent dip, down 5.3%. In the top markets, Kitchener moved up 2 spots and back into the 10 again....

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Looking at the MLS® sales figures for British Columbia as at the end of October 2018, the British Columbia Real Estate Association (BCREA) reports that a total of 6,405 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in October, down 26.2% from the same month last year. The average MLS® residential price in BC was $690,161, a decline of 4.1% from October 2017.


Total sales dollar volume was $4.2 billion, a 29.3 % decline from October 2017. “The BC housing market continued to grapple with tougher mortgage qualifications in October,” said Cameron Muir, BCREA Chief Economist. “However, more moderate consumer demand has led to a much-needed increase in the supply of homes for sale.”


Total active residential listings were up nearly 30% to 36,195 units in October, compared to the same month last year. While the BC housing market exhibited balanced conditions overall in October, market...

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CMHC have just announced their Fall 2018 Report for the Kelowna Real Estate Market.


Key Points - Kelowna Real Estate Market

  • Year to Date - In the first 8 months of 2018, MLS® sales activity was down 19% relative to the same period in 2017, representing a full 31% decline relative to the peakpace of sales seen in 2016.
  • Slowing demand = increase in active listings & inventory levels are at a similar level to those seen in 2014.
  • Cause  = shifts in key housing market fundamentals including rising mortgage rates &  slowing population growth driven by a decline in interprovincial migration. For the Kelowna area this can be partially explained by a recovery in the pace of economic growth in the Prairie Provinces = greater competition for labour and drawing individuals back to Alberta, in particular.
  • Result - Anticipate flatter price growth as competition for individual units, regardless of the market segment, relaxes and market conditions become...
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We experienced some very welcome sunshine and beautiful Fall Colours in the Okanagan this October. Unfortunately, this has done little to brighten the spirits of many Sellers in the Kelowna Real Estate market.


Overall the Real Estate Market felt like it is slowing, which is normal for the Okanagan as we head towards winter, and there is a sentiment that we are moving ever closer to a ‘Buyers Market’, from a ‘Balanced Market’ as prices continue to soften.

Kelowna Real Estate Market Sales October 2018


 


Date


Total

Single Family


Strata


Lots


Manuf

  Oct 18 385 190 165 9 21
  Sep 18 375 203 141 11 20
  Aug 18 434 205 191 16 22
  Jul 18 451 223 191  17 20
  Oct 17 544 254 194 71 25


Interestingly, overall Sales were up 12.5% on last month and down 29.2% on this time last year. Single Family Home sales were down on last month, but Strata Sales rallied up 17% on last month but down 14.9% on this time last year.


It should also be borne in...

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