Kelowna Real Estate Market News
Why Read this Article?
Are you an Investor looking to purchase a Condo near UBCO or a Parent who has a Student about to attend UBCO Kelowna in the next year?
This article is designed to give you all the information and thought processes you will need to complete a successful purchase.
What do I need to do first?
As soon as you decide this is something you 'might' want to do, familiarise yourself with the UBCO Real Estate Market.
Give me a call, or send me an email, to set you up on an email search. You can then see what is available in the current listing and recent selling prices.
Which areas should I look at in Kelowna?
In the past, areas which are within walking distance of UBCO or on a good transit service have been the most popular with students to buy or rent.
There are 4 main areas that are in this category -:
U-District (Academy Way) & Quail Ridge - both within walking distance of the University.
On good Transit routes - North Glenmore & Rutland.
I decided to look at a snapshot of current building underway, what type of housing is being built and how it is being absorbed to check whether there are any signs of sectors becoming over-built in the Kelowna Real Estate Market as we saw in the past.
Seasonally Adjusted Housing Starts December 2018
After a rapid rise in housing starts appear to be easing off for now.
More Townhomes appear to be being built compared to last year.
As you can see there are a significant number of Condos being built, as there is much building work in Water Street, Ellis, Bernard, and St Paul area, for example.
This downtown area will be one to watch. Potentially, if demand doesn't increase over the next 12 months, we may well see some evidence of over-supply later in the year.
Kelowna Rental Market
As you can see, Vacancy Rates are still quite low.
I was interested to see the Average Rents that CMHC are quoting.
In speaking to many Clients, who are Landlords, the rents...
Wondering how Luxury Real Estate is performing in Kelowna & the Central Okanagan? Here is a snapshot of this specialist sector of the Real Estate Market as at December 2018.
Central Okanagan December 2018 Luxury Real Estate Numbers
• The Okanagan Valley single-family luxury market is a Buyer's Market with a 3% Sales Ratio.
• Homes sold for a median of 94.59% of list price in December 2018.
• The most active price band is $1,100,000-$1,199,999, where the sales ratio is 13%.
• The median luxury sales price for single-family homes has decreased to $1,290,000.
• The median days on market for December 2018 was 153 days, up from 123 in November 2018.
Acknowledgment - Data with thanks to the Institute of Luxury Real Estate.
The Latest BC Real Estate Association Report is now out for December 2018.
BC Real Estate Key Stats-Total Residential Real Estate Sales fell by 24.5% in 2018.
- BC Home sales fell below the 10-year average of 84,800 to 78,345 in 2018.
- Average Prices in BC fell by 5.2% Year on Year.
- Total Active Listings are up 33.3%, which is the highest since 2014.
Okanagan Key Stats- Average Price Year to Date is up 5.7% 2018 526,200 2017 $497,604.
- Unit sales were down 18.3% to 7,400 from 9,053
- Active Listings December 2018 2,826 2017 2087 - up 35.4%
- Sales to active listings 2018 11.5% 2017 22% - gone from a Sellers to Buyers Market.
To read the full report http://www.bcrea.bc.ca/docs/news-2018/2018-12.pdf
For those of you who have not read one of my Quail Ridge / University Real Estate Blogs before, my name is Trish Cenci, and I am a Real Estate Agent in Kelowna, who specializes in buying and selling Real Estate in the Quail Ridge and University District of Kelowna.
This post is my annual report on what has happened in this area of the Market during the last year and some of my predictions for 2019.
Total Quail Ridge / University District Real Estate Sales for 2018
After 2 'banner' years of Real Estate Sales in the Kelowna area, there was a 36% fall in Quail Ridge / University MLS® Residential Real Estate sales in 2018.
Interestingly, sales of Single-Family Homes increased, but Condo sales fell 29% and Townhomes a whopping 93%!
Single Family Homes
Of the 24 sales in the Quail Ridge / University area, 17 were under $800,000, which represented great value, compared to some other areas of the City and contributed to the areas increase in sales numbers.
We continued to see a shift...