Kelowna Real Estate Market News

First-time Buyers were busier in the Market last month, as were move up Buyers, taking advantage of some of the softer prices we are seeing in the Kelowna and Central Okanagan Real Estate Markets.


There were less local Buyers moving, and to be expected fewer Buyers from the Lower Mainland, but interestingly more Buyers from Alberta.


To read the full Okanagan Mainline Real Estate Buyers Survey Results - see the details below -:


Property Type:


24.00% First Time Purchase (up from 18.13% in January)
19.11% Move Up Purchase (up from 16.58%)
15.56% Relocating to Similar Property Type (down from 18.65%)
8.00% Revenue/Investment (down from 11.92%)
14.67% Downsizing (up from 12.95%)
4.89% Moving from Single-family Home to Strata Unit (down from 8.29%)
2.67% Moving from Strata Property to Single Family Home (down from 4.66%)
4.89% Recreational Property (down from 6.22%)
0.89% Retirement Home/Seniors Community (down from 2.07%)


Buyer Type (Family Dynamic):


27.19% Two Parent family/children (up from 22.40%...

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If you are looking to Buy a Property in an area, of the Province of British Columbia, where Speculation Tax is payable, you need to know that you are not on the hook for an outstanding Bill where the Seller hasn't paid.


In a recent BC Real Estate Association Bulletin came good news for Buyers and their Real Estate Agents, in that they don't have to worry about including a clause in a Contract of Purchase and Sale that specifies that a Buyer won't be held liable for the Speculation and Vacancy Tax (SVT).


Here's why:

  • When a buyer purchases a residential property, they will either pay the Property Transfer Tax (PTT) or be exempted from the PTT because they took advantage of an exemption like the First Time Home Buyers' Exemption or Newly Built Homes Exemption. Payment of the PTT (or exemption) means you're eligible for an exemption of the SVT for the year of purchase.
  • The SVT is levied on the person who owns the property on December 31 of the calendar year. That means if...
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The snow finally left us in March and as the month progressed I did see 'limited' evidence of Buyers starting to look.


Interestingly though, many times I saw in the feedback, "this was just a fact-finding mission'.


If we think about it logically, Buyers coming up from Vancouver and the Lower Mainland have seen quite a downturn in their own Markets, which they haven't been used to for some time, and a number of Buyers looking to move from Alberta, are having difficulty selling their homes.


This translates into negative sentiment about the Real Estate Market, in general, and they are thinking the market is going to fall further, so they will wait.


I can certainly understand why they would say that, with inventory rising and sales relatively slow.


The biggest concern across the whole Canadian Real Estate Market is the Mortgage Stress Test. This is not only affecting First-Time Buyers (who are the Engine Room of the Market), but also Buyers well up the chain. I am hearing evidence of many...

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