Kelowna Real Estate Market News

In the Kelowna Real Estate Buyers Survey results for February 2020, it seems that more Couple without Children and Empty Nesters were busier buying, and this potentially goes to explain why there were more cash buyers.

There were fewer buyers from local Markets but more from the Lower Mainland and more deciding to buy in the Vernon area.

Here are the full results -:

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

First Time Buyer – 20.63% (22.09%) 

Revenue Property Investor – 9.52% (12.27%)

Moving Up – 17.46% (16.56%)

Similar Property Type – 19.58 (19.63%)

Downsizing – 14.29% (13.50%)

Single-family Res to Strata – 5.29% (6.13%)

Recreational Property – 4.76% (6.75%)

Retirement Community-1.06% (3.68%)

Strata to Single Family – 3.70% (1.23%)

Describe the Buyer (family dynamic):

Couple without children – 25.40% (23.93%)

Two-Parent Family /children – 24.87% (28.22%)

Empty nesters or retired – 17.46% (13.50%)...

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I am pleased to report that the snow has been melting reasonably quickly here in the Okanagan Valley and Two Eagles Golf Course was open yesterday!

In hosting Open Houses during the last month, I have certainly seen Buyers looking from Vancouver, and Alberta, as well as local Buyers.

February seems to have been a 'mixed bag' of results, as I have seen evidence of properties going into Multiple Offers, Housing in parts of the $700,000 to $900,000 range are sluggish,  and Condos and Townhomes showings & sales in $300,000 to $400,000 range have been quite brisk for this time of year.

In Quail Ridge and around UBCO, Parents and Investors are already looking, and there is certainly less inventory to view than at this time last year.

The biggest headlines though are the hikes we are starting to see in Strata Insurance Premiums. Strata Corporations, particularly Condos, are being warned to expect increases of between 30%-300%!! In some areas of BC, we are also hearing that some Strata...

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