Kelowna Real Estate Market News

The Kelowna Real Estate Buyers Survey results for March 2020, showed more move-up Buyers and Empty Nesters buying in our Central Okanagan Market.

Due to the travel restrictions that started to impact mid-March, it is not surprising to see local Buyer numbers up.

Here are the full results -:

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

First Time Buyer – 19.28% (20.63%) 

Revenue Property Investor – 7.63% (9.52%)

Moving Up – 21.69% (17.46%)

Similar Property Type – 18.47% (19.58%)

Downsizing – 16.87% (14.29%)

Single-family Res to Strata – 4.42?% (5.29%)

Recreational Property – 2.41% (4.76%)

Retirement Community-3.61% (1.06% )

Strata to Single Family – 4.02% (3.70%)

Describe the Buyer (family dynamic):

Couple without children – 25.6% (25.40%)

Two-Parent Family /children – 21.2% (24.87%)

Empty nesters or retired – 23.2% (17.46%)

Single female – 13.6% (11.64%)

Single male – 12.4% (11.64%)...

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Kelowna Real Estate had shown great promise at the start of the year and the March 2020 figures show average prices up 7.5% compared to March 2019, with Year-to-Date sales up 6.4%.

The British Columbia Real Estate Association (BCREA) reports that a total of 6,717 residential unit sales were recorded by the Multiple Listing Service® (MLS® ) in March 2020, an increase of 17.2 per cent from March 2019.

The average MLS® residential price in BC was $789,548, a 15.1 per cent increase from $685,892 recorded the previous year. Total sales dollar volume in March was $5.3 billion, a 35 per cent increase over 2019. “Provincial housing markets started the month very strong before the COVID-19 pandemic put a halt to activity,” said BCREA Chief Economist Brendon Ogmundson. “Activity will slow considerably in April as households and the real estate sector implement measures necessary to mitigate the spread of this virus.”

“While we don’t know when this u...

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I do hope that you are all keeping safe and well out there?

The temporary closure of many businesses locally and nationally has come as a tremendous shock to people both professionally and personally and has had a dramatic impact on Families life, Health Care, Education, our Social Interaction and the Real Estate Market.

Initially, as the Covid-19 health crisis began to be felt across Canada, everyone, quite rightly, focused on home and keeping their families safe, and the real estate market largely shut down for a short time.

As everyone comes to terms with the 'new norm' - Real Estate Professionals are also adapting their business practices to continue to help those who really need to buy and sell homes at the moment.

This has involved making sure we can offer safe ways for clients to view homes. I am offering Buyers the ability to view my listings by virtual tour and professional photos, if there is interest I suggest a drive-by if that's possible for them and if they are still ...

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