Kelowna Real Estate Market News

The latest Kelowna and Central Okanagan Real Estate Buyers Survey Results are now out for July 2020.


First-time buyers were less busy in the Market last month, while Investments and Recreational Property Buyers were busier.


There were also a lot more Buyers from the Lower Mainland and Vancouver Island.


Here are the full results -:


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


First Time Buyer – 15.10% (20.82%)

Revenue Property Investor – 8.92% (5.91%)

Moving Up – 21.28% (20.57%)

Similar Property Type – 21.74% (19.54%)

Downsizing – 11.44% (12.85%)

Single-family Res to Strata – 5.26% (5.66%)

Recreational Property – 8.47% (7.71%)

Retirement Community – 2.29% (1.80%)

Strata to Single Family – 3.2% (3.34%)


Describe the Buyer (family dynamic):


Couple without children – 25.28% (28.02%)

Two Parent family/children – 28.44% (27.76%)

Empty nesters or retired – 21.67% (17.99%)

Single female – 9.93% (14.65%)...

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The BC Real Estate Association has now published its Q3 Housing Report.


Multiple Listing Service® (MLS®) residential sales in the province are forecast to rise by 6.5 per cent to 82,380 units this year, after recording 77,351 residential sales in 2019. MLS® residential sales are forecast to increase by 17.6 per cent to 96,860 units in 2021.

 


“The outlook for the BC housing market is much brighter following a surprisingly strong recovery,” said Brendon Ogmundson, BCREA Chief Economist. “We expect home sales will sustain this momentum into 2021, aided by record-low mortgage rates and a recovering economy.”  


With home sales more than fully recovered and now above pre-COVID-19 levels, combined with a decline in the supply of re-sale listings driven by the pandemic, many markets are now seeing sharply rising average prices despite a weak provincial economy. We are forecasting the provincial MLS® average price to finish the year up...

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Vancouver, BC – August 13, 2020.


The British Columbia Real Estate Association (BCREA) reports that a total of 10,090 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in July 2020, an increase of 26.6 per cent from July 2019. The average MLS® residential price in BC was $770,810, a 12.9 per cent increase from $682,702 recorded the previous year. Total sales dollar volume in July was $7.8 billion, a 43 per cent increase over 2019.



“The strong recovery in sales activity continued in July,” said BCREA Chief Economist Brendon Ogmundson. “Increased demand for more living space combined with an undersupplied market is producing significant upward pressure on home prices, particularly in the market for single-family homes.”


Active listings remain down significantly year-over-year, creating upward pressure on prices, though increased demand for single-family homes has somewhat skewed average prices in some markets.


Year-to-date,...

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Wow, July has been and gone already! What a roller coaster month. 


The month started very busily for the Kelowna Real Estate Market and then things went a little quieter as there was a spike in Covid-19 cases in the area, following the  Canada Day weekend, which seemed to slow the number of people travelling to the area.


Towards the end of the month people seem to start looking again and the last weekend of the month, I saw an increase in people viewing online and also coming up to Kelowna to view.


This feels like it is going to continue into August.

Kelowna & Central Okanagan Real Estate Sales July 2020.



As you can see from these numbers sales have really bounced back very impressively, and Lot sales increased by 267%!

Compared to the last month-:

- Total Sales were up 43% last month.

- Single-Family Homes sales up 32%.

- Strata sales up 57%.

- Lot sales up 267%


Compared to last year sales numbers again showed a positive improvement.


- Overall sales were up 39%

- Single-Family...

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