Kelowna Real Estate Market News

The latest Kelowna Real Estate Buyers Survey Results are now out, for August 2020.


Move up Buyers and Recreational Buyers, together Two-Parent Families with Children were busier in the market last month.


There were slightly less local Buyers, and less Buyers in the Kelowna / West Kelowna area, whereas there were more Buyers in the Vernon / Coldstream area.


Here is the full report.


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


First Time Buyer – 14.22% (15.10%)

Revenue Property Investor – 9.71% (8.92%)

Moving Up – 23.48% (21.28%)

Similar Property Type – 20.54% (21.74%)

Downsizing – 14.00% (11.44%)

Single family Res to Strata – 2.26% (5.26%)

Recreational Property – 11.06% ( 8.47%)

Retirement Community – 0.90%(2.29%)

Strata to Single Family – 2.03%  (3.20%)

  


Describe the Buyer (family dynamic):


Couple without children – 25.23% (25.28%)

Two Parent family/children – 33.11% (28.44%)

Empty nesters...

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The British Columbia Real Estate Association (BCREA) reports that a total of 10,172 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in August 2020, an increase of 42.8 per cent from August 2019.



The average MLS® residential price in BC was $771,309, a 12.7 per cent increase from $684,093 recorded the previous year. Total sales dollar volume in August was $7.8 billion, a 61.1 per cent increase over 2019. “Very strong provincial home sales continued in August,” said BCREA Chief Economist Brendon Ogmundson. “While pent-up demand from the spring is driving much of the increase, we anticipate a sustained strong level of sales through the fall.”


Total provincial active listings are still down more than 10 per cent year-over-year, with some markets even more under-supplied as the pandemic continues to keep listings low.


As a result, prices are sharply rising around the province. Year-to-date, BC residential sales dollar volume was...

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August 2020 was another hot month for the Kelowna Real Estate Market!


Some Buyers experienced challenges gaining household insurance, due to the forest fires in Penticton, but happily, these have subsided now, and I have not heard of anyone having issues recently.


Demand for homes and townhomes was active throughout the month and after a slow start for Condos, we saw more activity towards the end of the month.


More parents and investors have been looking around the University area and they are looking to complete purchases, as late in the year as possible, ready for students hopefully starting school at UBCO, in January 2021.


Interestingly, I have also had a few more inquiries from Sellers looking to sell now, so I am anticipating seeing a few more listings coming on the market in the next little while, which will be unusual for this time of year.

Kelowna & Central Okanagan Real Estate Sales August 2020.



While sales numbers were not as high as July, they were still very impressive.

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The trademarks MLS®, Multiple Listing Service® and the associated logos identify professional services rendered by REALTOR® members of CREA to effect the purchase, sale and lease of real estate as part of a cooperative selling system.
MLS®, REALTOR®, and the associated logos are trademarks of The Canadian Real Estate Association.