Kelowna Real Estate Market News

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


First-Time Buyers and Revenue Investors were busier in the market this last month.


There were more 2 Parent Families Buying, and the Market in Kelowna / West Kelowna was busier, with Vernon area being less busy.


Here is the full report.


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


First Time Buyer – 18.43% (13.98%)

Revenue Property Investor – 14.09% (10.38%)

Moving Up – 18.16% (22.03%)

Similar Property Type – 14.09% (20.34 %)

Downsizing – 12.47% 14.41%)

Single-family Res to Strata – 4.88% 5.30%)

Recreational Property –  12.20% (8.05%)

Retirement Community – 1.63% (0.42%)

Strata to Single Family – 4.88% (2.54%)

 


Describe the Buyer (family dynamic):


Couple without children – 25.14% (23.54%)

Two-Parent Family/children – 31.35% (25%)

Empty nesters or retired – 17.3% (24.79%)

Single female – 11.89%...

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The British Columbia Real Estate Association (BCREA) reports that a total of 9,416 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in November 2020, an increase of 42.1 per cent from November 2019.


The average MLS® residential price in BC set a record of $816,074, a 9.3 per cent increase from $746,310 recorded the previous year. Total sales dollar volume in August was $7.68 billion, a 55.4 per cent increase over 2019. “Home sales were once again unseasonably strong in November with several markets setting records for the month,” said BCREA Chief Economist Brendon Ogmundson. “While demand continues to be strong, the supply of listings has reached near-record lows in several parts of the province, with prices rising sharply as a result.”


Active listings were down close to 14 per cent year-over-year in November, which contributed to a 34.8 per cent sales-to-active-listings ratio. Consequently, the provincial average price rose...

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Sales of Single Family Homes, in particular, have still been 'brisk' during the last month in the Kelowna Real Estate Market, as Buyers continue to struggle with low inventory.


For example, one of our new listings in West Kelowna ended in a 5-way multiple offer,  with the winning bid being significantly over asking price, during November!


Kelowna & Central Okanagan Real Estate Sales November 2020.



Sales numbers were down compared to last month, which is partially due to the time of year, but also due to the lack of inventory, but up massively on this time in 2019.

Compared to the last month-:

- Total Sales were down 10.2% last month.

- Single-Family Homes sales down 13.3%.

- Strata sales down 8.3%.


Compared to last year sales numbers were up again.


- Overall sales were up 75%

- Single-Family Home sales up 72%.

- Strata sales were up 76%.


Inventory Levels October 2020

Inventory levels continue to fall in all main sectors -:


Total listings in the Central Okanagan are now...

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