Kelowna Real Estate Market News

The first BC Real Estate Market Forecast for 2021 has now been released by the BC Real Estate Association.


After an unprecedented and often surprising performance in 2020, the provincial housing market is set up for a very strong year in 2021. As the BC economy emerges from recession and COVID-19 immunizations progress, we anticipate a flood of consumption spending into the economy as confidence grows. That spending, along with the resumption of major capital projects, improving global trade and normalized immigration, will propel BC economic growth to its best showing in years and provide a boost to the recovery of the BC labour market.


Strong underlying demand will be further boosted by Canadian mortgage rates that were driven to a new record low as the Bank of Canada focused its program of quantitative easing (QE) at the middle of the Canadian yield curve. With the Bank buying $4 billion in 5- and 10-year bonds per week, the benchmark 5-year Government of Canada bond fell to as low 0.30...

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


Move up buyers were much busier in the market during the last month and fewer Recreational Properties were purchased.


Unsurprisingly, due to the time of year and an increase in Covid-19 restrictions, there were a higher proportion of local Buyers busy in the market.


Here is the full report.


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


First Time Buyer – 15.61% (18.43%)

Revenue Property Investor – 14.97% (14.09%)

Moving Up – 24.20% (18.16%)

Similar Property Type – 15.92% (14.09%)

Downsizing – 12.74% (12.47%)

Single-family Res to Strata – 2.55% (4.88%)

Recreational Property –  6.69% (12.20%)

Retirement Community – 1.27% (1.63%)

Strata to Single Family – 2.87% (4.88%)


Describe the Buyer (family dynamic):


Couple without children – 25.14% (25.14%)

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

Empty nesters or retired...

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The British Columbia Real Estate Association (BCREA) report published January 13, 2021 reports that a total of 93,953 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in 2020, an increase of 21.5 per cent from the 77,350 units sold in 2019.


The annual average MLS® residential price in BC was $782,027, an 11.7 per cent increase from $700,369 recorded the previous year. Total sales dollar volume was $73.5 billion, a 35.6 per cent increase from 2019. “Housing markets across the province staged a remarkable recovery during the COVID-19 pandemic and recession,” said BCREA Chief Economist Brendon Ogmundson. “We expect considerable momentum heading into 2021.”


A total of 8,268 MLS® residential unit sales were recorded across the province in December, a record for the month and up 57.8 per cent from December 2019. The average MLS® residential price in BC was $847,600, an increase of 12.5 per cent from December 2019. Total sales...

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This report details the market performance of Real Estate in Quail Ridge & the University District of Kelowna during the last 12 months, based on MLS® listings & sales.


There are details for each sector i..e. Single Family Homes, Condos & Townhomes together with my forecast for 2021.



Quail Ridge / University District Real Estate

January 1, 2020, to December 31, 2020.

Sales Numbers


 


Date


Total

Single Family Homes


Condos


Townhomes


Lots

 

Jan-Dec

2020


99


34


43


22


0

 

Jan-Dec

2019


82


23


46


13


0

  Jan-Dec 2018


76


26


47

 

2


1


Highlight Summary for 12 Months Jan - Dec 2020 compared to 2019.

- Total MLS® Sales up 20.7%.

- 47.8% increase Single Family Homes sales.

- 6.5% fall in Condos sales.

- 69% increase in Townhome Sales. 


Homes - we saw sales in all price ranges, and numbers were bolstered as we started to see some re-sales in University Heights.


Town Home - sales in the new Academy Ridge Town Home complex resulted in a significant rise...

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Welcome to 2021 & a Happy New Year to everyone!


With our  'social distanced' Christmas this year, we learnt to savour the Zoom Calls, Facetime and Messenger calls with friends and family instead.


Lack of inventory, certainly played a part in the lower number of sales last month, in the Kelowna Real Estate market and highlighted the importance of 'being ready' if the right home came along.


Kelowna & Central Okanagan Real Estate Sales December 2020.



As usual for this time of year, sales numbers were down compared to November, but as you can see were again up significantly on December 2019.


While the pent-up demand we saw in the summer is not there, we are still seeing strong demand and very little product.

Compared to the last month-:

- Total Sales were down 27.3% last month.

- Single-Family Homes sales down 29.5%.

- Strata sales down 27.1%.


Compared to last year sales numbers were up again.


- Overall sales were up 76.4%

- Single-Family Home sales up 71.9%.

- Strata...

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The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are member’s of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.