Kelowna Real Estate Market News

The latest Kelowna Real Estate Buyers Survey Results are now out, for January 2021.

First Time Buyers & those moving to similar properties were busier this month, & there was a reduction in move-up Buyers.

Fewer families purchased, and fewer local Buyers were in the market, but more empty-nesters / retired people bought & more from the Lower Mainland and Alberta. 

There was also a significant fall in those buying in the Kelowna area, I suspect due to lack of inventory,

Here is the full report.

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

First Time Buyer – 17.67% (15.61%)

Revenue Property Investor – 14.67% (14.97%)

Moving Up – 16.33% (24.20%)

Similar Property Type – 18.00% (15.92%)

Downsizing – 12.67% (12.74%)

Single-family Res to Strata – 3.33% (2.55%)

Recreational Property –  11.33% (6.69%)

Retirement Community – 1.00% (1.27%)

Strata to Single Family – 0.67% (2.87%)

Describe the Buyer (family...

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The British Columbia Real Estate Association (BCREA) reports that a total of 7,169 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in January 2021, an increase of 63.3 per cent over January 2020 and over a thousand sales higher than the previous record for the month of January. The average MLS® residential price in BC was $845,169, a 16.1 per cent increase from $728,269 recorded in January 2020. Total sales dollar volume was $6.1 billion, an 89.6 per cent increase from last year.

“It was once again a record-setting month for the provincial housing market,” said BCREA Chief Economist Brendon Ogmundson. “While sales were strong across all regions of the province, the Fraser Valley, Interior and Vancouver Island regions shattered previous sales records and pushed January sales to new heights.”

Total active residential listings were down 21.5 per cent to 20,254 units in January, the lowest level of provincial active listings on...

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When we look at the sales figures for the Kelowna Real Estate Market in January 2021 it will seem that the market is slowing. The reality, however, is that it is 'very hot' and it is the lack of inventory that is slowing the market.

I have heard many stories of multiple offers during the last month and buyers having nothing to view.

We are seeing quite a few properties come on the market now where the Seller will not look at offers for a couple of days after listing, as they were wanting to maximize the number of buyers bringing forth offers.

Kelowna & Central Okanagan Real Estate Sales January 2021.

January Residential Real Estate sales numbers were down again compared to December 2020, but continue to be up significantly compared to January 2020.

The current sales numbers are actually more to do with lack of inventory than Buyers looking to purchase.

Compared to the last month-:

- Total Sales were down 12.1% last month.

- Single-Family Homes sales down 12.5%.

- Strata sales down...

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