Kelowna Real Estate Market News

The British Columbia Real Estate Association (BCREA) reports that a total of 15,073 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in March 2021, an increase of 123.3 per cent over March 2020 and a new all-time record for monthly BC home sales. The average MLS® residential price in BC was $947,707, a 20.4 per cent increase from $787,032 recorded in March 2020. It should be noted that average prices across the province are being skewed higher as more expensive single-detached homes remain a higher share of dollar volume during the pandemic. Total sales dollar volume was $14.3 billion, a 168.9 per cent increase from last year.

“Home sales in the province shattered the previous record, led by markets in the Lower Mainland,” said BCREA Chief Economist Brendon Ogmundson. “While mortgage rates have risen in recent months and a modest tightening of mortgage regulations is on the horizon, market activity is expected to remain very strong...

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There were fewer Revenue Property Buyers last month, but more buying similar properties and downsizing.

Local buyers continued to be busy in the MArket as well as Buyers from the Lower Mainland and Vancouver Island.

Please read the full report below.

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

First Time Buyer – 16.21% (16.67%)

Revenue Property Investor – 14.40% (18.99%)

Moving Up – 16.60% (16.46%)

Similar Property Type – 19.46% (14.35%)

Downsizing – 13.23% (10.97%)

Single-family Res to Strata – 4.41% (6.96%)

Recreational Property – 8.43% (9.28%)

Retirement Community – 1.56% (0.63%)

Strata to Single Family – 2.72% (2.74%)

Describe the Buyer (family dynamic):

Couple without children – 23.82% (24.79%)

Two Parent family /children – 27.27% (29.41%)
Empty nesters or retired – 20.10% (19.54%)
Single female – 12.42% (10.71%)
Single male – 11.52% (10.50%)
Single parent with children – 3.20%...

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March 2021 was another hugely busy month in the Kelowna Real Estate Market.

There were many disappointed buyers who really put their best foot forward, had the least subject conditions they could, and were still not successful in buying a home.

With the number of buyers who are continuing to look and the level of inventory coming onto the market, one would have to say that the current pricing increases are likely to continue, in the short term.

We have seen a modest increase in Mortgage Rates and also there is now a ‘storm cloud’ brewing, with the banks reviewing the Mortgage Stress Test criteria.

The last time they did this it had a dramatic impact on the market in the short term, so there is every reason to believe that some Buyers may accelerate plans to try and find something before any changes take place in June 2021.

Also, during the last month, UBCO announced that they will be returning to

in-person schooling next year so we have certainly seen a spike in investors and...

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