Kelowna Real Estate Market News

The British Columbia Real Estate Association (BCREA) reports that a total 9,507 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in August 2021, a decrease of 7.1 per cent over August 2020. The average MLS® residential price in BC was $901,712, a 17.2 per cent increase from $769,691 recorded in August 2020. Total sales dollar volume was $8.6 billion, an 8.9 per cent increase from last year.

“Home sales around the province have essentially returned to normal after a record setting spring,” said BCREA Chief Economist Brendon Ogmundson. “However, we continue to see a drought in the total supply of listings as well as downward trend in new listings activity.”

Total active residential listings were down 37.9 per cent yearover-year in August and were 42 per cent below normal levels for the month of August.

Year-to-date, BC residential sales dollar volume was up 102.2 per cent to $82 billion, compared with the same period in 2020....

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After the record temperatures we experienced in Kelowna and the Central Okanagan earlier in the summer, many feared we would be in for a difficult 'Fire Season', and sadly that has been the case.

We have experienced 2 very large fires, one at the North of Lake Okanagan, and one in the Glenrosa / Peachland area, as well as many smaller fires that the Firefighters have done an amazing job of quickly bringing under control.

These fires filled the Valley with dense smoke, and together with deteriorating Covid numbers, led the local and Provincial Government to ask people to stay away.

These factors, together with continuing low inventory, have continued to have an impact on the Kelowna Real Estate Market.

Kelowna & Central Okanagan Real Estate Sales August 2021.

August 2021 Kelowna Residential Real Estate sales numbers have continued their downward trend .

Compared to the last month-:

- Total Sales were down 7.9% last month.

- Single-Family Homes sales stable.

- 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.