Kelowna Real Estate Market News

The Kelowna Real Estate Buyers Survey Results are now out for October 2021.

The was a substantial reduction in First Time and Investment Buyers last month, with move-up Buyers and Buyers purchasing similar properties busier in the Real Estate Market.

Local Buyers and Lower Mainland Buyer numbers were down last month, while buyers from other areas of BC and Alberta were up.

There were fewer Buyers in the Kelowna area, and significantly fewer Buyers in Penticton, with more Buyers in the Oliver, Vernon and Salmon Arm areas.

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

First Time Buyer – 13.51% (19.42%)

Revenue Property Investor – 13.02% (17.59%)

Moving Up – 16.95% (14.44%)

Similar Property Type – 19.90% (17.32%)

Downsizing – 13.51% (13.91%)

Single-family Res to Strata – 6.39% (4.99%)

Recreational Property – 9.34% (8.14%)

Retirement Community – 2.46% (1.84%)

Strata to Single Family – 2.21% (1.57%)

Describe the Buyer...

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The British Columbia Real Estate Association (BCREA) reports that a total 9,593 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October 2021, a decrease of 13.7 per cent from October 2020. The average MLS® residential price in BC was $964,777, an 18.9 per cent increase from $811,307 recorded in October 2020. Total sales dollar volume was $9.3 billion, a 2.6 per cent decline from the same time last year.

“The story across the province continues to be the record low number of listings,” said BCREA Chief Economist Brendon Ogmundson. “Rising mortgage rates should start to temper sales activity next year, but even with a moderation in demand it will take quite some time for the inventory of homes to return to a healthy level.”

Total active residential listings were down nearly 40 per cent year-over-year in October, falling to an all-time record low for the province. Active listings have now fallen for five consecutive months...

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Low inventory continued to dominate the news in the Kelowna Real Estate Market during October 2021.

This has continued to drive pricing upwards, and I saw all my new listings receive multiple offers during the last month.

Kelowna & Central Okanagan Real Estate Sales October 2021.

October 2021 Kelowna Residential Real Estate sales numbers were elevated again, compared to the previous 2 months.

Compared to the last month-:

- Total Sales were up 5.1% last month.

- Single-Family Homes sales up 4.9%.

- Strata sales up 2.9%

Compared to last year -:

- Overall sales were down 21%

- Single-Family Home sales down 23.8%.

- Strata sales were down 18.2%.

Recently, we have been seeing a little more inventory on the market which has spurred on those who are unsuccessful in purchasing earlier in the year.

I have, for example, been searching for a family home in the Lake Country area and there has been very little inventory coming onto the market, and each home has...

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