Kelowna Real Estate Market News

The British Columbia Real Estate Association (BCREA) reports that a total of 9,159 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in November 2021, a decrease of 3.4 per cent from November 2020. The average MLS® residential price in BC was $993,922, a 22.1 per cent increase from $814,310 recorded in November 2020. Total sales dollar volume was $9.1 billion, a 17.9 per cent increase from the same time last year.


“Provincial MLS® home sales reached a new annual record in November with still one month to go in 2021,” said BCREA Chief Economist Brendon Ogmundson. “Home sales have already surpassed the previous annual record of 112,425 units set in 2016.”


Total active residential listings continued to tumbler lower, falling 39 per cent year-over year to a record low for the province. Active listings are now about half of the level reached prior to the pandemic.


Year-to-date, BC residential sales dollar volume is up 63.6 per...

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


First Time Buyers were busier in the Market last month, however, I am not surprised to see fewer Empty Nester / Retired Buyers downsizing, as the number of listing for sale in the sector has been acutely low.


With travel being more difficult from the Lower Mainland, due to the closed roads, Local Buyers were more prevalent and Lower Mainland Buyer numbers were down last month.


There were a similar number of Buyers in the Kelowna area, and fewer Buyers in Penticton & Princeton/Keremeos, with more Buyers in the Oliver, Vernon and Salmon Arm areas.


Here is the full report below.


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


First Time Buyer – 20.47% (13.51%)

Revenue Property Investor – 13.47% (13.02%)

Moving Up – 17.10% (16.95%)

Similar Property Type – 18.65% (19.90%)

Downsizing – 10.88% (13.51%)

Single-family Res to Strata – 6.48% (6.39%)

Recreational...

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While the number of sales may be continuing to reduce, do not be fooled into thinking the market is cooling off!


I have been continuing to work with a variety of Buyers, and it is not a market for the faint-hearted or those that aren't super-motivated to find a home!


I don't believe we have ever seen our inventory at such critically low levels, and we are continuing to see many multiple offer situations, and listings selling well over the asking price.


Kelowna & Central Okanagan Real Estate Sales November 2021.



November 2021 Kelowna Residential Real Estate sales numbers were slightly below the October 2021 numbers.

Compared to the last month-:

- Total Sales were down 4.7% last month.

- Single-Family Homes sales were down 1.7%.

- Strata sales down 6.5%


Compared to last year -:


- Overall sales were down 15.7%

- Single-Family Home sales were down 13.6%.

- Strata sales were down 15.1%.


Inventory Levels November 2021


Historically low Inventory in the Central...

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