Kelowna Real Estate Market News

The British Columbia Real Estate Association (BCREA) reports that a record 124,854 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in 2021, a 32.8 per cent increase from the 94,001 units sold in 2020. The annual average MLS® residential price in BC was $927,877, an 18.7 per cent increase from $781,572 recorded the previous year.Total sales dollar volume was $115.8 billion, a 57.7 per cent increase from 2020.


“Last year was a record year for BC homes sales with seven market areas setting new highs,” said BCREA Chief Economist Brendon Ogmundson. “Listings activity could not keep up with demand throughout the year. As a result, we start 2022 with the lowest level of active listings on record.”


A total of 6,871 MLS® residential unit sales were recorded across the province in December down 17.6 per cent from a record-setting December 2020. The average MLS® residential price in BC passed the $1 million mark for the first...

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


First-time, Investor and Downsizing Buyers were busier in the Market last month, with Two-Parent Families being the busiest Family dynamic.


Buyers from the Lower Mainland were busier again last month, as were buyers from other areas of BC, and more purchased properties in Kelowna & the Central Okanagan.


Here is the full report below.


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


First Time Buyer – 21.29% (20.47%)

Revenue Property Investor – 15.26% (13.47%)

Moving Up – 16.06% (17.10%)

Similar Property Type – 18.88% (18.65%)

Downsizing – 11.65% (10.88%)

Single-family Res to Strata – 5.62% (6.48%)

Recreational Property – 5.62% (7.25%)

Retirement Community – 2.41% (0.78%)

Strata to Single Family – 2.41% (1.81%)


Describe the Buyer (family dynamic):


Couple without children – 22.98% (23.02%)

Two Parent family /children – 29.44%...

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This report details the market performance of Real Estate in Quail Ridge & the University District of Kelowna during the last 12 months, based on MLS® listings & sales.


There are details for each sector i..e. Single Family Homes, Condos & Townhomes together with my forecast for 2022.



Quail Ridge / University District Real Estate

January 1, 2021, to December 31, 2021.

Sales Numbers


 


Date


Total

Single Family Homes


Condos


Townhomes


Lots

 

Jan-Dec

2021


223


48


136


36


3

 

Jan-Dec

2020


99


34


43


22


0

  Jan-Dec 2019


82


23


46

 

13


0


Summary for 12 Months January to December 2021 compared to 2020.

- Total MLS® Sales up 125%.

- 41.2% increase Single Family Homes sales.

- 216% rise in Condos sales.

- 63.6%% increase in Townhome Sales. 


Homes - sales numbers were up & ranged between $850,000 & $1.749m last year.


Town Home - there were very few townhomes for sale in Quail Ridge last year, so the numbers were dominated by sales in the Academy...

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First and foremost Happy New Year everyone!


Last month's sales were much more subdued, as a result of -:


1. Buyers continued to struggle to find homes, due to low inventory.

2. There were continuing road closures between the Okanagan and the Lower Mainland, after the November floods, which made traveling more challenging.

3. We started to see a rise in Covid cases throughout BC, as a result of the Omicron variant, which caused some to pause their house-buying plans.


Kelowna & Central Okanagan Real Estate Sales December 2021.



December 2021 Kelowna Residential Real Estate sales numbers were significantly lower than November 2021 numbers.

Compared to the last month-:

- Total Sales were down 33.8% last month.

- Single-Family Homes sales were down 40.6%.

- Strata sales down 28.6%


Compared to last year -:


- Overall sales were down 23.6%

- Single-Family Home sales were down 26.8%.

- Strata sales were down 17.9%.


Inventory Levels December 2021


Our already ...

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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.