Kelowna Real Estate Market News

The outlook for home sales in 2020 is considerably brighter than the past two years, according to Brendon Ogmundson, Chief Economist, for the BC Real Estate Association. A strong recovery that began in the middle of last year helped to offset an uncommonly languid spring, and sales closed out 2019 essentially unchanged from the year before. Momentum carried through to 2020 will put the housing market on more solid footing, aided by low-interest rates and an improving economy. We forecast 2020 MLS® unit sales will normalize around their long-run average of about 85,000 units before rising to 90,700 units in 2021.



The BC economy has slowed over the past two years, hindered by heightened uncertainty in global trade and a faltering housing market. Weaker home sales and a more stringent consumer credit environment dragged household consumption to a second straight year of sub-par growth, as evidenced by sputtering retail sales. However, strong wage growth and an expected rise in home...

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Vancouver, BC – January 13, 2020.


The British Columbia Real Estate Association (BCREA) reports that a total of 77,331 residential unit sales were recorded by the Multiple Listing Service® (MLS® ) in 2019, a decline of 1.5 per cent from the 78,516 units sold in 2018. The annual average MLS® residential price in BC was $700,460, a decline of 1.6 per cent from $711,564 recorded the previous year. Total sales dollar volume was $54.2 billion, a 3 per cent decline from 2018.



“Housing markets across the province staged a strong recovery in the second half of 2019,” said BCREA Chief Economist Brendon Ogmundson. “This sets up 2020 to be a much more typical year than what markets have experienced recently.


” A total of 5,218 MLS® residential unit sales were recorded across the province in December, up 48.9 per cent from December 2018. The average MLS® residential price in BC was $755,165, an increase of 8.7 per cent from December 2018. Total sales...

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Vancouver, BC – November 13, 2019.


The British Columbia Real Estate Association (BCREA) reports that a total of 7,666 residential unit sales were recorded by the Multiple Listing Service® (MLS® ) in October, an increase of 19.3 per cent from the same month last year.



The average MLS® residential price in the province was $724,045, an increase of 5.1 per cent from October 2018. Total sales dollar volume was $5.55 billion, a 25.4 per cent increase from the same month last year. “Most markets around the province are returning to a more typical level of sales activity,” said BCREA Chief Economist Brendon Ogmundson. “That recovery in sales and slower listings activity is putting upward pressure on prices in many markets.”


MLS® residential active listings in the province were up 1 per cent from September 2018 to 36,567 units, although down slightly when compared on a seasonally adjusted basis. With sales and listings down, overall market conditions...

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Vancouver, BC – October 15, 2019.


The British Columbia Real Estate Association (BCREA) reports that a total of 6,938 residential unit sales were recorded by the Multiple Listing Service® (MLS® ) in September, an increase of 24 per cent from the same month last year.


The average MLS® residential price in the province was $697,943, an increase of 2.1 per cent from September 2018. Total sales dollar volume was $4.84 billion, a 26.5 per cent increase from the same month last year. “Markets across BC built on momentum from the summer,” said BCREA Chief Economist Brendon Ogmundson. “While the year-over-year increase in provincial sales was quite strong, home sales in most areas are simply returning to historically average levels.”


MLS® residential active listings in the province were up 4 per cent from September 2018 to 39,117 units and were essentially flat compared to August on a seasonally adjusted basis. Overall market conditions remained in a...

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Vancouver, BC – September 12, 2019.


The British Columbia Real Estate Association (BCREA) reports that a total of 7,093 residential unit sales were recorded by the Multiple Listing Service® (MLS® ) in August, an increase of 4.9 per cent from the same month last year. The average MLS® residential price in the province was $685,575, an increase of 2.6 per cent from August 2018. Total sales dollar volume was $4.86 billion, a 7.6 per cent increase from the same month last year.


“BC home sales continue to recover from a policy-driven downturn,” said BCREA Deputy Chief Economist Brendon Ogmundson. “Home sales have been rising through the spring and summer, but still remain well below preB20 stress test levels.


MLS® residential active listings in the province were up 10 per cent from August 2018 to 40,098 units and were essentially flat compared to July on a seasonally adjusted basis. Overall market conditions remained in a balanced range with a sa...

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The BC Real Estate Association has now issued its third-quarter Housing Forecast.


In their opinion, the BC housing market appears to be stabilizing after a year and a half of volatility induced by the B20 mortgage stress test and other policy measures. Total MLS® unit sales are on pace to finish 2019 at just under 75,000 units, a 5 per cent decline from 2018. Home sales posted a sharp rebound over the summer, buttressed by strong employment growth and a decline in mortgage rates. We expect that most markets will normalize around long-term averages in 2020, with total provincial sales reaching 82,710 units.


Growth in the BC economy is projected to slow for a second consecutive year in 2019. A policy-driven slowdown in housing activity, a challenging global trade environment and cautious consumer spending have provincial real GDP on pace to grow at about 2.2 per cent this year. Our baseline forecast is for slightly improved economic growth at 2.5 per cent in 2020, as spending on LNG projects...

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