Kelowna Real Estate Market News

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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The British Columbia Real Estate Association (BCREA) has now released its 2018 Third Quarter Housing Forecast Update.


Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 21 per cent to 82,000 units this year, after recording 103,768 residential sales in 2017. MLS® residential sales are forecast to increase by 8 per cent to 88,700 units in 2019. The 10-year average for MLS® residential sales in the province is 84,800 units.


The BC housing market is grappling with a sharp decline in affordability caused by tough B20 stress test rules for conventional mortgages, said Cameron Muir, BCREA Chief Economist. While these rules have had a negative effect on housing demand across the country, the impact has been especially severe in BCs large urban centres because of already strained housing affordability.


In spite of the policy-driven downturn in housing demand, strong fundamentals continue to underpin the market. Demographics are highly...

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The BC Real Estate Association has published its forecast for the BC Real Estate Market for 2018 through to 2019 today.

 

Snapshot of their Kelowna Real Estate Market Forecast

- Fall in unit sales for the Kelowna Real Estate Market and Central Okanagan of 2.8% & 0.6% in 2019.


- Average MLS® prices will rise 6.7% in 2018 and 2.6% in 2019. 

 

Read the full summary below-:

 

BC Housing Forecast Update March 2018

 


Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 8.6 percent to 94,855 units this year, after recording 103,763 residential sales in 2017. MLS® residential sales are forecast to edge back a further 1 percent to 94,025 units in 2019. Housing demand is expected to remain above the 10-year average of 84,800 units in 2020. Strong economic performance and favourable demographics in BC are underpinning housing demand. However, more stringent mortgage qualification rules, rising interest rates and...

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