Kelowna Real Estate Market News

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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