Kelowna Real Estate Market News

Looking at the MLS® sales figures for British Columbia as at the end of October 2018, the British Columbia Real Estate Association (BCREA) reports that a total of 6,405 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in October, down 26.2% from the same month last year. The average MLS® residential price in BC was $690,161, a decline of 4.1% from October 2017.


Total sales dollar volume was $4.2 billion, a 29.3 % decline from October 2017. “The BC housing market continued to grapple with tougher mortgage qualifications in October,” said Cameron Muir, BCREA Chief Economist. “However, more moderate consumer demand has led to a much-needed increase in the supply of homes for sale.”


Total active residential listings were up nearly 30% to 36,195 units in October, compared to the same month last year. While the BC housing market exhibited balanced conditions overall in October, market...

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Updates to Property Transfer Tax Return now in effect Changes to the Property Transfer Tax (PTT) return are now in effect as of Monday, September 17.


These changes are expected to provide the BC Government with better tools to ensure property buyers are not evading taxes they owe and increase evidence of true real estate ownership.


When making a real estate purchase through corporations or trusts, buyers and transferees with significant interest in property must be identified on the PTT return and will have to disclose the following information:


 name

 date of birth

 citizenship information

 contact details, and

 tax identification numbers.


It’s important to note that:

 the change is not retroactive (it only applies from September 17 onwards)

 it is intended to be applied consistently to all property types and classes, including commercial and residential, and

 all data collected on the PTT return is treated as confidential.


There are exemptions for certain trusts such as ...

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The trademarks MLS®, Multiple Listing Service® and the associated logos identify professional services rendered by REALTOR® members of CREA to effect the purchase, sale and lease of real estate as part of a cooperative selling system.
MLS®, REALTOR®, and the associated logos are trademarks of The Canadian Real Estate Association.