CMHC have just announced their Fall 2018 Report for the Kelowna Real Estate Market.
Key Points - Kelowna Real Estate Market
- Year to Date - In the first 8 months of 2018, MLS® sales activity was down 19% relative to the same period in 2017, representing a full 31% decline relative to the peakpace of sales seen in 2016.
- Slowing demand = increase in active listings & inventory levels are at a similar level to those seen in 2014.
- Cause = shifts in key housing market fundamentals including rising mortgage rates & slowing population growth driven by a decline in interprovincial migration. For the Kelowna area this can be partially explained by a recovery in the pace of economic growth in the Prairie Provinces = greater competition for labour and drawing individuals back to Alberta, in particular.
- Result - Anticipate flatter price growth as competition for individual units, regardless of the market segment, relaxes and market conditions become...