Kelowna Real Estate Market News

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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The British Columbia Real Estate Association (BCREA) reports that a total of 7,731 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in November, an increase of 20.4% from the same period last year. Total sales dollar volume was $5.59 billion, up 39.1% from November 2016. The average MLS® residential price in the province was $723,112, up 15.5 per cent from November 2016.

 

November was the third consecutive month that BC home sales were above 9,000 units, on a seasonally adjusted basis," said Cameron Muir, BCREA Chief Economist. "Elevated consumer demand is being supported by strong employment growth, rising wages and favourable demographics."

 

BC employment increased 3.8 per cent over the last 12 months, totaling over 90,000 jobs. Over the same period, average hourly wages in the province climbed 5.7 per cent to $26.82. Against this backdrop, a large cohort of millennials is entering their household-forming life stage....

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