Kelowna Real Estate Market News

I decided to look at a snapshot of current building underway, what type of housing is being built and how it is being absorbed to check whether there are any signs of sectors becoming over-built in the Kelowna Real Estate Market as we saw in the past.

Seasonally Adjusted Housing Starts December 2018

After a rapid rise in housing starts appear to be easing off for now.

More Townhomes appear to be being built compared to last year.

As you can see there are a significant number of Condos being built, as there is much building work in Water Street, Ellis, Bernard, and St Paul area, for example.

This downtown area will be one to watch. Potentially, if demand doesn't increase over the next 12 months, we may well see some evidence of over-supply later in the year.

Kelowna Rental Market

As you can see, Vacancy Rates are still quite low.

I was interested to see the Average Rents that CMHC are quoting.

In speaking to many Clients, who are Landlords, the rents...

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I was reading the latest Padmapper report today, who publish a Canadian Rent Report in November 2018. I thought I would share it with you, both for the benefit of Kelowna Real Estate Investors and those looking to Rent in our Market.

It analyzes rental data from hundreds of thousands of active listings across the country, these  Rental Listings are then aggregated on a monthly basis to calculate median asking rents for the top 24 most populous metro areas, providing a comprehensive view of the current state of the market. 

The report is based on all data available in the month prior to publication. Any data that is reported does not include short-term or Airbnb listings.

Overall, 15 Canadian cities saw an upward trend, 5 downward, and 4 remained flat last month. While Kelowna had the largest monthly rental growth rate in the country, up 5.8%, Abbotsford saw the biggest rent dip, down 5.3%. In the top markets, Kitchener moved up 2 spots and back into the 10 again....

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