Kelowna Real Estate Market News

The Kelowna Real Estate Buyers Survey results for March 2020, showed more move-up Buyers and Empty Nesters buying in our Central Okanagan Market.

Due to the travel restrictions that started to impact mid-March, it is not surprising to see local Buyer numbers up.

Here are the full results -:

Best describe your most recent Buyer (moving to/from property type)

First Time Buyer – 19.28% (20.63%) 

Revenue Property Investor – 7.63% (9.52%)

Moving Up – 21.69% (17.46%)

Similar Property Type – 18.47% (19.58%)

Downsizing – 16.87% (14.29%)

Single-family Res to Strata – 4.42?% (5.29%)

Recreational Property – 2.41% (4.76%)

Retirement Community-3.61% (1.06% )

Strata to Single Family – 4.02% (3.70%)

Describe the Buyer (family dynamic):

Couple without children – 25.6% (25.40%)

Two-Parent Family /children – 21.2% (24.87%)

Empty nesters or retired – 23.2% (17.46%)

Single female – 13.6% (11.64%)

Single male – 12.4% (11.64%)...

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In the Kelowna Real Estate Buyers Survey results for February 2020, it seems that more Couple without Children and Empty Nesters were busier buying, and this potentially goes to explain why there were more cash buyers.

There were fewer buyers from local Markets but more from the Lower Mainland and more deciding to buy in the Vernon area.

Here are the full results -:

Best describe your most recent Buyer (moving to/from property type)

First Time Buyer – 20.63% (22.09%) 

Revenue Property Investor – 9.52% (12.27%)

Moving Up – 17.46% (16.56%)

Similar Property Type – 19.58 (19.63%)

Downsizing – 14.29% (13.50%)

Single-family Res to Strata – 5.29% (6.13%)

Recreational Property – 4.76% (6.75%)

Retirement Community-1.06% (3.68%)

Strata to Single Family – 3.70% (1.23%)

Describe the Buyer (family dynamic):

Couple without children – 25.40% (23.93%)

Two-Parent Family /children – 24.87% (28.22%)

Empty nesters or retired – 17.46% (13.50%)...

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Despite the snow and some cold temperatures for the Okanagan during January, potential buyers of Kelowna Real Estate have been starting to look and the number of potential investors I have spoken to has been well up on last year.

Interestingly, a number are looking for AirBnB potential properties.

Overall, it has been a lower inventory that has been the biggest challenge, and as a result, we have seen stronger activity, particularly when more affordable homes list with suites and financing has still been a challenge, for some, and this is has been the cause of a number of offers collapsing.

This week BC Stats estimated the current population of Kelowna had increased to 142,000 from 133,000 in 2016 and is still rising, And we continue to see reports of the future growth of UBCO.

Kelowna & Central Okanagan Real Estate Sales January 2020.

Last month-:

- Total Sales were down 5.7% last month.

- Single-Family Homes sales down 2.1%

- Strata sales down 14.2%.

Compared to last year sales numbers...

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The December 2019 Buyers Survey Results are now posted for the Kelowna Real Estate Market and Central Okanagan area.

'Move up' property buyers were busier in our Real Estate Market during the last month and Vernon / Coldstream saw more Buyers.

Please find the full summary below.

Best describe your most recent Buyer (moving to/from property type)

First Time Buyer –  20.88% (22.18%) 

Revenue Property Investor – 13.19% (12.13%) 

Moving Up – 21.43% (17.99%)

Similar Property Type – 13.19% (14.23%)

Downsizing – 10.44% (13.81%)

Single Family Res to Strata – 2.75% (5.44%) 

Recreational Property – 7.14% (7.11%)

Retirement Community – 1.10% (0% ) 

Strata to Single Family – 2.75% (4.18%) 

Describe the Buyer (family dynamic):

Couple without children – 19,23% (25.10%) 

Two-Parent Family /children –  27.47% (28.87%)

Empty nesters or retired – 14.84% (24.27%)

Single female – 18.13% (7.53%)...

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The outlook for home sales in 2020 is considerably brighter than the past two years, according to Brendon Ogmundson, Chief Economist, for the BC Real Estate Association. A strong recovery that began in the middle of last year helped to offset an uncommonly languid spring, and sales closed out 2019 essentially unchanged from the year before. Momentum carried through to 2020 will put the housing market on more solid footing, aided by low-interest rates and an improving economy. We forecast 2020 MLS® unit sales will normalize around their long-run average of about 85,000 units before rising to 90,700 units in 2021.

The BC economy has slowed over the past two years, hindered by heightened uncertainty in global trade and a faltering housing market. Weaker home sales and a more stringent consumer credit environment dragged household consumption to a second straight year of sub-par growth, as evidenced by sputtering retail sales. However, strong wage growth and an expected rise in home...

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Vancouver, BC – January 13, 2020.

The British Columbia Real Estate Association (BCREA) reports that a total of 77,331 residential unit sales were recorded by the Multiple Listing Service® (MLS® ) in 2019, a decline of 1.5 per cent from the 78,516 units sold in 2018. The annual average MLS® residential price in BC was $700,460, a decline of 1.6 per cent from $711,564 recorded the previous year. Total sales dollar volume was $54.2 billion, a 3 per cent decline from 2018.

“Housing markets across the province staged a strong recovery in the second half of 2019,” said BCREA Chief Economist Brendon Ogmundson. “This sets up 2020 to be a much more typical year than what markets have experienced recently.

” A total of 5,218 MLS® residential unit sales were recorded across the province in December, up 48.9 per cent from December 2018. The average MLS® residential price in BC was $755,165, an increase of 8.7 per cent from December 2018. Total sales...

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