Kelowna Real Estate Market News


This report details the market performance of Real Estate in Quail Ridge & the University District of Kelowna during the last 12 months, based on MLS® listings & sales.


There are details for each sector i..e. Single Family Homes, Condos & Townhomes together with my forecast for 2021.



Quail Ridge / University District Real Estate

January 1, 2020, to December 31, 2020.

Sales Numbers


 


Date


Total

Single Family Homes


Condos


Townhomes


Lots

 

Jan-Dec

2020


99


34


43


22


0

 

Jan-Dec

2019


82


23


46


13


0

  Jan-Dec 2018


76


26


47

 

2


1


Highlight Summary for 12 Months Jan - Dec 2020 compared to 2019.

- Total MLS® Sales up 20.7%.

- 47.8% increase Single Family Homes sales.

- 6.5% fall in Condos sales.

- 69% increase in Townhome Sales. 


Homes - we saw sales in all price ranges, and numbers were bolstered as we started to see some re-sales in University Heights.


Town Home - sales in the new Academy Ridge Town Home complex resulted in a significant rise...

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The latest Kelowna Real Estate Buyers Survey Results are now out, for September 2020.


First-time Buyers were busier again this month, but there were few Buyers 'moving up'.


The numbers moving from the Lower Mainland were up last month, as were the number moving from Eastern Canada.


Here is the full report.


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


First Time Buyer – 18.98% (14.22%)

Revenue Property Investor – 9.3% (9.71%)

Moving Up – 19.35% (23.48%)

Similar Property Type – 18.98% (20.54%)

Downsizing – 10.25% (14.00%)

Single family Res to Strata – 4.55% (2.26%)

Recreational Property –  11.39% (11.06%)

Retirement Community – 2.85% (0.90%)

Strata to Single Family – 4.55% (2.03%)

  


Describe the Buyer (family dynamic):


Couple without children – 24.48% (25.23%)

Two Parent family/children – 28.44% (33.11%)

Empty nesters or retired – 19.77% (18.69%)

Single female – 13.56% (10.81%...

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The latest Kelowna and Central Okanagan Real Estate Buyers Survey Results are now out for July 2020.


First-time buyers were less busy in the Market last month, while Investments and Recreational Property Buyers were busier.


There were also a lot more Buyers from the Lower Mainland and Vancouver Island.


Here are the full results -:


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


First Time Buyer – 15.10% (20.82%)

Revenue Property Investor – 8.92% (5.91%)

Moving Up – 21.28% (20.57%)

Similar Property Type – 21.74% (19.54%)

Downsizing – 11.44% (12.85%)

Single-family Res to Strata – 5.26% (5.66%)

Recreational Property – 8.47% (7.71%)

Retirement Community – 2.29% (1.80%)

Strata to Single Family – 3.2% (3.34%)


Describe the Buyer (family dynamic):


Couple without children – 25.28% (28.02%)

Two Parent family/children – 28.44% (27.76%)

Empty nesters or retired – 21.67% (17.99%)

Single female – 9.93% (14.65%)...

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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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