Kelowna Real Estate Market News

While there are 'mutterings' of the Kelowna Real Estate Market slowing down, I have to say this is more to do with lack of suitable inventory than a 'market slowdown'!

I have been working with several buyers looking for Single-Family Homes & Townhomes, and we are racing to view new listings nearly every day, and anything we write on is in 'multiple offers'.

In the Academy Way area near the University, Condo listings offering vacant possession for September are becoming increasingly rare, and I understand that rentals are very hard to come by.

One Agent at my office reported over 100 showings on one of their more affordable home listings last week!

As Buyers get more desperate, we are also seeing properties where Sellers indicate they will look at offers on a certain day, suddenly receive 'bully offers'.

So what is a 'Bully Offer'? A Bully Offer is an offer to buy a property before the date the Seller has indicated they will accept offers. It is...

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The current Kelowna Real Estate Market is one of the hottest we have ever seen!

It is proving to be a stressful time, for many Buyers, as they view a home and find themselves bidding with 8 or 9 other parties, and then having to wrestle with whether they should go in 'subject free' to give them the best chance.

I've been involved in 'multiple offers', 'bully offers' and had no suitable product to show potential Buyers.

Understandably, some are becoming disillusioned and have given up for now, while others have sharpened their game plan and eventually been successful. 

Kelowna & Central Okanagan Real Estate Sales April 2021.

April 2021 Residential Real Estate sales numbers pegged back a little last month, but were way higher than this time last year when we were just beginning to see the impact of the Covid 19 pandemic.

Compared to the last month-:

- Total Sales were down 8.3% last month.

- Single-Family Homes sales down 3.6%.

- Strata sales down 10%

- Lots down 43.9%....

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There were fewer Revenue Property Buyers last month, but more buying similar properties and downsizing.

Local buyers continued to be busy in the MArket as well as Buyers from the Lower Mainland and Vancouver Island.

Please read the full report below.

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

First Time Buyer – 16.21% (16.67%)

Revenue Property Investor – 14.40% (18.99%)

Moving Up – 16.60% (16.46%)

Similar Property Type – 19.46% (14.35%)

Downsizing – 13.23% (10.97%)

Single-family Res to Strata – 4.41% (6.96%)

Recreational Property – 8.43% (9.28%)

Retirement Community – 1.56% (0.63%)

Strata to Single Family – 2.72% (2.74%)

Describe the Buyer (family dynamic):

Couple without children – 23.82% (24.79%)

Two Parent family /children – 27.27% (29.41%)
Empty nesters or retired – 20.10% (19.54%)
Single female – 12.42% (10.71%)
Single male – 11.52% (10.50%)
Single parent with children – 3.20%...

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March 2021 was another hugely busy month in the Kelowna Real Estate Market.

There were many disappointed buyers who really put their best foot forward, had the least subject conditions they could, and were still not successful in buying a home.

With the number of buyers who are continuing to look and the level of inventory coming onto the market, one would have to say that the current pricing increases are likely to continue, in the short term.

We have seen a modest increase in Mortgage Rates and also there is now a ‘storm cloud’ brewing, with the banks reviewing the Mortgage Stress Test criteria.

The last time they did this it had a dramatic impact on the market in the short term, so there is every reason to believe that some Buyers may accelerate plans to try and find something before any changes take place in June 2021.

Also, during the last month, UBCO announced that they will be returning to

in-person schooling next year so we have certainly seen a spike in investors and...

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Revenue Property Investors were busier in the Market during the last month, as were Couples without Children.

We saw an increase in Buyers from the Lower Mainland and Vancouver Island & a few more Buyers Buying in the Kelowna / West Kelowna areas and Shuswap / Revelstoke areas.

Please read the full report below.

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

First Time Buyer – 16.67%

Revenue Property Investor – 18.99%

\Moving Up – 16.46%

Similar Property Type – 14.35%

Downsizing – 10.97%

Single-family Res to Strata – 6.96%

Recreational Property – 9.28%

Retirement Community – 0.63%

Strata to Single Family – 2.74%

Describe the Buyer (family dynamic):

Couple without children – 24.79%
Two Parent family /children – 29.41%
Empty nesters or retired – 19.54%
Single female – 10.71%
Single male – 10.50%
Single parent with children – 3.57%

Where did Buyer move from?

From within Association...

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It's been another busy month for the Kelowna Real Estate Market.

Bidding on properties has been 'fierce' at times and I have heard many stories of multiple offers, with the most being 15 offers on 1 home!

Buyers really have to be well prepared for what's ahead and ready to be disappointed several times over before being successful with an offer.

When viewing single-family homes, in particular, half-hour showing windows have been the norm, typically over a weekend with offers looked at on a Monday or Tuesday.

Even with whispers that fixed mortgage rates may start to rise, with inventory still low, there currently seems no end in sight for this hot market.

Kelowna & Central Okanagan Real Estate Sales February 2021.

As you can see February Residential Real Estate sales numbers bounced back significantly in February 2021.

Compared to the last month-:

- Total Sales were up 65% last month.

- Single-Family Homes sales up 51.7%%.

- Strata sales up 64.1%

- Lots up 125%.


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