Kelowna Real Estate Market News

June was a much busier month in the Kelowna Real Estate Market, as we saw a gradual easing of travel restrictions and all parties adapting to social distancing guidelines.

Homes in the affordable housing market continued to show strong activity and well-priced homes saw a number of multiple offers.

The dramatic increase in sales in June was a reflection of the increased activity that started in May, and by the end of the month, sales had overtaken the numbers for this time last year.

Kelowna & Central Okanagan Real Estate Sales June 2020.

Compared to last month-:

- Total Sales were up 71% last month.

- Single-Family Homes sales up 88%.

- Strata sales up 58%.

Compared to last year sales numbers again showed a positive improvement.

- Overall sales were up 9%

- Single-Family Home sales up 18%.

- Strata sales were down 3%.

Inventory Levels June 2020

Inventory levels are up in all main sectors -:

Total listings in the Central Okanagan are now 3,049, up from 2,917 last month and down...

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Move-Up Buyers & Buyers purchasing similar Properties were busier last month. Whereas First Time Buyers and Downsizing Buyers were not as busy. There was an increase in buyers from the Lower Mainland, as Covid-19 restrictions eased & Buyers in the Vernon area were busier with fewer Buyers in the Kelowna area according to the  Buyer Survey Results for the Kelowna and Central Okanagan Real Estate Market area during May 2020.

Here is the full report -:

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

First Time Buyer – 20.79% (25.00%)

Revenue Property Investor – 9.41% (7.58%)

Moving Up – 17.33% (14.39%)

Similar Property Type – 18.81% (9.85%)

Downsizing – 11.88% (22.73%)

Single family Res to Strata – 1.98% (3.03%)

Recreational Property – 7.43% (4.55%)

Retirement Community – 3.47% (2.27%)

Strata to Single Family – 1.49% (3.79%)

Describe the Buyer (family dynamic):

Couple without children – 28.71% (21.37%)...

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The May 2020 Kelowna Real Estate Market was surprisingly more active than I had expected it to be. We still saw people who needed to buy and sell, and as BC came out of its first phase of lockdown I certainly saw more requests for showings.

Two of my new listings saw offers within 1- 4 days of listing!

This last weekend was much busier with Buyers viewing.

Kelowna Real Estate Sales May 2020.

Real Estate sales were up 38.1% compared to April but still 25% below the numbers we saw in March, and nearly 44% down on this time last year. Again, this is to be expected, and we really don't need to read too much into these numbers.

Really, June 2020 numbers will be more of a benchmark on how things are starting to recover.

Kelowna Real Estate Inventory Levels May 2020

Inventory numbers continue to rise, which is normal for this time of year as, but remain down on the numbers this time last year.

This is one of the indicators I continue to watch, and at the moment I am not seeing these numbers causing...

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I hope you are continuing to stay safe and well out there?
When I have been venturing out people seem to be pretty good, here in Kelowna, about social distancing and trying to 'flatten the curve' as soon as possible.

I'm also getting pretty adept at getting my protective gloves on and off and using my hand sanitizer when visiting properties!

In walking around town over the weekend, I am just starting to see evidence of some shops opening, with their new social distancing protocols, and later this week we will have the BC Government proposals for starting to reopen the Province for business.

There have been some real estate sales going on, and I have still heard of multiple offers on some homes, as buyers still need to buy, but obviously sales numbers in Kelowna, have been affected by the COVID-19 crisis.

Kelowna Real Estate Market Sales April 2020.

To be expected last month's numbers show a dramatic drop.

Last month-:

- Total Sales were down 45.7% last month.

- Single-Family...

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I am pleased to report that the snow has been melting reasonably quickly here in the Okanagan Valley and Two Eagles Golf Course was open yesterday!

In hosting Open Houses during the last month, I have certainly seen Buyers looking from Vancouver, and Alberta, as well as local Buyers.

February seems to have been a 'mixed bag' of results, as I have seen evidence of properties going into Multiple Offers, Housing in parts of the $700,000 to $900,000 range are sluggish,  and Condos and Townhomes showings & sales in $300,000 to $400,000 range have been quite brisk for this time of year.

In Quail Ridge and around UBCO, Parents and Investors are already looking, and there is certainly less inventory to view than at this time last year.

The biggest headlines though are the hikes we are starting to see in Strata Insurance Premiums. Strata Corporations, particularly Condos, are being warned to expect increases of between 30%-300%!! In some areas of BC, we are also hearing that some Strata...

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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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