The start of February remained quiet, and suddenly Sellers started to list and a few more Buyers started to look, which will probably be a relief for Buyers and Sellers to hear!

On the Buyers side - affordability & levels of Inventory are a real challenge for some, and I have seen properties with Suites proving very desirable, as Buyers look for a 'Mortgage Helper'.

For example, a Single Family home in the Rutland area, early to mid $550's with a suite, had 4 offers on the first day of Listing!

On the Sellers side, some have had few or no showings over the last few weeks, so have been delighted to finally start to see some showing activity!

Kelowna & Central Okanagan Real Estate Sales February 2019.

We have finally seen an uptick in sales numbers! Overall sales were up...

The Kelowna Chamber of Commerce has published it's 2019 Economic Scorecard for the City.

We finished 10th out of 17 overall, against a number of North American and some international cities.

There were some bright spots, but definitely some areas for improvement.

To read the full report go to https://www.kelownachamber.org/files/COK18-041_Economic%20Score%20Card_web.pdf

Kind Regards

Trish Cenci

Snapshot of the Kelowna Real Estate market for last month.

Read Trish's full report for last month at https://www.trishcenci.com/blog.html/kelowna-real-estate-market-news-february-2019-5948169

Kind Regards

Trish Cenci

First and foremost Happy New Year everyone!

In this months report, it's time to reflect on the last year in our Kelowna Real Estate Market and look ahead to what we may expect in 2019.

December was a difficult month for Sellers, as both showing numbers and Buyer activity was very subdued.

Kelowna & Central Okanagan Real Estate Sales numbers.

The graphic above shows the monthly Kelowna & Central Okanagan Real Estate sales over the last 9 years and highlights the dramatic change in the Market from the highs of 2016 and 2017.

The year started on the kind of trajectory we had been expecting, but gradually, as the changes to Mortgage Stress Tests started to bite around May and affordability became more of a problem, sales have dipped to their lowest level since 2012.

Total...

During November 2018 the Kelowna Real Estate Market appears to have headed into its typical winter slowdown, and many sellers have been left wondering what it's going to take to get their home sold, with showings very slow and declining sales prices.

Our Market is firmly a Buyers Market right now and many Buyers continue to sit on the fence, worried about whether they'll be paying too much, what will be the effect of the Speculation Tax now it's in place and will they qualify for a Mortgage due to the Mortgage Stress tests.

Kelowna Real Estate Market Sales November 2018

Overall Sales were down 21% on last month and down 32% on this time last year. Single Family Home sales were down 21% on last month and 29.5% on last year and Strata Sales were down 31.5% on last month...

We experienced some very welcome sunshine and beautiful Fall Colours in the Okanagan this October. Unfortunately, this has done little to brighten the spirits of many Sellers in the Kelowna Real Estate market.

Overall the Real Estate Market felt like it is slowing, which is normal for the Okanagan as we head towards winter, and there is a sentiment that we are moving ever closer to a ‘Buyers Market’, from a ‘Balanced Market’ as prices continue to soften.

Kelowna Real Estate Market Sales October 2018

Interestingly, overall Sales were up 12.5% on last month and down 29.2% on this time last year. Single Family Home sales were down on last month, but Strata Sales rallied up 17% on last month but down 14.9% on this time last year.

It should also be borne in...