Kelowna Real Estate Market News

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.


 


Date


Total

Single Family


Strata


Lots


Manuf

  Dec 18 200 107 77 6 10
  Nov 18 303 150 113 21 19
  Oct 18 385 190 165 9 21
  Sep 18 375 203 141  11 20
  Dec 17 342 185 122 22 13



Total...

Read full post

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


 


Date


Total

Single Family


Strata


Lots


Manuf

  Nov 18 303 150 113 21 19
  Oct 18 385 190 165 9 21
  Sep 18 375 203 141 11 20
  Aug 18 434 205 191  16 22
  Nov 17 448 213 161 55 19


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...

Read full post

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


 


Date


Total

Single Family


Strata


Lots


Manuf

  Oct 18 385 190 165 9 21
  Sep 18 375 203 141 11 20
  Aug 18 434 205 191 16 22
  Jul 18 451 223 191  17 20
  Oct 17 544 254 194 71 25


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...

Read full post

It’s been a tough month for the Kelowna Real Estate market. Every day we have seen price reductions as anxious Sellers come to terms with the fact that they have had fewer showings than they were expecting, and are left wondering what it’s going to take to get their property sold.


Buyer continue to sit on the fence, and indeed a number of them have not even visited yet to start the buying process, they are just sitting on the edges watching to see what the Real Estate market will do.


We have now seen the full impact on the Mortgage Stress Test, the threat of rising Interest Rates and the upcoming Speculation Tax that is about to be voted upon in the BC legislature during October, which will affect Kelowna and West Kelowna.


The impact of Government intervention in the housing market has certainly had a dramatic effect, where in some cases first-time buyers have seen their purchasing power reduced fine 25%.


Let’s take a look at this months numbers.


Kelowna Real Estate...

Read full post

I can't believe it that I am actually writing September on my Blog Post today!


August was dominated by thick smoke clouds shrouding Kelowna and the Okanagan Valley and for most of the month, I didn't see the Mountains but some amazing Sunsets!


It may have kept a few people away, but overall the City seemed busy with Tourists, but the Kelowna Real Estate Market was extremely flat.


August is usually slow, but after a hectic last two years, it 'seemed' slower than normal.


I am sure some Sellers were a little 'shell-shocked' as weeks would go by and some Listings would not have any showings.


The Kelowna Real Estate Market remains in transition mode, and many Buyers continue to sit on the Fence and will see how Fall plays out, particularly with the Speculation Tax vote due in October.


Kelowna Real Estate Sales August 2018


 


Date


Total

Single Family


Strata


Lots


Manuf

  Aug 18 434 205 191 16 22
  Jul 18 451 223 191 17 20
  Jun 18 509 265 195 22 27
  May 18 535 262 221  31 21
  Aug 17 574 261 258 30 25
...
Read full post

As we look back on the last month in the Kelowna Real Estate Market, Buyers and Sellers can totally be forgiven for feeling confused!


There have been several times this month where I have shaken my head!


Overall, showings have been much slower, and we have seen many Sellers reduce prices to encourage Buyers to ' hop off the fence'. In some cases, it has worked and in others, it has not, which has left some really well-priced properties for sale.


Buyer sentiment certainly seems to be that the Kelowna Real Estate Market is softening, but I still had Buyers in multiple offer situations.

Kelowna Real Estate Sales July 2018


 


Date


Total

Single Family


Strata


Lots


Manuf

  Jul 18 451 223 191 17 20
  Jun 18 509 265 195 22 27
  May 18 535 262 221 31 21
  Apr 18 502 247 207  23 15
  Jul 17 658 317 273 43 25



July continued to see sales numbers follow a downward trend, with totals sales down 31.4% on this time last year. Single Family Homes sales are...

Read full post
The trademarks MLS®, Multiple Listing Service® and the associated logos identify professional services rendered by REALTOR® members of CREA to effect the purchase, sale and lease of real estate as part of a cooperative selling system.
MLS®, REALTOR®, and the associated logos are trademarks of The Canadian Real Estate Association.