Kelowna Real Estate Market News

The Kelowna Real Estate Buyers Survey Results are now out for December 2021.


First-time, Investor and Downsizing Buyers were busier in the Market last month, with Two-Parent Families being the busiest Family dynamic.


Buyers from the Lower Mainland were busier again last month, as were buyers from other areas of BC, and more purchased properties in Kelowna & the Central Okanagan.


Here is the full report below.


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


First Time Buyer – 21.29% (20.47%)

Revenue Property Investor – 15.26% (13.47%)

Moving Up – 16.06% (17.10%)

Similar Property Type – 18.88% (18.65%)

Downsizing – 11.65% (10.88%)

Single-family Res to Strata – 5.62% (6.48%)

Recreational Property – 5.62% (7.25%)

Retirement Community – 2.41% (0.78%)

Strata to Single Family – 2.41% (1.81%)


Describe the Buyer (family dynamic):


Couple without children – 22.98% (23.02%)

Two Parent family /children – 29.44%...

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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 2022.



Quail Ridge / University District Real Estate

January 1, 2021, to December 31, 2021.

Sales Numbers


 


Date


Total

Single Family Homes


Condos


Townhomes


Lots

 

Jan-Dec

2021


223


48


136


36


3

 

Jan-Dec

2020


99


34


43


22


0

  Jan-Dec 2019


82


23


46

 

13


0


Summary for 12 Months January to December 2021 compared to 2020.

- Total MLS® Sales up 125%.

- 41.2% increase Single Family Homes sales.

- 216% rise in Condos sales.

- 63.6%% increase in Townhome Sales. 


Homes - sales numbers were up & ranged between $850,000 & $1.749m last year.


Town Home - there were very few townhomes for sale in Quail Ridge last year, so the numbers were dominated by sales in the Academy...

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First and foremost Happy New Year everyone!


Last month's sales were much more subdued, as a result of -:


1. Buyers continued to struggle to find homes, due to low inventory.

2. There were continuing road closures between the Okanagan and the Lower Mainland, after the November floods, which made traveling more challenging.

3. We started to see a rise in Covid cases throughout BC, as a result of the Omicron variant, which caused some to pause their house-buying plans.


Kelowna & Central Okanagan Real Estate Sales December 2021.



December 2021 Kelowna Residential Real Estate sales numbers were significantly lower than November 2021 numbers.

Compared to the last month-:

- Total Sales were down 33.8% last month.

- Single-Family Homes sales were down 40.6%.

- Strata sales down 28.6%


Compared to last year -:


- Overall sales were down 23.6%

- Single-Family Home sales were down 26.8%.

- Strata sales were down 17.9%.


Inventory Levels December 2021


Our already ...

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While the number of sales may be continuing to reduce, do not be fooled into thinking the market is cooling off!


I have been continuing to work with a variety of Buyers, and it is not a market for the faint-hearted or those that aren't super-motivated to find a home!


I don't believe we have ever seen our inventory at such critically low levels, and we are continuing to see many multiple offer situations, and listings selling well over the asking price.


Kelowna & Central Okanagan Real Estate Sales November 2021.



November 2021 Kelowna Residential Real Estate sales numbers were slightly below the October 2021 numbers.

Compared to the last month-:

- Total Sales were down 4.7% last month.

- Single-Family Homes sales were down 1.7%.

- Strata sales down 6.5%


Compared to last year -:


- Overall sales were down 15.7%

- Single-Family Home sales were down 13.6%.

- Strata sales were down 15.1%.


Inventory Levels November 2021


Historically low Inventory in the Central...

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Low inventory continued to dominate the news in the Kelowna Real Estate Market during October 2021.


This has continued to drive pricing upwards, and I saw all my new listings receive multiple offers during the last month.

Kelowna & Central Okanagan Real Estate Sales October 2021.



October 2021 Kelowna Residential Real Estate sales numbers were elevated again, compared to the previous 2 months.

Compared to the last month-:

- Total Sales were up 5.1% last month.

- Single-Family Homes sales up 4.9%.

- Strata sales up 2.9%


Compared to last year -:


- Overall sales were down 21%

- Single-Family Home sales down 23.8%.

- Strata sales were down 18.2%.


Recently, we have been seeing a little more inventory on the market which has spurred on those who are unsuccessful in purchasing earlier in the year.


I have, for example, been searching for a family home in the Lake Country area and there has been very little inventory coming onto the market, and each home has...

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Housing market activity in the Thompson-Okanagan region has moderated from the elevated highs of the spring and home sales are currently trending in line with long-run average levels. However, the strength of the first half of the year has home sales on pace for a record-setting 2021.


Employment growth in Kelowna is recovering from the COVID-19-induced declines of 2020, though another summer of wildfires and limited tourism in addition to stricter COVID-19 protocols has tempered that recovery. The same holds true outside of Kelowna where employment has only recently started to post year-over-year gains in job growth. Despite a challenging economic environment, housing demand has remained strong, in part due to still robust migration into the region.


A major theme observed during the pandemic has been the relocation of buyers into less densely populated areas of the province. That trend is evident in how demand has evolved over the past year in the Interior. As a result, markets in the Okanagan...

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