First-time Buyers, Revenue Investors and Move-Up Buyers were all busier this month. It will be interesting to see if that is an indicator that the effects of the Mortgage Stress Test are now easing.

Fewer local people bought last month - probably enjoying the summer holidays, whereas there were move Buyers from the Lower Mainland.

As far as areas go, Kelowna was a little busier, whereas fewer Buyers bought in the Vernon and Coldstream area.

Please find the full summary below.

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

First Time Buyer – 21.60% (18.29%)

Revenue Property Investor – 11.24% (13.27%)

Moving Up – 13.61% ( 16.81%)

Similar Property Type – 20.41% (16.81%)

Downsizing – 14.50% (15.04%)

Single family Res to Strata – 3.25% (5.01%)

Recreational Property – 7.69% (7.67%)

Retirement Community – 1.48% (0.59%)

Strata to Single Family – 3.25% ( 2.65%)

Describe the Buyer (family dynamic):

Couple without children ...

August 2019 was a really beautiful month in the Okanagan Valley, with sunny days, no smoke and the temperatures being just perfect for BBQ's, lazing on the Beach, Boating, Golfing, Hiking & Biking!

This definitely had an effect on Kelowna Real Estate activity!

Buyers seemed very focused on enjoying the Summer and seemed to press 'pause' on their house-hunting searches, as Agents reported the number of viewings and sales more subdued.

Kelowna & Central Okanagan Real Estate Sales August 2019.

Last month-:

- Total Sales were down 9.7% last month.

- Single-Family Homes sales down 11.4%

- Strata sales down 8%.

Compared to last year sales have shown a positive improvement.

- Overall sales were up 7%

- Single-Family Home sales up 10.3%

- Strata sales were up 8.4%.

Inventory Levels...

Summer is now in full swing in the Okanagan, and locals and Tourists alike are enjoying the things we are most famous for - sunny Lakeshore days, Boating, Hiking, Biking, Golf, Cherries, Peaches, and Wine!

As summer was a little later in arriving this year, I am guessing that we are going to see subdued Real Estate activity throughout the valley during August, except in the more 'affordable' housing market.

When you take a quick 'glance' at our Kelowna Real Estate Inventory, you will see numbers continue to be on the higher side, but when you are actually looking for something specific, there have been several times where it has been tricky to find!

Depending on which price point, type of property and location that you are looking for your buying and selling experience can be very different. One size certainly does not fit all at the moment!

The Median Days on Market for a Kelowna Single-family home, for instance, in the $400,000 to $600,000 range has been 30 days, and with 'due diligence'...

Kelowna & Central Okanagan Real Estate Sales June 2019.

Last month-:

- Total Sales were down 12.3% last month.

- Single-Family Homes sales down 7.9%

- Strata sales down 17.6%.

When we compare the numbers to last years:

Compared to last year -

- Overall sales were down 8.6%

- Single-Family Home sales down 7.9%

- Strata sales were down 6.6%.

June is traditionally a busier month for Real Estate sales in Kelowna and the Central Okanagan, but this year it was one of the quietest for many years. 

That being said, I had two new listings, one a +55  Condo in a popular Lower Mission location and one in a great Family Home neighborhood in West Kelowna, 1 received an offer the first day and the other in less than 14 days.

This tells me that there is still strong demand in certain...

Last months Buyers Survey Report is now out, provided by the Okanagan Mainline Real Estate Board (OMREB).

Less activity by First Time Buyers, but more people Downsizing and Investing.

Families were busier Buying, but there were less out of area buyers. I suspect this is due to many have greater difficulty Selling their own homes, as many areas are struggling with sales at the moment.

Property Type:

19.89% First Time Purchase (down from 23.48% in April)

17.74% Move Up Purchase (down from 19.61%)

19.62% Relocating to Similar Property Type (up from 16.85%)

11.02% Revenue/Investment (up from 8.29%)

19.09% Downsizing (up from 15.75%)

7.53% Moving from Single-family Home to Strata Unit (up from 5.52%)

2.96% Moving from Strata Property to Single Family Home (up from 2.76%)

3.76% Recreational Property (down from 5.25%)

1.34% Retirement Home/Seniors Community (down from 2.49%)

Buyer Type (Family Dynamic):

27.03% Two Parent family/children (up from 22.47% in April)

24.86% Couple without children (down...

Well, it's now June and the Kelowna Real Estate Market is in full swing - or is it? It certainly doesn't feel like it.

Overall, the May Real Estate market has been one of the quieter ones I have experienced, in a while. For example, there are usually lots of Parents looking for Condos, ready for the Students attending UBCO, and I have only just started to see inquiries and sales, with more showings in the last week.

There is certainly plenty of choice in the U District, and Condo sales in Quail Ridge, also seem subdued.

In other areas of the market, it remains 'patchy', as Buyers are convinced prices are going to soften further.

Certainly, at the 'higher-end' of the market, they could be right, but I do sense that some Sellers will wait, rather than list lower.

Kelowna & Central Okanagan Real Estate Sales May 2019.