Kelowna Real Estate Market News

First and foremost Happy New Year everyone!


2019 certainly seemed to have its ups and downs in the Kelowna Real Estate Market. The Mortgage Stress Test had a more far-reaching impact on our real estate market then we had imagined. It was only towards the end of the year we really started to see signs of recovery. For me, this was especially so after the Federal Election.


I had several Buyers looking over the Christmas period, and with inventory being lower it has been more difficult to find the right property, and as a result, many are still looking.


Kelowna & Central Okanagan Real Estate Sales December 2019.




Last month-:

- Total Sales were down 28% last month.

- Single-Family Homes sales down 30%

- Strata sales down 24%.


Compared to last year sales numbers continue to show a positive improvement.


- Overall sales were up 40%

- Single-Family Home sales up 29%.

- Strata sales were up 55%.


Overall, it is quite normal to see a dip in sales in our area at this time of year.


Inventory Levels...

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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...

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First and foremost Happy New Year!

 

2017 was another very busy year for the Kelowna Real Estate Market and while the MLS® sales numbers were not as high as the previous year, there were a large number of Developers sales - E.G. downtown High Rises and New Homes being built, which weren't included in these figures.

 

All year it seems that small parcels of Land were being snapped up, and new developments are now popping up all over the area. I don't recall ever having seen so much building going on around the City.

 

For many years we have been talking about Kelowna one day changing, well it feels like its time has come!

Central Okanagan Real Estate Sales December 2017

 


Date


Total

Single Family Homes


Strata


Lots


Manuf

  Dec 17 343 185 122  23 13
  Nov 17 448 213 161 55 19
  Oct 17 544 254 194  71 25
  Sept 17 490 223 204  41 22
  Dec 16 335  157  140  18 20

 

As to be expected, December...

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