Kelowna Real Estate Market News

The snow finally left us in March and as the month progressed I did see 'limited' evidence of Buyers starting to look.


Interestingly though, many times I saw in the feedback, "this was just a fact-finding mission'.


If we think about it logically, Buyers coming up from Vancouver and the Lower Mainland have seen quite a downturn in their own Markets, which they haven't been used to for some time, and a number of Buyers looking to move from Alberta, are having difficulty selling their homes.


This translates into negative sentiment about the Real Estate Market, in general, and they are thinking the market is going to fall further, so they will wait.


I can certainly understand why they would say that, with inventory rising and sales relatively slow.


The biggest concern across the whole Canadian Real Estate Market is the Mortgage Stress Test. This is not only affecting First-Time Buyers (who are the Engine Room of the Market), but also Buyers well up the chain. I am hearing evidence of many...

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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.


 


Date


Total

Single Family


Strata


Lots


Manuf

  Feb 19 275 133 119 11 12
  Jan 19 199 88 93 7 11
  Dec 18 200 107 77 6 10
  Nov 18 303 150 113  21 19
  Feb 18 358 156 170 14 18



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

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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


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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...

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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...

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