Kelowna Real Estate Market News

With our ever changing Real Estate Market in British Columbia, Buyers and Sellers are continuing to keep an anxious eye on what is to come during the next year.


There's no doubt about it the B 20 stress test on Mortgages, has had a dramatic effect on housing sales, and many agents, including myself, are seeing deals collapse due to Buyers being unable to obtaining Financing.


This is one of the reasons we are seeing an increase in Demand for homes with suites to provide that valuable added income which will allow some local buyers to buy homes normally out of their price range.


The latest BC Real Estate Association Forecast is now published, and here are the details that effect Kelowna and the Central Okanagan Area.


MLS® home sales in the Thompson-Okanagan region, which is serviced by the Okanagan Mainline Real Estate Board (OMREB), the South Okanagan Real Estate Board (SOREB) and the Kamloops & District Real Estate Board (KADREA), fell a combined 17 percent in 2018 and home sales...

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First-time Buyers were busier in the Market last month, as were move up Buyers, taking advantage of some of the softer prices we are seeing in the Kelowna and Central Okanagan Real Estate Markets.


There were less local Buyers moving, and to be expected fewer Buyers from the Lower Mainland, but interestingly more Buyers from Alberta.


To read the full Okanagan Mainline Real Estate Buyers Survey Results - see the details below -:


Property Type:


24.00% First Time Purchase (up from 18.13% in January)
19.11% Move Up Purchase (up from 16.58%)
15.56% Relocating to Similar Property Type (down from 18.65%)
8.00% Revenue/Investment (down from 11.92%)
14.67% Downsizing (up from 12.95%)
4.89% Moving from Single-family Home to Strata Unit (down from 8.29%)
2.67% Moving from Strata Property to Single Family Home (down from 4.66%)
4.89% Recreational Property (down from 6.22%)
0.89% Retirement Home/Seniors Community (down from 2.07%)


Buyer Type (Family Dynamic):


27.19% Two Parent family/children (up from 22.40%...

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The January 2019 Kelowna and Central Okanagan Real Estate Buyers Survey Results have now by produced, courtesy of our local Real Estate Board - OMREB.


One of the main highlights to note this month is the fall in Buyers coming from the Lower Mainland and Vancouver area, where their own Real Estate Markets have been slow this winter.


Property Type:


16.87%  First Time Purchase (down from 19.88% in December)

19.28%  Move Up Purchase (up from 14.91%)

18.07%  Relocating to Similar Property Type (down from 21.12%) 

10.84%  Revenue/Investment (down from 15.53%)

16.27%  Downsizing (up from 8.70%)

4.82%    Moving from Single-family Home to Strata Unit (down from 4.97%)

2.41%    Moving from Strata Property to Single Family Home (down from 2.48%)

7.83%    Recreational Property (down from 8.70%)

3.61%    Retirement Home/Seniors Community (up from 1.86%)


Buyer Type (Family Dynamic):


30.30%  Two Parent family/children...

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After a very quiet start to January, which followed a quiet December, I am pleased to report that Buyers and Sellers are beginning to think about Real Estate again. We are beginning to see more new listings and Buyers are out looking.


Speculation Tax in Kelowna and West Kelowna seems to be here to stay, for now, so its time to get your Speculation Tax Declarations in!

Kelowna & Central Okanagan Real Estate Sales January 2019.


 


Date


Total

Single Family


Strata


Lots


Manuf

  Jan 19 199 88 93 7 11
  Dec 18 200 107 77 6 10
  Nov 18 303 150 113 21 19
  Oct 18 385 190 165  9 21
  Jan 18 342 159 147 24 12



Total sales were roughly on par with last month although down 42% on this time last year. Single Family home sales were down 45% on last year and Strata sales were down 37%, which is an even higher drop than last month.


This is certainly depressing reading for Sellers, but putting a positive spin on it, it can only get better!!


Inventory Levels

Total levels...

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The November 2018 Buyers Survey Results are now out for the Kelowna and Central Okanagan Real Estate Market.


First-time Buyers were busier again this month, up from 14.87% to 16.84%. Investor numbers were also up from 14.56% to 16.84%.


The numbers Buying properties from within the Central Okanagan area were also up from 56.07% to 58.95%, from the Lower Mainland up from 18.07% to 205 and from Alberta up from 7.48% to 10.53%.


People Buying in the Kelowna area last month took a jump fro, 42.06% to 62.11%.


Here are the full results below.


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


First Time Buyer – 16.84%
Revenue Property Investor –
16.84%
Moving Up – 20.00%
Similar Property Type – 21.05%
Downsizing – 7.37%

Single Family Residential to Strata – 3.16%
Recreational Property – 9.47%
Retirement Community – 3.16%
Strata to Single Family – 2.11%

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

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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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