Kelowna Real Estate Market News

For the buyers among you, I am sure you were wondering whether there is an end in sight to the rapidly rising Real Estate market we continue to see in Kelowna and the Central Okanagan area.


Unfortunately, the hot market looks set to continue, at least for the immediate future, which could be further fuelled by the widely anticipated rise in interest rates, (tipped to start in March 2022) as first-time and move buyers rush to get into the market, as housing affordability becomes an increasing problem.


Low inventory compared to demand remains the most acute cause, but we did see a marked increase in total Housing Starts, last month, which will begin to ease pressure over time.



Kelowna & Central Okanagan Real Estate Sales January 2022.


January 2022 Kelowna Residential Real Estate sales numbers were back up, after a dip in December.

Compared to the last month-:

- Total Sales were up 11.7% last month.

- Single-Family Homes sales were up 4%.

- Strata sales up...

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The British Columbia Real Estate Association (BCREA) reports that a record 124,854 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in 2021, a 32.8 per cent increase from the 94,001 units sold in 2020. The annual average MLS® residential price in BC was $927,877, an 18.7 per cent increase from $781,572 recorded the previous year.Total sales dollar volume was $115.8 billion, a 57.7 per cent increase from 2020.


“Last year was a record year for BC homes sales with seven market areas setting new highs,” said BCREA Chief Economist Brendon Ogmundson. “Listings activity could not keep up with demand throughout the year. As a result, we start 2022 with the lowest level of active listings on record.”


A total of 6,871 MLS® residential unit sales were recorded across the province in December down 17.6 per cent from a record-setting December 2020. The average MLS® residential price in BC passed the $1 million mark for the first...

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The latest Kelowna Real Estate Buyers Survey Results are now out, for October 2020.


There were fewer First time Buyers last month, but more people 'moving up' and downsizing.


Here is the full report.


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


First Time Buyer – 13.98% (18.98% )

Revenue Property Investor – 10.38% (9.3%)

Moving Up – 22.03% (19.35%)

Similar Property Type – 20.34 % (18.98%)

Downsizing – 14.41% (10.25%)

Single family Res to Strata – 5.30% (4.55%)

Recreational Property –  8.05% (11.39%)

Retirement Community – 0.42% (2.85% )

Strata to Single Family – 2.54% (4.55%)

  


Describe the Buyer (family dynamic):


Couple without children – 23.54% (24.48%)

Two-Parent Family/children – 25% (28.44%)

Empty nesters or retired – 24.79% (19.77%)

Single female – 11.88% (13.56%)

Single male – 9.58% (10.73%)

Single parent with children – 2.92% (2.26%)



How did Buyer finance...

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At this time of year, we do tend to start to see a slowdown in the Kelowna Real Estate market, so it will be no surprise to see numbers down on last month. Nevertheless, the market remained 'very brisk' and buyers continued to find themselves in multiple offers.


Kelowna & Central Okanagan Real Estate Sales October 2020.



Although overall sales numbers were down last month, numbers were still impressive.

Compared to the last month-:

- Total Sales were down 4.4% last month.

- Single-Family Homes sales down 4.9%.

- Strata sales up 2.7%.


Compared to last year sales numbers were up again.


- Overall sales were up 85%

- Single-Family Home sales up 99.5%.

- Strata sales were up 86.4%.


Inventory Levels October 2020

Inventory levels are down in all main sectors -:


Total listings in the Central Okanagan are now 2,166 down from 2,588 last month and down from 2,816 last year.

Single Family & Bare Land Strata Residential 727 units down from 894 last month and down from 1,143 last...

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In the latest Okanagan Mainline Real Estate Board (OMREB) update the latest Buyers
Survey results show Revenue Investor Buyers were fewer last month while move-up Buyers and Buyers moving from Strata to Single-Family home buyers were up. This was backed up by the increase in Two-Parent Families with Children buying this month.


Interestingly there was quite a reduction in the number of buyers from Vancouver and the Lower Mainland, but an increase in buyers from Alberta and other areas of BC.


There was an increase in buyers in Salmon Arm and the Shuswap. Buying numbers were slightly up in Kelowna and West Kelowna, and down in Vernon and Coldstream.


Here is the full report -:


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


First Time Buyer – 20.82% (20.79%)

Revenue Property Investor – 5.91% (9.41%)

Moving Up – 20.57% (17.33%)

Similar Property Type – 19.54%. (18.81%)

Downsizing – 12.85% (11.88%)

Single family Res to Strata – 5.66%...

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This report details the market performance of Real Estate in Quail Ridge & the University District during the last 6 months, based on MLS® listings & sales.


There are details for each sector i..e. Single Family Homes, Condos & Townhomes together with my forecast for the remainder of 2020.



Quail Ridge / University District Real Estate

January 1, 2020, to June 30, 2020.

Sales Numbers


 


Date


Total

Single Family Homes


Condos


Townhomes


Lots

 

Jan-Jun

2020


35


9


15


11


0

 

Jan-Jun

2019


40


10


24


6


0

  Jan-Jun 2018


38


17


20

 

1


0


Highlight Summary for 6 Months Jan - Jun 2020 compared to 2019.

- Total MLS® Sales down 12.5%.

- 10% fall in Single Family Homes sales.

- 37.5% fall in Condos sales.

- 83% increase in Townhome Sales. 


Homes - under $750,000 overall had a good level of viewing activity and sold fairly quickly.


Town Home - several sales in Bella Sera, and the launch of the new Academy Ridge Town Home complex resulted in a significant rise...

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