Kelowna Real Estate Market News

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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First-time Buyers had their busiest month so far this year, in the Kelowna and Central Okanagan Real Estate Market.


Does this mean they are finally finding ways to get around the Mortgage Stress test, which began in January this year? It will be interesting to see the answer over the winter months.


I suspect that increasing interest rates will be the next thing to 'curb' their purchasing power.


The number of Investors was also down, and also the number of Vancouver and Lower Mainland Buyers from 20.5% to 16.87%. This is likely to be due to the continued cooling of the Lower Mainland Real Estate Markets, where homes are taking longer to sell and prices are 'softer' than they were.


Central Okanagan September 2018 Buyers Survey Results.

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


First Time Buyer – 20.08%

Revenue Property Investor – 8.79%

Moving Up – 15.06%

Similar Property Type – 23.01%

Downsizing – 12.97%...

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The big question this month is, has the Kelowna Real Estate Market peaked?


From a Real Estate Agents perspective, the phones have certainly been quieter and there is definitely more of a hesitancy with some Buyers, wondering whether the market has peaked, and should they buy right now.


May is normally a very busy time for me, particularly with Parents looking to buy Condos for their children about to attend UBCO, in September.


As usual, I am working with a number of these Buyers, but only 1 or 2 have actually bought so far. Many others are sitting on the fence, either because they haven’t found what they are looking for or they are wondering whether prices have peaked.


As part of my report this month, I will be looking at the numbers, potential causes of the slowdown, highlighting some of the points of interest this month and giving my thoughts on what the coming months might look like for the Market.


Kelowna Real Estate Sales May 2018


 


Date


Total

Single Family


Strata


Lots


Manuf

  May 18 535 262 221  31 21
  Apr 18 502 247 207 23 15
  Mar 18 426 206 192  13 15
  Feb 18 359 157 170  14 18
  May 17 796 371  330 60 35
...
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The British Columbia Real Estate Association (BCREA) reports that a total of 8,203 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in April, a 16.8 per cent decrease from the same month last year. The average MLS® residential price in BC was $730,507, up 0.2 per cent from the previous year. Total sales dollar volume was $5.99 billion, a 16.7 per cent decline from April 2017.

 

BC home sales were essentially unchanged in April compared to March, albeit up nearly 1 per cent on a seasonally adjusted basis," said Cameron Muir, BCREA's Chief Economist. The impact of more burdensome mortgage qualifications for conventional borrowers is expected to soften over the next several months as potential buyers adjust both their finances and expectations.

 

The supply of homes for sale in April increased 4 per cent from the previous month. However, total active listings on the market continue to remain low from a historical perspective....

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The March 2018 Buyers Survey Results have now been published by the Okanagan Mainline Real Estate Board (OMREB).

So, who has been Buying Real Estate in Kelowna and the Central Okanagan during March?

People buying similar properties beat out 1st Time Buyers and Move up Buyers this month, as the busiest buyers.

The fact that the numbers of First down Buyers were well down points to the possibility that latest changes in the mortgage rules are having an effect on their ability to borrow

Lower Mainland Buyers were busier in the last month, whereas Alberta Buyers held steady.

Here are the full results below.

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

First Time Buyer – 15.2% down from 19.3%

 

Moving Up – 18.1% down from 18.8%

 

Similar Property Type –  23.6% up from 18.8%

 

Revenue Property Investor – 12.7% down from 14.4%

 

Downsizing – 13% down from 13.5%

 

Single-family Res to Strata...

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The trademarks MLS®, Multiple Listing Service® and the associated logos identify professional services rendered by REALTOR® members of CREA to effect the purchase, sale and lease of real estate as part of a cooperative selling system.
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