Kelowna Real Estate Market News

The Latest BC Real Estate Association Report is now out for December 2018.

BC Real Estate Key Stats 

-Total Residential Real Estate Sales fell by 24.5% in 2018.

- BC Home sales fell below the 10-year average of 84,800 to 78,345 in 2018.

- Average Prices in BC fell by 5.2% Year on Year.

- Total Active Listings are up 33.3%, which is the highest since 2014.


Okanagan Key Stats 

- Average Price Year to Date is up 5.7% 2018 526,200 2017 $497,604.

- Unit sales were down 18.3% to 7,400 from 9,053

- Active Listings December 2018 2,826 2017 2087 - up 35.4%

- Sales to active listings 2018 11.5% 2017 22% - gone from a Sellers to Buyers Market.


To read the full report http://www.bcrea.bc.ca/docs/news-2018/2018-12.pdf


Kind Regards


Trish Cenci


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The British Columbia Real Estate Association (BCREA) reports that a total of 5,179 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in November, down 33.1% from the same month last year. The average MLS® residential price in BC was $718,903, a decline of 1.9% from November 2017.


Total sales dollar volume was $3.7 billion, a 34.3% decline from November 2017. “BC households continue to struggle with the sharp decline in purchasing power caused by the B20 mortgage stress test,” said Cameron Muir, BCREA Chief Economist. “Most BC regions are now exhibiting a relative balance between supply and demand.”


Total active residential listings were up nearly 31% to 33,500 units in November, compared to the same month last year. However, it should be noted that this compares to 2017 when active listings for the month of November were at their lowest level in more than 15 years.


Year-to-date,...

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While you could be forgiven for not following the Commercial Leading Indicator Reports for British Columbia, as it generally relates to the Commercial Real Estate Sector, it does provide some useful economic indicators, which do impact the Residential Real Estate Market.


The financial component, for instance, can act as an early-warning indicator from financial markets of potential turning points in the Commercial Real Estate market which can also affect the Residential Sector. 


Commercial Leading Indicator Q3 Highlights:


Economic Activity:


Retail sales declined 2.3%on a quarterly basis, after adjusting for inflation, and were 1.8% lower year - over 1 year. Retail sales continue to slow sharply from 2017, during which retail sales grew more than 9%. Wholesale trade was also down in the third quarter, falling by 0.1%. That was the first quarterly decline in wholesale trade in 5 quarters. Sales in the manufacturing sector were essentially flat in the...

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We've heard a lot about the Speculation Tax coming to parts of British Columbia, without know exactly what it is going to look like.


This week the BC Government finally tabled the new Tax, which has yet to be voted on.


The BC areas affected are -:


All residential property owners in the designated taxable regions will have to complete an annual declaration to claim any relevant exemptions. Where there are multiple owners of a home, a declaration must be completed for each owner.


Further information on how to declare will...

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The British Columbia Real Estate Association (BCREA) reports that a total of 5,573 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in September, a 33.2 per cent decrease from the same month last year. The average MLS® residential price in BC was $685,749, down 1.1 per cent from September 2017.



Looking at the numbers for Kelowna and the Central Okanagan the Average Sale price in September 2018 was $534,943 up from $496,433 (a 7.8% increase) compared to September 2017 and listing numbers were up from 3,238 to 4,172 and increase of 28.8%.


Total sales dollar volume was $3.8 billion, a 34 per cent decline from September 2017. “BC home sales continue at a slower pace compared to last year,” said Cameron Muir, BCREA Chief Economist. “The impact on affordability and purchasing power caused by the mortgage stress test and moderately higher interest ...

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The British Columbia Real Estate Association (BCREA) has now released its 2018 Third Quarter Housing Forecast Update.


Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 21 per cent to 82,000 units this year, after recording 103,768 residential sales in 2017. MLS® residential sales are forecast to increase by 8 per cent to 88,700 units in 2019. The 10-year average for MLS® residential sales in the province is 84,800 units.


The BC housing market is grappling with a sharp decline in affordability caused by tough B20 stress test rules for conventional mortgages, said Cameron Muir, BCREA Chief Economist. While these rules have had a negative effect on housing demand across the country, the impact has been especially severe in BCs large urban centres because of already strained housing affordability.


In spite of the policy-driven downturn in housing demand, strong fundamentals continue to underpin the market. Demographics are highly...

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