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


First-time Buyers weren't as busy this month down to 14.87% from 20.08%, but there were more Investors up from 8.79% to 14.45%


Two-parent families with Children represented the highest Family Dynamic at 28.13%, and slightly more Buyers purchased from Alberta up to 10.7% from 7.48%.


Slightly fewer Buyers purchased in Kelowna - down to 42.06% from 43.21%, however, there were more Buyers purchased in the Vernon area up to 20.87% from 17.28%.


Here are the full results below.

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

First Time Buyer – 14.87%

Revenue Property Investor – 14.56% Moving Up – 12.97%
Similar Property Type– 22.15% Downsizing – 18.99%

Single Family Res to Strata – 5.70%
Recreational Property – 5.38%
Retirement Community-1.27%
Strata to Single Family – 3.16% 


Describe the Buyer (family dynamic):...

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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 August 2018 Buyers Survey Results are now out for Kelowna Real Estate Buyers and the Central Okanagan Area.


I am pleased to report that after a very low July, First-time Buyers were more active in the market increasing from 11.8% to 15.8%, and then not surprisingly there was an increase in higher ratio Financing from 8.9% to 114.9%. The biggest fall being 'Downsizing Buyers from 16.2% to 11.1%.


More Couples without children were active - increasing from 19.2% to 24.9%.


There were a few more local people buying last month up from 53.5% to 55.7%. Lower Mainland Buyers held steady at 20.5% just slightly down from July's 21.1%, while Alberta Buyers were up from 8.8% to 11.9%. In other areas of BC, Buyers were down from 10.2% to 7.2%.


As far as areas go, Shuswap saw an increase in Buyers from 9.7% to 13.9%, while the number of Buyers in Kelowna, West Kelowna and Vernon were slightly down.


Here are the full details below -:


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

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As we look back on the last month in the Kelowna Real Estate Market, Buyers and Sellers can totally be forgiven for feeling confused!


There have been several times this month where I have shaken my head!


Overall, showings have been much slower, and we have seen many Sellers reduce prices to encourage Buyers to ' hop off the fence'. In some cases, it has worked and in others, it has not, which has left some really well-priced properties for sale.


Buyer sentiment certainly seems to be that the Kelowna Real Estate Market is softening, but I still had Buyers in multiple offer situations.

Kelowna Real Estate Sales July 2018


 


Date


Total

Single Family


Strata


Lots


Manuf

  Jul 18 451 223 191 17 20
  Jun 18 509 265 195 22 27
  May 18 535 262 221 31 21
  Apr 18 502 247 207  23 15
  Jul 17 658 317 273 43 25



July continued to see sales numbers follow a downward trend, with totals sales down 31.4% on this time last year. Single Family Homes sales are...

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Interestingly there were more cash Buyers in Kelowna and the Central Okanagan Real Estate Market in May 2018.


Is this yet another sign of how much of an impact the new Mortgage Stress tests are having on the Real Estate Market?


Fewer local Buyers entered the Real Estate Market last month, but sales numbers were steady to Lower Mainland and Alberta Buyers.


Here are the full results published by the Okanagan Mainline Real Estate Board (OMREB).

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

First Time Buyer – 16.15% up from 14.53% 

Moving Up – 16.86% down from 18.97% 

Similar Property Type – 20.19% down from 21.18% 

Revenue Property Investor – 14.96% up from 14.78% 

Downsizing – 12.83% down from 14.53% 

Single-family Res to Strata – 5.46% down from 6.65% 

Strata into Single Family – 2.85 down from 5.42% 

Recreational Property – 7.36% up from 4.68% 

Retirement Community - 0.95% down from...

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