Kelowna Real Estate Market News

We've seen another increase in new listing inventory this month, and as interest rates took another jump it has had a significant effect on sales numbers, in the Kelowna Real Estate Market, which has continued to temper home price growth.

The higher mortgage rates have caused many homebuyers to pause their search, especially, as there are further predicted interest rate rises, and leaving others unable to afford their next move.
Everyone, of course, has an opinion, and some are predicting quite the correction in the real estate market due to the interest rate rises.

The reality is there has been a downward adjustment on move-up buyer budgets, it has taken some first-time buyers and investors out of the market, and generally buyers are taking longer to decide and offering more aggressively. This clearly affects demand for homes, and with supply rising, we are bound to see downward pressure, but it is impossible to predict by home much right now.

Interestingly, Median Sale Prices showed...
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Both Buyers and Sellers are watching the real estate market very closely at the moment, as the market continues its shift.

Predictions that a recession is on the way, inflation is continuing to rise and further interest rate rises are coming, are all definitely having an effect on consumer confidence.

We know that interest rates are going to continue to rise and this will affect Buyer's purchasing power in the coming months, inflation is also biting into people's incomes, but we have not started to go into a recession yet. So it is a little surprising how much of an effect is having on the Kelowna Real Estate Market.

Looking at last month's buyer survey results the number of First-Time buyers was lower, but interestingly the Moving Up & Empty Nester buyers were busier in our Real Estate Market. Also, while inventory continues to rise, overall inventory levels in the Central Okanagan are still on the low side.

The result has seen many Sellers adjusting their pricing downloads to...

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The latest Association of Interior Realtors Buyer Survey Results for May 2022 are now out.

First-Time Buyers were less busy in the market last month, so this will be one to watch, as this could be an indicator that higher interest rates are beginning to affect their purchasing power.

Move-up buyers were busier, which could also be a sign that they are trying to move before rates rise further.

Interestingly, there was also a reduction in people moving from the lower Mainland, which could be due to homes taking longer to sell there now and the general 'softening' of the market there.

Couples without Children and Empty Nesters were also busier in the market.

Here are the full results.

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

First Time Buyer – 15.94% (18.24%)

Revenue Property Investor – 12.88% (13.19%)

Moving Up – 19.21% (14.95%)

Similar Property Type – 19.00% (19.78%)

Downsizing – 15.72% (17.14%)

Single-family Res to Strata – 4.80%...

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Last month the Kelowna Real Estate Market seemed to show the first definite signs of a slow-down, after the latest interest rate rise and the continuing impact of inflation on the cost of living.

Before we start thinking ' the sky is falling', however, 47% of Single-Family home sales last month sold at or above the asking price compared to March 2022 when 52% sold over the asking price. 

Kelowna & Central Okanagan Real Estate Sales April 2022.

April 2022 Real Estate sales numbers were down on the previous month

Compared to the last month-:

- Total Sales were down 11% last month.

- Single-Family home sales were down 14.3%.

- Strata sales down 6.7%

Compared to last year -:

- Overall sales were down 36%

- Single-Family Home sales were down 37.8%.

- Strata sales were down 29.9%.

Inventory Levels April 2022

Inventory levels have risen again this month.

Total listings in the Central Okanagan are now 1554 up from 1232 last month and for the...

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The Kelowna Real Estate Buyers Survey Results are now out for February 2022.

First-Time Buyers were busier again last month, with more Buyers coming from the Lower Mainland/ Vancouver Island than the previous month, and more Buyers purchasing in the Kelowna / West Kelowna Area.

Here is the full report below.

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

First Time Buyer – 17.28% (14.57%)

Revenue Property Investor – 18.98% (21.05%)

Moving Up – 11.9% (19.03%)

Similar Property Type – 18.98% (19.03%)

Downsizing – 13.03% (19.53%)

Single-family Res to Strata – 5.10% (3.24%)

Recreational Property – 7.37% (6.88%)

Retirement Community – 7.37% (0.40%

Strata to Single Family – 2.27% (2.02%)

Describe the Buyer (family dynamic):

Couple without children – 21.02% (24.21%)

Two Parent family /children – 29.26% (26.59%)

Empty nesters or retired – 21.31% (19.44%)

Single female – 11.36% (8.73%)

Single male...

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The Kelowna Real Estate Buyers Survey Results are now out for December 2021.

First-time, Investor and Downsizing Buyers were busier in the Market last month, with Two-Parent Families being the busiest Family dynamic.

Buyers from the Lower Mainland were busier again last month, as were buyers from other areas of BC, and more purchased properties in Kelowna & the Central Okanagan.

Here is the full report below.

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

First Time Buyer – 21.29% (20.47%)

Revenue Property Investor – 15.26% (13.47%)

Moving Up – 16.06% (17.10%)

Similar Property Type – 18.88% (18.65%)

Downsizing – 11.65% (10.88%)

Single-family Res to Strata – 5.62% (6.48%)

Recreational Property – 5.62% (7.25%)

Retirement Community – 2.41% (0.78%)

Strata to Single Family – 2.41% (1.81%)

Describe the Buyer (family dynamic):

Couple without children – 22.98% (23.02%)

Two Parent family /children – 29.44%...

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