Kelowna Real Estate Market News

Last month was yet another busy month for Kelowna Real Estate, but I was interested to hear people start to ask, is the market starting to cool?


It is true there may not have been quite as many showings with each property listed, and we are seeing more properties being listed than sold, so inventory is rising, but we are a long way away from a more balanced market.


I suspect it is more a case that the market was as busy as the previous month and not even busier.


When looking at Single-Family home sales last month, 52% sold over the asking price!


When looking through the sales last month, I saw one Development lot listed for $1million, selling for $2,450,000!


Two quotes stuck in my mind last month -:


UBCO associate professor of economics Ross Hickey in Castanet article March 18, 2022.


“It's going to become more and more expensive to live in places like Kelowna or Prince George. Why? Because we're not going to build housing fast enough,”


He also said -:


"Kelowna is growing at a...

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


First Time Buyers were busier in the Market last month, however, I am not surprised to see fewer Empty Nester / Retired Buyers downsizing, as the number of listing for sale in the sector has been acutely low.


With travel being more difficult from the Lower Mainland, due to the closed roads, Local Buyers were more prevalent and Lower Mainland Buyer numbers were down last month.


There were a similar number of Buyers in the Kelowna area, and fewer Buyers in Penticton & Princeton/Keremeos, with more Buyers in the Oliver, Vernon and Salmon Arm areas.


Here is the full report below.


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


First Time Buyer – 20.47% (13.51%)

Revenue Property Investor – 13.47% (13.02%)

Moving Up – 17.10% (16.95%)

Similar Property Type – 18.65% (19.90%)

Downsizing – 10.88% (13.51%)

Single-family Res to Strata – 6.48% (6.39%)

Recreational...

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


First-time Buyers were much busier in the Market last month, together with both single Male and Single Female Buyers.


There were more local Buyers and we continued to see good numbers from the Lower Mainland and Vancouver Island.


There were also more Buyers buying in the Princeton/Keremeos areas, Summerland, and Penticton / Naramata.


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


First Time Buyer – 19.42% (12.74%)

Revenue Property Investor – 17.59% (20.75%)

Moving Up – 14.44% (14.62%)

Similar Property Type – 17.32% (20.75%)

Downsizing – 13.91% (10.85%)

Single-family Res to Strata – 4.99% (4.25%)

Recreational Property – 8.14% (8.96%)

Retirement Community – 1.84% (1.89%)

Strata to Single Family – 1.57% (4.01%)%


Describe the Buyer (family dynamic):


Couple without children – 21.41% (23.83%)

Two Parent family /children – 23.76%...

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The Kelowna and Interior Buyer Survey Results are now out for May 2021.


First-time Buyers were busier again this month, and Buyers from the Lower Mainland & Vancouver Island are also continuing to purchase homes in this area.


Please read the full report below.


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


First Time Buyer – 17.65 % (14.47%)

Revenue Property Investor – 12.33% (13.05%)

Moving Up – 15.75% (16.82%)

Similar Property Type – 22.77% (18.24%)

Downsizing – 10.82% (15.41%)

Single-family Res to Strata – 2.66% (5.35%)

Recreational Property – 9.87% (9.12%)

Retirement Community – 2.09% (1.89%)

Strata to Single Family – 3.61% (2.67%)



Describe the Buyer (family dynamic):


Couple without children – 24.95% (24.77%)

Two-Parent Family /children – 28.17% (28.02%)
Empty nesters or retired – 18.34% (18.58%)
Single female – 13.61% (12.54%)
Single male – 12.48% (10.84%)
Single parent with children...

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It's been another busy month for the Kelowna Real Estate Market.


Bidding on properties has been 'fierce' at times and I have heard many stories of multiple offers, with the most being 15 offers on 1 home!


Buyers really have to be well prepared for what's ahead and ready to be disappointed several times over before being successful with an offer.


When viewing single-family homes, in particular, half-hour showing windows have been the norm, typically over a weekend with offers looked at on a Monday or Tuesday.


Even with whispers that fixed mortgage rates may start to rise, with inventory still low, there currently seems no end in sight for this hot market.


Kelowna & Central Okanagan Real Estate Sales February 2021.



As you can see February Residential Real Estate sales numbers bounced back significantly in February 2021.

Compared to the last month-:

- Total Sales were up 65% last month.

- Single-Family Homes sales up 51.7%%.

- Strata sales up 64.1%

- Lots up 125%.


Compared...

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This report details the market performance of Real Estate in Quail Ridge & the University District of Kelowna during the last 12 months, based on MLS® listings & sales.


There are details for each sector i..e. Single Family Homes, Condos & Townhomes together with my forecast for 2021.



Quail Ridge / University District Real Estate

January 1, 2020, to December 31, 2020.

Sales Numbers


 


Date


Total

Single Family Homes


Condos


Townhomes


Lots

 

Jan-Dec

2020


99


34


43


22


0

 

Jan-Dec

2019


82


23


46


13


0

  Jan-Dec 2018


76


26


47

 

2


1


Highlight Summary for 12 Months Jan - Dec 2020 compared to 2019.

- Total MLS® Sales up 20.7%.

- 47.8% increase Single Family Homes sales.

- 6.5% fall in Condos sales.

- 69% increase in Townhome Sales. 


Homes - we saw sales in all price ranges, and numbers were bolstered as we started to see some re-sales in University Heights.


Town Home - sales in the new Academy Ridge Town Home complex resulted in a significant rise...

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