Kelowna Real Estate Market News

I decided to look at a snapshot of current building underway, what type of housing is being built and how it is being absorbed to check whether there are any signs of sectors becoming over-built in the Kelowna Real Estate Market as we saw in the past.


Seasonally Adjusted Housing Starts December 2018


After a rapid rise in housing starts appear to be easing off for now.


More Townhomes appear to be being built compared to last year.

As you can see there are a significant number of Condos being built, as there is much building work in Water Street, Ellis, Bernard, and St Paul area, for example.


This downtown area will be one to watch. Potentially, if demand doesn't increase over the next 12 months, we may well see some evidence of over-supply later in the year.



Kelowna Rental Market

As you can see, Vacancy Rates are still quite low.


I was interested to see the Average Rents that CMHC are quoting.


In speaking to many Clients, who are Landlords, the rents...

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For those of you who have not read one of my Quail Ridge / University Real Estate Blogs before, my name is Trish Cenci, and I am a Real Estate Agent in Kelowna, who specializes in buying and selling Real Estate in the Quail Ridge and University District of Kelowna.


This post is my annual report on what has happened in this area of the Market during the last year and some of my predictions for 2019.

Total Quail Ridge / University District Real Estate Sales for 2018

After 2 'banner' years of Real Estate Sales in the Kelowna area, there was a 36% fall in Quail Ridge / University MLS® Residential Real Estate sales in 2018.


Interestingly, sales of Single-Family Homes increased, but Condo sales fell 29% and Townhomes a whopping 93%!


Single Family Homes


Of the 24 sales in the Quail Ridge / University area, 17 were under $800,000, which represented great value, compared to some other areas of the City and contributed to the areas increase in sales numbers.


We continued to see a shift...

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What's happening in the Kelowna Real Estate Market seems to be high on the 'Dinner Table' conversation list again!


The Market was definitely slower during June and the number of sales certainly reflects that, but when you look at average sale prices, prices are still rising.


Only this last week I found myself in 2 multiple offer situations in the 'more affordable' condo market, so my Buyer didn't think things were slowing down!!


Kelowna Real Estate Sales June 2018


 


Date


Total

Single Family


Strata


Lots


Manuf

  June 18 509 265 195 22 27
  May 18 535 262 221 31 21
  Apr 18 502 247 207 23 15
  Mar 18 426 206 192  13 15
  June 17 655 313 252 59 31



Kelowna Real Estate sales numbers were both down on last month and well down on this time last year.


Totals sales are down 22.3%. Single Family Homes sales are down 15.3%, Strata Sales 22.6%, Manufactured Homes 12.9% and Lots down 62.7%.



Total inventory is also rising. It currently stands at 3245 units up 21.58% from...

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Open House 1 - 3 p.m Saturday, May 12, 2018.

Look forward to seeing you at my Open House this Saturday!


This is a great 2 bedroom upper floor Town Home in North Glenmore, at the popular Pearwood Corner Location.


Close to local Schools and approximately 5 mins to downtown.


Spacious Kitchen and large Breakfast Bar. Hardwood Flooring in the living area.


Seller is offering a $3,000 Carpet Allowance to replace Carpets.

 

https://www.trishcenci.com/mylistings.html/listing.206-511-yates-road-kelowna.75240629

 

Kind Regards

 

Trish Cenci


Tel 250 864 1707


 

 

 

 

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The BC Real Estate Association has published its forecast for the BC Real Estate Market for 2018 through to 2019 today.

 

Snapshot of their Kelowna Real Estate Market Forecast

- Fall in unit sales for the Kelowna Real Estate Market and Central Okanagan of 2.8% & 0.6% in 2019.


- Average MLS® prices will rise 6.7% in 2018 and 2.6% in 2019. 

 

Read the full summary below-:

 

BC Housing Forecast Update March 2018

 


Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 8.6 percent to 94,855 units this year, after recording 103,763 residential sales in 2017. MLS® residential sales are forecast to edge back a further 1 percent to 94,025 units in 2019. Housing demand is expected to remain above the 10-year average of 84,800 units in 2020. Strong economic performance and favourable demographics in BC are underpinning housing demand. However, more stringent mortgage qualification rules, rising interest rates and...

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British Columbia Real Estate Association (BCREA) issues its final report for Real Estate sales in December 2017, which showed a total of 103,763 residential unit sales were recorded by the Multiple Listing Service® across the province in 2017, a decline of 7.5% from a record 112,211 unit sales in 2016.

 

The average MLS® residential price in BC was $709,579 in 2017, up 2.7% from the previous year. Total sales dollar volume was $73.63 billion, down 5.1% from 2016. “Robust housing demand in 2017 was underpinned by a strong economy, employment growth & rising wages,” said Cameron Muir, BCREA Chief Economist. “Above trend migration, both international and interprovincial, also bolstered housing demand, while broader demographic fundamentals added fuel to condominium sales in urban centers and to all home types in retirement-oriented communities.”

 

The BC housing market ended the year with a strong December. Home sales...

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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.
MLS®, REALTOR®, and the associated logos are trademarks of The Canadian Real Estate Association.