Kelowna Real Estate Market News

Vancouver, BC – January 13, 2020.


The British Columbia Real Estate Association (BCREA) reports that a total of 77,331 residential unit sales were recorded by the Multiple Listing Service® (MLS® ) in 2019, a decline of 1.5 per cent from the 78,516 units sold in 2018. The annual average MLS® residential price in BC was $700,460, a decline of 1.6 per cent from $711,564 recorded the previous year. Total sales dollar volume was $54.2 billion, a 3 per cent decline from 2018.



“Housing markets across the province staged a strong recovery in the second half of 2019,” said BCREA Chief Economist Brendon Ogmundson. “This sets up 2020 to be a much more typical year than what markets have experienced recently.


” A total of 5,218 MLS® residential unit sales were recorded across the province in December, up 48.9 per cent from December 2018. The average MLS® residential price in BC was $755,165, an increase of 8.7 per cent from December 2018. Total sales...

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Move up Buyers were the busiest Buyers last month, representing 20.51% of the Market, with First Time buyers also being busier, according to the Okanagan Mainline Real Estate Board (OMREB).


A continuing sign that Buyers are gradually recovering from the impact of the Mortgage Stress Test rules.


There were a few more Buyers from Alberta 10.26%, compared to 6.26% last month, and a small increase in the numbers looking in the Kelowna & West Kelowna area.


Please find the full summary below.


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


First Time Buyer –  19.55% (17.24%) 

Revenue Property Investor –  9.29% (12.23%) 

Moving Up – 20.51% (19.44%)

Similar Property Type – 16.67% (17.87%)

Downsizing – 13.46% (16.61% )

Single family Res to Strata – 6.09% (5.02%) 

Recreational Property – 6.73% (6.27%)

Retirement Community – 1.60% (2.82%) 

Strata to Single Family – 3.53% (2.19%) 


Describe...

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With some of the first snow on the ground in Kelowna & the Central Okanagan valley some Sellers & potential Sellers will be asking should I list my home for sale during the winter months?


As many of you will know the Winter months in Kelowna and the Central Okanagan Real Estate Markets tend to be slower, so logic says, “I shouldn’t list my home for sale at this time of year I should wait until Spring – right?”


The answer could be “yes” or “no”.

Questions to ask yourself from a Real Estate Market Perspective.

  1. What is the State of the Real Market for my type of Property? Is it a Buyers, Sellers or Balance Market? To find out ask your Real Estate Professional. If there is less competition and still Buyers looking, you may get a better price for your home.
  2. Does my Property appeal to local Buyers, Recreational Buyers, Investors or all of the above? With road and weather conditions being more challenging during the winter months, some buyers...
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Concerns about the current state of our Kelowna Real Estate Market continue to be the source of dinner-table conversation.


My thanks to Chief Economist, Brendan Ogmundson of the BC Real Estate Association who has just released his Fourth Quarter Real Estate Forecast.


This report covers MLS® home sales in the Thompson-Okanagan region, which is serviced by our own Okanagan Mainline Real Estate Board, South Okanagan Real Estate Board and Kamloops and District Real Estate Association. At present we are on pace for a third consecutive down year as the markets absorb the impact of the B20 stress test and the provincial speculation tax.


Recent Trends & 2020 Forecast Sales Numbers.


Like most markets around the province, home sales in the Okanagan Mainline and South Okanagan struggled in the first few months of the year, as rising mortgage rates compounded the negative effects of the stress test. However, a rapid and substantial decline in Canadian mortgage rates helped spur a recovery in...

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Vancouver, BC – October 15, 2019.


The British Columbia Real Estate Association (BCREA) reports that a total of 6,938 residential unit sales were recorded by the Multiple Listing Service® (MLS® ) in September, an increase of 24 per cent from the same month last year.


The average MLS® residential price in the province was $697,943, an increase of 2.1 per cent from September 2018. Total sales dollar volume was $4.84 billion, a 26.5 per cent increase from the same month last year. “Markets across BC built on momentum from the summer,” said BCREA Chief Economist Brendon Ogmundson. “While the year-over-year increase in provincial sales was quite strong, home sales in most areas are simply returning to historically average levels.”


MLS® residential active listings in the province were up 4 per cent from September 2018 to 39,117 units and were essentially flat compared to August on a seasonally adjusted basis. Overall market conditions remained in a...

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