Kelowna Real Estate Market News

A question I get asked regularly is what are prices going to do in the Kelowna Real Estate Market in 2019.


In the latest Real Estate forecast from the BC Real Estate Association, they are forecasting a fairly flat year, for Kelowna and the Central Okanagan Real Estate Market.


Here is their latest report below.


Multiple Listing Service (MLS®) residential sales in the province are forecast to increase by 2.1% to 80,000 units this year, after recording 78,345 residential sales in 2018. MLS® residential sales are forecast to increase a further 6.9% to 85,500 units in 2020. The 10-year average for MLS® residential sales in the province is 85,800 units. The negative shock to affordability and purchasing power created by the B20 stress test on mortgage borrowers is expected to continue constraining housing demand in the province this year.


The BC economy continues to be highly supportive of housing demand. After five consecutive years of above-trend economic growth, the...

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This week the BC Real Estate Association published the 2nd Quarter housing Forecast for the Thompson-Okanagan region, which serves the Penticton, Kelowna and Kamloops areas.


As I know many of you are anxiously watching the Market I thought I would share their latest thoughts on our Market and I have highlighted what I believe are the important points.

 

Real Estate Sales were lower in 2017 after a record-setting year prior. Despite that decline, sales were still the second highest on record for the region as a result of a strong provincial economy, robust regional employment growth, significant inflows of interprovincial migration and low mortgage rates.

 

This year, we anticipate those home sales will slow as moderating economic growth, rising mortgage rates and the impacts of both federal and provincial policy measures impact consumer demand. 

 

The BC economy has benefited from four years of above-trend economic growth, which the Okanagan region has both contributed...

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