Kelowna Real Estate Market News

With our ever changing Real Estate Market in British Columbia, Buyers and Sellers are continuing to keep an anxious eye on what is to come during the next year.


There's no doubt about it the B 20 stress test on Mortgages, has had a dramatic effect on housing sales, and many agents, including myself, are seeing deals collapse due to Buyers being unable to obtaining Financing.


This is one of the reasons we are seeing an increase in Demand for homes with suites to provide that valuable added income which will allow some local buyers to buy homes normally out of their price range.


The latest BC Real Estate Association Forecast is now published, and here are the details that effect Kelowna and the Central Okanagan Area.


MLS® home sales in the Thompson-Okanagan region, which is serviced by the Okanagan Mainline Real Estate Board (OMREB), the South Okanagan Real Estate Board (SOREB) and the Kamloops & District Real Estate Board (KADREA), fell a combined 17 percent in 2018 and home sales...

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CMHC have just announced their Fall 2018 Report for the Kelowna Real Estate Market.


Key Points - Kelowna Real Estate Market

  • Year to Date - In the first 8 months of 2018, MLS® sales activity was down 19% relative to the same period in 2017, representing a full 31% decline relative to the peakpace of sales seen in 2016.
  • Slowing demand = increase in active listings & inventory levels are at a similar level to those seen in 2014.
  • Cause  = shifts in key housing market fundamentals including rising mortgage rates &  slowing population growth driven by a decline in interprovincial migration. For the Kelowna area this can be partially explained by a recovery in the pace of economic growth in the Prairie Provinces = greater competition for labour and drawing individuals back to Alberta, in particular.
  • Result - Anticipate flatter price growth as competition for individual units, regardless of the market segment, relaxes and market conditions become...
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The British Columbia Real Estate Association (BCREA) has now released its 2018 Third Quarter Housing Forecast Update.


Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 21 per cent to 82,000 units this year, after recording 103,768 residential sales in 2017. MLS® residential sales are forecast to increase by 8 per cent to 88,700 units in 2019. The 10-year average for MLS® residential sales in the province is 84,800 units.


The BC housing market is grappling with a sharp decline in affordability caused by tough B20 stress test rules for conventional mortgages, said Cameron Muir, BCREA Chief Economist. While these rules have had a negative effect on housing demand across the country, the impact has been especially severe in BCs large urban centres because of already strained housing affordability.


In spite of the policy-driven downturn in housing demand, strong fundamentals continue to underpin the market. Demographics are highly...

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