Kelowna Real Estate Market News

I am pleased to report that the snow has been melting reasonably quickly here in the Okanagan Valley and Two Eagles Golf Course was open yesterday!


In hosting Open Houses during the last month, I have certainly seen Buyers looking from Vancouver, and Alberta, as well as local Buyers.


February seems to have been a 'mixed bag' of results, as I have seen evidence of properties going into Multiple Offers, Housing in parts of the $700,000 to $900,000 range are sluggish,  and Condos and Townhomes showings & sales in $300,000 to $400,000 range have been quite brisk for this time of year.


In Quail Ridge and around UBCO, Parents and Investors are already looking, and there is certainly less inventory to view than at this time last year.


The biggest headlines though are the hikes we are starting to see in Strata Insurance Premiums. Strata Corporations, particularly Condos, are being warned to expect increases of between 30%-300%!! In some areas of BC, we are also hearing that some Strata...

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Despite the snow and some cold temperatures for the Okanagan during January, potential buyers of Kelowna Real Estate have been starting to look and the number of potential investors I have spoken to has been well up on last year.


Interestingly, a number are looking for AirBnB potential properties.


Overall, it has been a lower inventory that has been the biggest challenge, and as a result, we have seen stronger activity, particularly when more affordable homes list with suites and financing has still been a challenge, for some, and this is has been the cause of a number of offers collapsing.


This week BC Stats estimated the current population of Kelowna had increased to 142,000 from 133,000 in 2016 and is still rising, And we continue to see reports of the future growth of UBCO.


Kelowna & Central Okanagan Real Estate Sales January 2020.




Last month-:

- Total Sales were down 5.7% last month.

- Single-Family Homes sales down 2.1%

- Strata sales down 14.2%.


Compared to last year sales numbers...

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


You will find details of each sector i..e. Single Family Homes, Condos & Townhomes together with my forecast for 2020.



Quail Ridge / University District Real Estate

January 1, 2019, to December 31, 2019.


 


Date


Total

Single Family Homes


Condos


Townhomes


Lots

 

Jan-Dec

2019


82


23


46


13


0

 

Jan-Dec

2018


76


26


47


2


1

  Jan-Dec 2017


117


15


68

 

32


2


Highlight Summary

- Total MLS® Sales up 7.9%.

- 1.5% fall in Single Family Homes sales.

- 2.1% fall in Condos sales.

- 650% increase in Townhome Sales. 


Homes - continued to be affected by the Mortgage Stress Test, and homes, (typically under $800,000) with suites or the potential for suites generally sold more easily than those without.


Town Home - numbers were boosted by an increase in sales in Bella Sera & there were 2 Sales in Fairway...

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First and foremost Happy New Year everyone!


2019 certainly seemed to have its ups and downs in the Kelowna Real Estate Market. The Mortgage Stress Test had a more far-reaching impact on our real estate market then we had imagined. It was only towards the end of the year we really started to see signs of recovery. For me, this was especially so after the Federal Election.


I had several Buyers looking over the Christmas period, and with inventory being lower it has been more difficult to find the right property, and as a result, many are still looking.


Kelowna & Central Okanagan Real Estate Sales December 2019.




Last month-:

- Total Sales were down 28% last month.

- Single-Family Homes sales down 30%

- Strata sales down 24%.


Compared to last year sales numbers continue to show a positive improvement.


- Overall sales were up 40%

- Single-Family Home sales up 29%.

- Strata sales were up 55%.


Overall, it is quite normal to see a dip in sales in our area at this time of year.


Inventory Levels...

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The November 2019 Buyers Survey Results are now posted for the Kelowna Real Estate Market and Central Okanagan area.


First-time Buyers and Investors seemed to be busier again this month, and Empty Nesters / Retiree numbers were up.


Kelowna / West Kelowna area were nearly 9% busier this last month, whereas other areas in the Region have started to tail off as we head into Winter.


Please find the full summary below.


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


First Time Buyer –  22.18% (19.55%) 

Revenue Property Investor –  12.13% (9.29%) 

Moving Up – 17.99%  (20.51%)

Similar Property Type – 14.23% (16.67%)

Downsizing – 13.81% (13.46%)

Single Family Res to Strata – 5.44% (6.09%) 

Recreational Property – 7.11% (6.73%)

Retirement Community – 0% (1.60%) 

Strata to Single Family – 4.18% (3.53%) 


Describe the Buyer (family dynamic):

Couple...

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The British Columbia Real Estate Association (BCREA) reports that a total of 6,616 residential unit sales were recorded by the Multiple Listing Service® (MLS® ) in November, an increase of 27.5 per cent from the same month last year.


The average MLS® residential price in the province was $746,939, an increase of 5.5 per cent from November 2018. Total sales dollar volume was $4.94 billion, a 34.4 per cent increase from the same month last year. “After several months of strong gains, home sales are now firming around long-run averages,” said BCREA Chief Economist Brendon Ogmundson. “We expect 2020 will be a much more typical year for markets compared to the volatility of recent years.”


MLS® residential active listings in the province were down 6.6 per cent from November 2018 to 31,310 units, and down for a seventh straight month on a seasonally adjusted basis. Overall market conditions remain balanced with a sales-to-active-listings ratio of 21 per cent....

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