In the latest Okanagan Mainline Real Estate Board (OMREB) update the latest Buyers
Survey results show Revenue Investor Buyers were fewer last month while move-up Buyers and Buyers moving from Strata to Single-Family home buyers were up. This was backed up by the increase in Two-Parent Families with Children buying this month.

Interestingly there was quite a reduction in the number of buyers from Vancouver and the Lower Mainland, but an increase in buyers from Alberta and other areas of BC.

There was an increase in buyers in Salmon Arm and the Shuswap. Buying numbers were slightly up in Kelowna and West Kelowna, and down in Vernon and Coldstream.

Here is the full report -:

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

First Time Buyer – 20.82% (20.79%)

Revenue Property Investor – 5.91% (9.41%)

Moving Up – 20.57% (17.33%)

Similar Property Type – 19.54%. (18.81%)

Downsizing – 12.85% (11.88%)

Single family Res to Strata – 5.66%...

This report details the market performance of Real Estate in Quail Ridge & the University District during the last 6 months, based on MLS® listings & sales.

There are details for each sector i..e. Single Family Homes, Condos & Townhomes together with my forecast for the remainder of 2020.

Quail Ridge / University District Real Estate

January 1, 2020, to June 30, 2020.

Sales Numbers

Highlight Summary for 6 Months Jan - Jun 2020 compared to 2019.

- Total MLS® Sales down 12.5%.

- 10% fall in Single Family Homes sales.

- 37.5% fall in Condos sales.

- 83% increase in Townhome Sales. 

Homes - under $750,000 overall had a good level of viewing activity and sold fairly quickly.

Town Home - several sales in Bella Sera, and the launch of the new Academy Ridge Town Home complex resulted in a significant rise...

June was a much busier month in the Kelowna Real Estate Market, as we saw a gradual easing of travel restrictions and all parties adapting to social distancing guidelines.

Homes in the affordable housing market continued to show strong activity and well-priced homes saw a number of multiple offers.

The dramatic increase in sales in June was a reflection of the increased activity that started in May, and by the end of the month, sales had overtaken the numbers for this time last year.

Kelowna & Central Okanagan Real Estate Sales June 2020.

Compared to last month-:

- Total Sales were up 71% last month.

- Single-Family Homes sales up 88%.

- Strata sales up 58%.

Compared to last year sales numbers again showed a positive improvement.

- Overall sales were up 9%

- Single-Family Home sales up 18%.

- Strata sales were down 3%.

Inventory Levels June 2020

Inventory levels are up in all main sectors -:

Total listings in the Central Okanagan are now 3,049, up from 2,917 last month and down...

The British Columbia Real Estate Association (BCREA) reports that a total of 4,518 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in May 2020, a decline of 45.2 per cent from May 2019. The average MLS® residential price in BC was $728,898, a 3.2 per cent increase from $706,394 recorded the previous year. Total sales dollar volume in May was $3.3 billion, a 43.5 per cent decrease over 2019.

“There were encouraging signs of recovery in May,” said BCREA Chief Economist Brendon Ogmundson. “While activity is still far below normal, both sales and listings are up significantly from April’s lows.

” New listings activity started to normalize around the first week of May, reversing a slide in total active listings. However, active listings are still down close to 24 per cent year-over-year and are more than 10,000 listings below where they would normally be in the spring months.

Year-to-date, BC residential sales dollar volume...

First Time Buyers and Two-Parent Families were busier, and more Buyers were Buying in the Kelowna / West Kelowna area according to this latest month's Buyer Survey Results for the Kelowna and Central Okanagan Real Estate Market area during April 2020.

Here is the full report -:

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

First Time Buyer – 25.00% (19.28%)

Revenue Property Investor – 7.58% (7.63%)

Moving Up – 14.39% (21.69%)

Similar Property Type – 9.85% (18.47%)

Downsizing – 22.73% (16.87%)

Single family Res to Strata – 3.03% (4,42%)

Recreational Property – 4.55% ( 2.41%)

Retirement Community – 2.27% (3.61%)

Strata to Single Family – 3.79% (4.02%)

Describe the Buyer (family dynamic):

Couple without children – 21.37% (25.6%)

Two Parent family/children – 31.30% (21.2%)

Empty nesters or retired – 17.56% (23.2%)

Single female – 17.56% (13.6%)

Single male – 12.21% (12.4%)

Single parent...

The British Columbia Real Estate Association (BCREA) reports that a total of 3,284 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in April 2020, a decline of 50.8 per cent from April 2019. The average MLS® residential price in BC was $737,834, a 7.8 per cent increase from $684,430 recorded the previous year. Total sales dollar volume in March was $2.4 billion, a 46.9 per cent decrease over 2019.

“We expected to see a sharp drop in sales for April as we confronted the COVID-19 pandemic,” said BCREA Chief Economist Brendon Ogmundson. “However, buyers and sellers are adapting to a new normal, and activity should pick up as the economy gradually re-opens.”

While home sales were down by more than half compared to this time last year, the supply of homes for sale, which normally rises through the spring, was down close to 10 per cent on a seasonally adjusted basis and down 23.7 per cent year-over-year. That slide in total active...