Kelowna Real Estate Market News

I do hope that you are all keeping safe and well out there?

The temporary closure of many businesses locally and nationally has come as a tremendous shock to people both professionally and personally and has had a dramatic impact on Families life, Health Care, Education, our Social Interaction and the Real Estate Market.

Initially, as the Covid-19 health crisis began to be felt across Canada, everyone, quite rightly, focused on home and keeping their families safe, and the real estate market largely shut down for a short time.

As everyone comes to terms with the 'new norm' - Real Estate Professionals are also adapting their business practices to continue to help those who really need to buy and sell homes at the moment.

This has involved making sure we can offer safe ways for clients to view homes. I am offering Buyers the ability to view my listings by virtual tour and professional photos, if there is interest I suggest a drive-by if that's possible for them and if they are still ...

Read full post

The January 2020 Buyers Survey Results are now posted for the Kelowna Real Estate Market and Central Okanagan area.

First Time Buyers and Couples without Children were some of the busiest Buyers last month. Buyers purchasing similar Properties were also busier in the market.

There were a few more Buyers from Alberta, and a few less from the Lower Mainland, and activity in Vernon, was also down last month.

To read the full report, please see below.

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

First Time Buyer – 22.09% (20.88%)

Revenue Property Investor – 12.27% (13.19%)

Moving Up – 16.56% (21.43%)

Similar Property Type – 19.63% (13.19%)

Downsizing – 13.50% (10.44%)

Single-family Res to Strata – 6.13% (2.75%)

Recreational Property – 6.75% (7.14)

Retirement Community-3.68% (1.10%)

Strata to Single Family – 1.23% (2.75%)

Describe the Buyer (family dynamic):

Couple without children – 23.93% (19.23%)

Two-Parent Family...

Read full post

The British Columbia Real Estate Association (BCREA) reports that a total of 4,426 residential unit sales were recorded by the Multiple Listing Service® (MLS® ) in January 2020, an increase of 23.7 per cent from the 3,579 units sold in January 2019. The average MLS® residential price in BC was $725,370, a 9.1 per cent increase from $664,633 recorded the previous year. Total sales dollar volume in January was $3.2 billion, a 35 per cent increase over 2019.

“Housing markets in BC are off to a strong start in 2020,” said BCREA Chief Economist Brendon Ogmundson. “We expect a much more typical year of home sales in 2020 as markets recover from the policy-induced slowdown of the past two years.”

Total MLS® residential active listings fell 12.6 per cent to 25,790 units compared to the same month last year. The ratio of sales to active residential listings increased to 17.2 per cent from just 12.1 per cent last January.

“While many markets are showing...

Read full post

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...

Read full post

First-time Buyers were busier in the Market last month, as were move up Buyers, taking advantage of some of the softer prices we are seeing in the Kelowna and Central Okanagan Real Estate Markets.

There were less local Buyers moving, and to be expected fewer Buyers from the Lower Mainland, but interestingly more Buyers from Alberta.

To read the full Okanagan Mainline Real Estate Buyers Survey Results - see the details below -:

Property Type:

24.00% First Time Purchase (up from 18.13% in January)
19.11% Move Up Purchase (up from 16.58%)
15.56% Relocating to Similar Property Type (down from 18.65%)
8.00% Revenue/Investment (down from 11.92%)
14.67% Downsizing (up from 12.95%)
4.89% Moving from Single-family Home to Strata Unit (down from 8.29%)
2.67% Moving from Strata Property to Single Family Home (down from 4.66%)
4.89% Recreational Property (down from 6.22%)
0.89% Retirement Home/Seniors Community (down from 2.07%)

Buyer Type (Family Dynamic):

27.19% Two Parent family/children (up from 22.40%...

Read full post

The January 2019 Kelowna and Central Okanagan Real Estate Buyers Survey Results have now by produced, courtesy of our local Real Estate Board - OMREB.

One of the main highlights to note this month is the fall in Buyers coming from the Lower Mainland and Vancouver area, where their own Real Estate Markets have been slow this winter.

Property Type:

16.87%  First Time Purchase (down from 19.88% in December)

19.28%  Move Up Purchase (up from 14.91%)

18.07%  Relocating to Similar Property Type (down from 21.12%) 

10.84%  Revenue/Investment (down from 15.53%)

16.27%  Downsizing (up from 8.70%)

4.82%    Moving from Single-family Home to Strata Unit (down from 4.97%)

2.41%    Moving from Strata Property to Single Family Home (down from 2.48%)

7.83%    Recreational Property (down from 8.70%)

3.61%    Retirement Home/Seniors Community (up from 1.86%)

Buyer Type (Family Dynamic):

30.30%  Two Parent family/children...

Read full post
The trademarks MLS®, Multiple Listing Service® and the associated logos identify professional services rendered by REALTOR® members of CREA to effect the purchase, sale and lease of real estate as part of a cooperative selling system.
MLS®, REALTOR®, and the associated logos are trademarks of The Canadian Real Estate Association.