Kelowna Real Estate Market News

April 2018 felt like a 'mixed bag' in the Kelowna Real Estate Market.


The month started with quite briskly with listings and showings, whereas the last week or so, it was much quieter.


On the other side of the coin, I was in Multiple Offers for Buyers looking for a Retirement Rancher, which went well over asking price, I have one Buyer where there are just no Condos in their price point to even start looking and I am working for other Buyers who are looking for a 2 Bedroom Condo nearer to UBCO under $400,000 and there is virtually nothing available!


Trying to work out what is happening with the Market is quite a challenge! It feels that there were a number of factors at work - -:


1. The changes to the Mortgage Rules are beginning to really 'bite' for some Buyers, who have definitely seen their purchasing power reduced.


2. Talk of the new Speculation Tax in BC is breeding uncertainty with Buyers and Sellers.


3. There has been quite a bit of talk about whether the Kelowna...

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As to be expected, January 2018 was a quieter month for inquiries and showings in the Kelowna Real Estate Market.


Does this represent a 'shift' in our Real Estate Market? I don't believe so. We are still experiencing multiple offers and inventory is still lower.


In the last week, I have already started to experience an increase in inquiries. Investors are still looking, although my sense is they are becoming more nervous, wondering whether the market has peaked.

Central Okanagan Real Estate Sales January 2018

 


Date


Total

Single Family Homes


Strata


Lots


Manuf

  Jan 18 342 159 147  24 12
  Dec 17 341 185 120 23 13
  Nov 17 448 213 161  55 19
  Oct 17 544 254 194  71 25
  Jan 17 260  114  114  19 13

 

Summary of numbers -: 

Total sales virtually the same as last month, but up 31.5% on 2017.

Single Family Home sales down 14% from December 2017 up 13.9% on 2017.

Strata sales up 22.5% from December 2017 and up...

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The beginning of November seemed to start very slowly, and it felt like we were really entering into the usual winter lull. I suspect this was not helped by the heavy snowfall we experienced in early November before all the leaves had fallen. Thank goodness that melted quickly and I was pleased to see 10 degrees on my Thermometer one-day last week! In the last week, inquiries have picked up again and Buyers are still writing offers.

Kelowna Real Estate Sales Numbers November 2017

Overall sales are down 10.3% on last month but interestingly up 14% on this time last year.Single Family Home sales are down 16.1% on last month, but up 17% on 2016, and Strata sales are down 17% and down 8.5% on this time last year. Interestingly Lot sales are still much higher than last year.


What is the Current Kelowna Real Estate Market Outlook?


In case you missed it, the BC Real Estate Association issued its Q4 Real Estate Forecast for BC this week. Unfortunately, they only...

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