Kelowna Real Estate Market News

Kelowna Real Estate Market Report January 2022

First and foremost Happy New Year everyone!


Last month's sales were much more subdued, as a result of -:


1. Buyers continued to struggle to find homes, due to low inventory.

2. There were continuing road closures between the Okanagan and the Lower Mainland, after the November floods, which made traveling more challenging.

3. We started to see a rise in Covid cases throughout BC, as a result of the Omicron variant, which caused some to pause their house-buying plans.


Kelowna & Central Okanagan Real Estate Sales December 2021.



December 2021 Kelowna Residential Real Estate sales numbers were significantly lower than November 2021 numbers.

Compared to the last month-:

- Total Sales were down 33.8% last month.

- Single-Family Homes sales were down 40.6%.

- Strata sales down 28.6%


Compared to last year -:


- Overall sales were down 23.6%

- Single-Family Home sales were down 26.8%.

- Strata sales were down 17.9%.


Inventory Levels December 2021


Our already historically low Inventory numbers, in the Central Okanagan, continued to tumble last month and remain the primary reason for upward price pressure in our Real Estate Market.


Total listings in the Central Okanagan are now 883 down from 1,103 last month and down from 1,407 last year. 

Single Family & Bare Land Strata Residential 292 units down from 384 last month and down from 452 last year.

Condo - 188 down from 219 units last month and down from 368 last year.

Town Homes - 83 down from 107 last month and down from 171 last year.


Compared to last month overall inventory levels fell by 20% and compared to last year were 37.2% down. Single Family Home numbers are down 35.3% compared to last year, Condo Inventory down 48.9%, and townhomes down 51.4%.


Median Prices in the Central Okanagan Real Estate Market Dec 2021


I decided to take a look at the median price for properties in the Central Okanagan, rather than the average so that the numbers aren't skewed by any particularly high for low sales.


Single Family Homes & Bare Land Strata 


2021 $886,764   2020 $730,000 - up 21.5%.


Condos


2021 $415,000   2020 $343,000 - up 20.9%.


Townhomes


2021 $619,900  2020 $525,000 - up 20.4%

Key points to note this month in the Kelowna Real Estate Market.

1. Inventory - it is very usual for inventory to fall at this time of year, the current numbers, however, are extremely low, resulting in continued upward price pressure.


2. Interest Rate rises are in this year's Forecast - at the moment interest rates look set to rise at some point this year, which may temporarily dampen demand later in the year.

 
3. Covid Pandemic - At present, it looks like working from home will continue to be an option for many, so I am anticipating we will continue to see demand from Buyers wanting to take advantage of this and move to the Okanagan.
 
Important Reminder Re Speculation and Vacancy Tax in BC - 2022 Changes

Until now, strata owners who were not permitted to rent out units may have qualified for an SVT exemption. That changes in 2022.

For more information view the Government Link   https://www2.gov.bc.ca/gov/content/taxes/speculation-vacancy-tax
 

If you would like to receive specific information about your own buying and selling needs in the Kelowna & Central Okanagan area please call or email me and my current listings can be viewed at  https://www.trishcenci.com/mylistings.html


Kind Regards


Trish Cenci



This month's photo - Steam Rising from Wood Lake December 27, 2021.

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