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 break down the numbers for our area as the Thompson-Okanagan Region which includes Kamloops and the South Okanagan.
As you will appreciate, this is quite a diverse area, so I would exercise some caution when reading the figures, as my feeling for the Central Okanagan is that while prices overall may start to even out, we are still in a Sellers Market, inventory is still on the low side and certain types of properties are is still in short supply, so there will be pockets of the market which will show above average price rises.
To read the summary for our area please click on the attached link -:http://realestatenews.trishandtanis.com/2017/11/kelowna-real-estate-thompson-okanagan-2018-housing-forecast/
Changes coming up for the BC Real Estate Industry
If you have been reading the news recently the BC Superintendent of Real Estate, has now come out with his recommendations for changes in the Real Estate Industry. These will include a ban on Limited Dual Agency, by BC Licenced Real Estate Agents, to commence on March 15th, 2018.
For many, this will not affect their relationship with their Real Estate Agent, but for those who decide to purchase a property from the listing Agent, there will be some changes. I am currently reviewing these recommendations and waiting for further guidance on how this will affect my Clients, so watch out for further updates as they come out!
If you have any questions about our latest Market update or any other questions about your Real Estate buying and selling needs, please do not hesitate to contact me.
Tel 250 864 1707