Kelowna Real Estate Market News

Mortgage Rules affecting BC Real Estate Market - Feb 2018

Looking at the BC Real Estate Association sales numbers for February 2018, the average price of Residential Homes in Kelowna and the Central Okanagan are up 6.1% to $509,545 from $480,052, with active listings down 1.9% to 2,333 from 2,379.

 

Year-to-date sales numbers are up 9% from 873 to 952, and average prices year-to-date are up to $516,081 from $463,644, a rise of 11.3%

 

BCREA reports that a total of 6,206 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in February, a 5.7 percent decrease from the same period last year. The average MLS® residential price in BC was $748,327, up 8.8 percent from the previous year. Total sales dollar volume was $4.64 billion, a 2.6 percent increase from February 2017.

 

“More stringent mortgage qualification rules for conventional borrowers are dampening housing demand in the province,” said Cameron Muir, BCREA Chief Economist. “Since the new rules came into effect, BC home sales have fallen more than 26 percent, on a seasonally adjusted basis.

 

” Previous mortgage policy tightening has negatively impacted housing demand for a period of four to seven months, with the largest impact occurring in the third month after implementation.

 

Year-to-date, BC residential sales dollar volume was up 15.9 percent to $8.47 billion, compared with the same period in 2017. Residential unit sales increased 4.1 percent to 11,516 units, while the average MLS® residential price was up 11.3 percent to $735,755. 

 

Kind Regards

 

Trish Cenci

 

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