Kelowna Real Estate Market News

Mortgage Stress Tests keep BC Real Estate Sales Cool

The British Columbia Real Estate Association (BCREA) reports that a total of 5,573 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in September, a 33.2 per cent decrease from the same month last year. The average MLS® residential price in BC was $685,749, down 1.1 per cent from September 2017.

Looking at the numbers for Kelowna and the Central Okanagan the Average Sale price in September 2018 was $534,943 up from $496,433 (a 7.8% increase) compared to September 2017 and listing numbers were up from 3,238 to 4,172 and increase of 28.8%.

Total sales dollar volume was $3.8 billion, a 34 per cent decline from September 2017. “BC home sales continue at a slower pace compared to last year,” said Cameron Muir, BCREA Chief Economist. “The impact on affordability and purchasing power caused by the mortgage stress test and moderately higher interest rates are negating the effect of the extraordinarily strong performance of BC’s economy over the last five years.” 

Year-to-date, BC residential sales dollar volume was down 21.3 per cent to $45 billion, compared with the same period in 2017. Residential unit sales decreased by 22.5 per cent to 63,251 units, while the average MLS® residential price was up 1.5 per cent to $716,096.

Sales in the Central Okanagan are down 17.6%, year to date, compared to this time last year, but Average Prices are still up by 7.5% from $493,020 to $529,965.

Kind Regards

Trish Cenci

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