Kelowna Real Estate Market News

The Wider BC Real Estate Picture - May 2019 Report

The British Columbia Real Estate Association (BCREA) reports that a total of 6,652 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in April, a decline of 18.9 per cent from the same month last year.

The average MLS® residential price in the province was $685,304, a decline of 6.2 per cent from April 2018. Total sales dollar volume was $4.6 billion, a 23.9 per cent decline from the same month last year.

“BC home sales were essentially unchanged from March on a seasonally adjusted basis,” said BCREA Chief Economist Cameron Muir. “Prospective home buyers continue to grapple with the decline in their purchasing power caused by federal government changes to mortgage policy.” Total MLS® residential active listings increased 33.6 per cent to 38,672 units compared to the same month last year. The ratio of sales to active residential listings declined from 28.4 per cent to 17.2 per cent over the same period.

Year-to-date, BC residential sales dollar volume was down 29.8 per cent to $13.9 billion, compared with the same period in 2018. Residential unit sales decreased 24.5 per cent to 20,479 units, while the average MLS® residential price was down 7 per cent to $680,671. 

Trish's Comment

Certainly, Vancouver and Lower Mainland Buyers had been fairly active in the last few years in the Kelowna Real Estate Market, but taking a look at the figures across the Province in April 2019, it is not surprising to see a marked fall in the number of Buyers from those areas.

Overall, the Kelowna and Central Okanagan Markets seem to be doing better than some and worse than others.

With the lower % of Sales to Active Listings in the Greater Vancouver area, it looks like we are going to continue to see downward price pressure there, and longer sale times.

On the other end of the scale, the Real Estate Market seems to be 'holding up' in Kamloops and Vancouver Island, although sales numbers on down on this time last year.

Kind Regards

Trish Cenci

Acknowledgment - Information provided by Cameron Muir, Chief Economist for the BC Real Estate Association.

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