Kelowna Real Estate Market News

Sales of Single Family Homes, in particular, have still been 'brisk' during the last month in the Kelowna Real Estate Market, as Buyers continue to struggle with low inventory.


For example, one of our new listings in West Kelowna ended in a 5-way multiple offer,  with the winning bid being significantly over asking price, during November!


Kelowna & Central Okanagan Real Estate Sales November 2020.



Sales numbers were down compared to last month, which is partially due to the time of year, but also due to the lack of inventory, but up massively on this time in 2019.

Compared to the last month-:

- Total Sales were down 10.2% last month.

- Single-Family Homes sales down 13.3%.

- Strata sales down 8.3%.


Compared to last year sales numbers were up again.


- Overall sales were up 75%

- Single-Family Home sales up 72%.

- Strata sales were up 76%.


Inventory Levels October 2020

Inventory levels continue to fall in all main sectors -:


Total listings in the Central Okanagan are now...

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The latest Kelowna Real Estate Buyers Survey Results are now out, for October 2020.


There were fewer First time Buyers last month, but more people 'moving up' and downsizing.


Here is the full report.


Best describe your most recent Buyer (moving to/from property type)


First Time Buyer – 13.98% (18.98% )

Revenue Property Investor – 10.38% (9.3%)

Moving Up – 22.03% (19.35%)

Similar Property Type – 20.34 % (18.98%)

Downsizing – 14.41% (10.25%)

Single family Res to Strata – 5.30% (4.55%)

Recreational Property –  8.05% (11.39%)

Retirement Community – 0.42% (2.85% )

Strata to Single Family – 2.54% (4.55%)

  


Describe the Buyer (family dynamic):


Couple without children – 23.54% (24.48%)

Two-Parent Family/children – 25% (28.44%)

Empty nesters or retired – 24.79% (19.77%)

Single female – 11.88% (13.56%)

Single male – 9.58% (10.73%)

Single parent with children – 2.92% (2.26%)



How did Buyer finance...

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 The British Columbia Real Estate Association (BCREA) reports that a total of 11,051 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October 2020, an increase of 43.8 per cent from October 2019. The average MLS® residential price in BC set a record of $812,960, a 12.5 per cent increase from $722,333 recorded the previous year. Total sales dollar volume in August was $8.98 billion, a 61.8 per cent increase over 2019.


“The provincial housing market sustained its blistering pace of activity in October,” said BCREA Chief Economist Brendon Ogmundson. “While pent-up demand may be starting to fade, record low-interest rates and a recovering job market are supporting strong sales.”


“A pandemic-driven shift in buyers’ preference for extra space is pushing average prices to record highs as larger value transactions account for a higher share of sales,” added Ogmundson. Prices are also being pushed higher by...

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At this time of year, we do tend to start to see a slowdown in the Kelowna Real Estate market, so it will be no surprise to see numbers down on last month. Nevertheless, the market remained 'very brisk' and buyers continued to find themselves in multiple offers.


Kelowna & Central Okanagan Real Estate Sales October 2020.



Although overall sales numbers were down last month, numbers were still impressive.

Compared to the last month-:

- Total Sales were down 4.4% last month.

- Single-Family Homes sales down 4.9%.

- Strata sales up 2.7%.


Compared to last year sales numbers were up again.


- Overall sales were up 85%

- Single-Family Home sales up 99.5%.

- Strata sales were up 86.4%.


Inventory Levels October 2020

Inventory levels are down in all main sectors -:


Total listings in the Central Okanagan are now 2,166 down from 2,588 last month and down from 2,816 last year.

Single Family & Bare Land Strata Residential 727 units down from 894 last month and down from 1,143 last...

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The latest Kelowna Real Estate Buyers Survey Results are now out, for September 2020.


First-time Buyers were busier again this month, but there were few Buyers 'moving up'.


The numbers moving from the Lower Mainland were up last month, as were the number moving from Eastern Canada.


Here is the full report.


Best describe your most recent Buyer (moving to/from property type)


First Time Buyer – 18.98% (14.22%)

Revenue Property Investor – 9.3% (9.71%)

Moving Up – 19.35% (23.48%)

Similar Property Type – 18.98% (20.54%)

Downsizing – 10.25% (14.00%)

Single family Res to Strata – 4.55% (2.26%)

Recreational Property –  11.39% (11.06%)

Retirement Community – 2.85% (0.90%)

Strata to Single Family – 4.55% (2.03%)

  


Describe the Buyer (family dynamic):


Couple without children – 24.48% (25.23%)

Two Parent family/children – 28.44% (33.11%)

Empty nesters or retired – 19.77% (18.69%)

Single female – 13.56% (10.81%...

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Vancouver, BC – October 14, 2020.


The British Columbia Real Estate Association (BCREA) reports that a total of 11,368 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in September 2020, an increase of 63.3 per cent from September 2019. The average MLS® residential price in BC set a monthly record of $803,210, a 15.3 per cent increase from $696,647 recorded the previous year. Total sales dollar volume in August was $9.1 billion, an 88.3 per cent increase over 2019.


“The provincial housing market had a record-setting September,” said BCREA Chief Economist Brendon Ogmundson. “Both total sales and average prices were the highest ever for the month of September as pent-up demand from the spring pushes into the fall.”


“Average prices are skewing higher as demand for space during the pandemic drives sales of single-detached homes,” added Ogmundson. Total provincial active listings are still down about 12 per cent...

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