Kelowna Real Estate Market News

The outlook for home sales in 2020 is considerably brighter than the past two years, according to Brendon Ogmundson, Chief Economist, for the BC Real Estate Association. A strong recovery that began in the middle of last year helped to offset an uncommonly languid spring, and sales closed out 2019 essentially unchanged from the year before. Momentum carried through to 2020 will put the housing market on more solid footing, aided by low-interest rates and an improving economy. We forecast 2020 MLS® unit sales will normalize around their long-run average of about 85,000 units before rising to 90,700 units in 2021.



The BC economy has slowed over the past two years, hindered by heightened uncertainty in global trade and a faltering housing market. Weaker home sales and a more stringent consumer credit environment dragged household consumption to a second straight year of sub-par growth, as evidenced by sputtering retail sales. However, strong wage growth and an expected rise in home...

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This report details the market performance of Real Estate in Quail Ridge & the University District during the last 12 months, based on MLS® listings & sales.


You will find details of each sector i..e. Single Family Homes, Condos & Townhomes together with my forecast for 2020.



Quail Ridge / University District Real Estate

January 1, 2019, to December 31, 2019.


 


Date


Total

Single Family Homes


Condos


Townhomes


Lots

 

Jan-Dec

2019


82


23


46


13


0

 

Jan-Dec

2018


76


26


47


2


1

  Jan-Dec 2017


117


15


68

 

32


2


Highlight Summary

- Total MLS® Sales up 7.9%.

- 1.5% fall in Single Family Homes sales.

- 2.1% fall in Condos sales.

- 650% increase in Townhome Sales. 


Homes - continued to be affected by the Mortgage Stress Test, and homes, (typically under $800,000) with suites or the potential for suites generally sold more easily than those without.


Town Home - numbers were boosted by an increase in sales in Bella Sera & there were 2 Sales in Fairway...

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Vancouver, BC – January 13, 2020.


The British Columbia Real Estate Association (BCREA) reports that a total of 77,331 residential unit sales were recorded by the Multiple Listing Service® (MLS® ) in 2019, a decline of 1.5 per cent from the 78,516 units sold in 2018. The annual average MLS® residential price in BC was $700,460, a decline of 1.6 per cent from $711,564 recorded the previous year. Total sales dollar volume was $54.2 billion, a 3 per cent decline from 2018.



“Housing markets across the province staged a strong recovery in the second half of 2019,” said BCREA Chief Economist Brendon Ogmundson. “This sets up 2020 to be a much more typical year than what markets have experienced recently.


” A total of 5,218 MLS® residential unit sales were recorded across the province in December, up 48.9 per cent from December 2018. The average MLS® residential price in BC was $755,165, an increase of 8.7 per cent from December 2018. Total sales...

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First and foremost Happy New Year everyone!


2019 certainly seemed to have its ups and downs in the Kelowna Real Estate Market. The Mortgage Stress Test had a more far-reaching impact on our real estate market then we had imagined. It was only towards the end of the year we really started to see signs of recovery. For me, this was especially so after the Federal Election.


I had several Buyers looking over the Christmas period, and with inventory being lower it has been more difficult to find the right property, and as a result, many are still looking.


Kelowna & Central Okanagan Real Estate Sales December 2019.




Last month-:

- Total Sales were down 28% last month.

- Single-Family Homes sales down 30%

- Strata sales down 24%.


Compared to last year sales numbers continue to show a positive improvement.


- Overall sales were up 40%

- Single-Family Home sales up 29%.

- Strata sales were up 55%.


Overall, it is quite normal to see a dip in sales in our area at this time of year.


Inventory Levels...

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The November 2019 Buyers Survey Results are now posted for the Kelowna Real Estate Market and Central Okanagan area.


First-time Buyers and Investors seemed to be busier again this month, and Empty Nesters / Retiree numbers were up.


Kelowna / West Kelowna area were nearly 9% busier this last month, whereas other areas in the Region have started to tail off as we head into Winter.


Please find the full summary below.


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


First Time Buyer –  22.18% (19.55%) 

Revenue Property Investor –  12.13% (9.29%) 

Moving Up – 17.99%  (20.51%)

Similar Property Type – 14.23% (16.67%)

Downsizing – 13.81% (13.46%)

Single Family Res to Strata – 5.44% (6.09%) 

Recreational Property – 7.11% (6.73%)

Retirement Community – 0% (1.60%) 

Strata to Single Family – 4.18% (3.53%) 


Describe the Buyer (family dynamic):

Couple...

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The British Columbia Real Estate Association (BCREA) reports that a total of 6,616 residential unit sales were recorded by the Multiple Listing Service® (MLS® ) in November, an increase of 27.5 per cent from the same month last year.


The average MLS® residential price in the province was $746,939, an increase of 5.5 per cent from November 2018. Total sales dollar volume was $4.94 billion, a 34.4 per cent increase from the same month last year. “After several months of strong gains, home sales are now firming around long-run averages,” said BCREA Chief Economist Brendon Ogmundson. “We expect 2020 will be a much more typical year for markets compared to the volatility of recent years.”


MLS® residential active listings in the province were down 6.6 per cent from November 2018 to 31,310 units, and down for a seventh straight month on a seasonally adjusted basis. Overall market conditions remain balanced with a sales-to-active-listings ratio of 21 per cent....

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