There is still an over supply of condominiums on the market here in Kelowna but the good news for sellers is that the number of sales is on the rise and the good news for buyers is it is a great time to buy a condo.. There are 1,384 freehold condominiums for sale today and there have been 379 recorded sales through May 1st. Let’s quickly compare this to the last three years (January 1 to May 1)…

Year. Price Number of sales

2011 290,000 338

2010 293,000 426

2009 282,000 276

My first thought….”thank goodness 2009 is over”. The 379 sales this year represents a 12% increase in units sold and no one can deny this isn’t a positive sign for our condo market. Prices have dropped marginally from last year’s $290,000 but we’re still where we were in 2009 which isn’t too bad when you look at the amount of inventory on the market.

From an historical viewpoint, the average sale price 10 years ago (Jan-May) in Kelowna was $140,000 with an almost identical number of solds (391).

 

Looking at purchasing a Condo is different than a house. For condos after you have decided on your price range and neighborhood to live in you need to think about the restrictions on the bylaws and if they will affect you. One of the restrictions could include age restrictions, such as 19+ or 45+ or 55+ . How will these effect you and your lifestyle? It could be favorable if you are in the 55+ age bracket and don’t want to live with small children running through the complex daily, but if you are younger and move into a complex that is 19+ , get married and have a child this could be a problem

 

Strata living can be a great way to get into or out of the market. Email or call me if you want to discuss the pros and cons of  condo living.

Andrew Smith

Living in Kelowna,
Andrew Smith
Smith McLellan Group
Royal LePage Kelowna
Info@OkanaganBC.com
To view homes go to www.Okanaganbc.com
250-979-8066
Follow me on Twitter @smithap01

 

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