November 2022 Kelowna Market Update
Kelowna MLS recorded 129 residential sales in November at an average sale price of $1,129,000.
This is down from the 292 sales recorded November 2021 but prices are more or less in sync with the price being $1,139,000 last year. Compared to last month, October 2022, unit sales are down slightly from the 145 recorded. Prices are slightly down from $1,163,000.
There were 62 homes taken off the market at month end bring the current total of homes for sale at 1,017. Low numbers are the norm for November and December likely won’t be much better for obvious reasons but there clearly has to be pent up demand in a community our size which should materialize incrementally in the new year.
The provincial government changed the laws surrounding rentals be eliminating rental restrictions in strata buildings regardless of what a strata council votes. We also eliminated age restrictions other than 55 plus buildings so moving forward a 19 plus restriction is unenforceable. For what it’s worth I agree with these changes. Twenty or thirty somethings will now be able to buy with confidence knowing a newborn baby will now be welcome and won’t mean having to sell. As for rental restrictions, circumstances often change and this brings peace of mind knowing that renting a condo is possible if a sudden move happens. I know a lot of people disagree with these changes but moving forward condo owners will have a lot more options at their disposal.
Last Week Week of November
33 Residential sales last week in Kelowna which is s bit of an uptick from the 27 recorded last week. Average sale price was $1,051,000. These numbers are a continuation of a trend we’ve been seeing and if nothing else, our housing market has become predictable and consistent.
Predictability and consistency are things we can work with as we go through a period with more or less the same level of home sales being reported every week. Sure, we all wish there were 60-70 weekly sales but this is our market and we’re just going to have to get used to it. Counting on things significantly improving come spring time is probably wishful thinking so it’s best to adapt to where things are now.
There are only 1,100 homes for sale which isn’t all that much and sellers who price their homes correctly have a good chance of generating a reasonable offer. This is important in any market and consumers continue to see Kelowna as a blue chip housing market with a bright future.