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).
Purchasing a Condo
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. OneÂ 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 Â condo living.