What will happen to the Canadian Real Estate Market if Donald Trump wins?
I borrowed that Trump headline from a parody twitter account. With all of the USA election news and the Canadian dollar worth less than last year we expect to see more Canadians selling their American properties for a profit and returning to Canada and Kelowna has often been a popular choice.
New month, new post. January is usually the perfect time to plan a vacation if you’re a Kelowna real estate agent and last month was no exception. There were 96 residential sales last month at an average sale price of $555,000. With such a small sample size it isn’t sensible to draw any conclusions to the average sale price in our town. The sale price number is high and consistent with what we saw last year but when the average sale price is significantly lower in any given January no one gets too nervous and doesn’t see it as a dead canary in a coal mine. In other words, it was a normal January.
Let’s compare numbers anyway. The previous January saw 100 sales in January (2015) at an average sale price of $535,000. There will always be homes to buy for people looking during holiday season but typically buyers are locals buying from locals. We see a higher percentage of people in Glenmore moving to the Westside or vice versa and fewer out of town buyers. We all know that this will change though.
Kelowna Condos Rebound
It wasn’t a normal month for condos though. An unusual thing happened last month that I can’t remember seeing before. There were more strata sales than residential in our market. I’m sure if this has happened previously someone will correct me but I can’t find an instance where condos outperformed residential in terms of unit sales. Overall there were 99 strata sales which includes apartments, townhouses and timeshares. I’m guessing this is an anomaly and we won’t be seeing this happening on a regular basis. In case you’re wondering there were 62 apartment condo sales last month at an average sale price of $291,000. I have the same feeling about a January condo market as I do a January residential market and we shouldn’t read much into it.
This is the time to sell!
What we do know is that the huge months are almost upon us and if you’re planning on selling this year you really ought to do something about that today. Like now. The average market time is about 90-100 days and next three months are among the busiest of the year.
Thanks for reading and contact me if you have any comments or questions.