KELOWNA MARKET 2018 OCTOBER REPORT

KELOWNA MARKET 2018 OCTOBER REPORT

Kelowna Listings Are Stable

There were 478 residential listings brought to market in September bringing the total number of homes for sale in Kelowna up to 1,542. On the apartment side of the ledger, there were 174 condos listed upping the total to 917 units on the market now. All of these number fall into the “normal” category.

There were 94 apartment sales in September at an average sale price of $346,000. Comparing these number to last year, we generated 127 sales September 2017 at an average sale price of $323,000. This has been the trend all year and appears to be continuing. Prices are increasing while unit sales are falling. A likely explanation for weaker unit sales figures is that new construction isn’t calculated into our numbers meaning all the new condominiums you see being built when you drive around Kelowna isn’t included in our data. If I had access to new construction sales data I would guess that unit sales are at least on par with 2017 and prices are higher than what we’re reporting.

There were 203 residential home sales last month at an average sale price of $751,000. Same month last year saw 222 sales at an average sale price of $773,000. September of last year was an unusual month where we recorded 33 homes selling over $1 million including one over $7 million. I’m calling this an anomaly.

Overall things are fairly smooth and steady here in Kelowna. We’re in a balanced market and well priced homes are selling in a reasonable amount of time. Please contact me if you have any specific questions on our market. Thank you for reading

 

Thanks for reading and please share this with family or friends thinking of buying or selling

Andrew Smith - RealtorLiving in Kelowna,
Andrew Smith
Royal LePage Kelowna

1-1890 Cooper Rd, Kelowna, BC V1Y 8B7
250-979-8066 or Toll Free 1-877-330-5884
Follow me on Twitter @smithap01

For more information https://www.okanaganbc.com/ or view here Kelowna Homes and Condos

Taxes, Condos and Stats. Kelowna Housing Update

Taxes, Condos and Stats. Kelowna Housing Update

1017 Kelowna homes For Sale

There are 1,017 single family detached residential homes for sale in Kelowna right not as we charge head first into the Springtime market.  We always wish this number was higher and we especially wish there were more affordably priced homes for sale but we’ll have to work with what we’re given.

662 Sales in 2018

There have been 662 sales so far through this year through April 23rd. . The average sale price so far is $758,000.  During the same period in 2017, there were 749 sales selling for an average of $673,000.  In other words, the number of sales is down significantly and prices are remaining high.  Prices jumped last year during the 2nd quarter into the $700s so the beginning of 2018 is a continuation of that trend.

Property Taxes

These numbers are all manageable and taken from a historical sense, they’re pretty good.  It’s wise to be cautious though because our neighbours to the east are in an unfriendly mood and the next six months might be rocky.  Kelowna has done a good job building an economy centering around Calgarians buying second homes with plans of retiring here, Edmontonians investing in pre-sale condominiums and Fort Mac families raising children here while working in Alberta.  Regardless of your political viewpoints, our neighbours won’t invest here anymore if they feel taken advantage of.  As Canadians we’re a pragmatic group and understand that we need roads, bridges and hospitals etc. and this money needs to come from somewhere.  We all grumble at having to pay taxes to keep each level of government operational but at least we’re all in it together. Each of us has to pay the same amount of property transfer taxes when buying in B.C.   We have yet to see the full effect that inter provincial pipeline disputes and empty home taxes will have on Kelowna real estate numbers but if the last three months are any indication, it might not be pretty.   Out of town home buyers are usually more informed about local taxation issues than the locals because they’re making an investment decision as opposed to a shelter decision.  Out of town investors are a sophisticated lot and are able to deal with certainty.  Right now we’re struggling to give them any.

Kelowna Condos

The story is brighter on the condo/apartment side of the ledger.  There have been 409 condo sales 359,000 so far this year compared to 420 this time last year.  With some unprocessed transactions still sitting on Realtors’ desks, we’re probably slightly ahead of last year’s pace.   Prices have jumped from $341,000 last year to  $359,000 so far this year.  The upbeat condo picture is likely to get even stronger as evidenced by all the construction taking place downtown.  As a result of expensive land costs, we’re now a community that has added second time-move up  buyers to the list of investors, first timers and last timers who purchase condominiums.

Thanks for reading and please share this with family or friends thinking of buying or selling

Andrew Smith - RealtorLiving in Kelowna,
Andrew Smith
Royal LePage Kelowna

1-1890 Cooper Rd, Kelowna, BC V1Y 8B7
250-979-8066 or Toll Free 1-877-330-5884
Follow me on Twitter @smithap01

For more information https://www.okanaganbc.com/ or view here Kelowna Kelowna Condos and Taxes

Okanagan Kelowna Market Update March 2018

Okanagan Kelowna Market Update March 2018

Kelowna Okanagan BC Market Clipping Along

The Kelowna residential real estate market continues to clip along at a reasonable pace.  Through February 28th of this year, there were 315 residential sales compared to 318 for the same period last year.  No surprises there.  Sale prices were significantly higher for the first two months of this year with a $743,000 average compared to $655,000.  Again, no surprises considering this is a continuation of the escalating prices we saw last year beginning in April.  Prices have stabilized and don’t appear to be increasing or decreasing.   The only thing that seems out of sorts is that the numbers for February 2018 are down significantly compared to February 2017.  Last year we recorded 205 sales in February compared to only 156 this year.  Perhaps this will amount to nothing but if you’re looking for something to worry about, this would be it.

Condo Sales

Apartment sales are up compared to this time last year.  200 condo apartment sales this year compared to 144 last year with prices increasing by 7%.  This part of the housing market is strong, robust and healthy and likely will be for some time.  There are currently only 315 apartments on the market (none of these numbers include Big White Ski Resort) putting us into a balanced condo market.  This is even more impressive after you account for the approximately 1,000 new units being built which aren’t included in MLS statistics.

Provincial Budget

There was a lot in BC’s provincial budget affecting real estate and it’s unknown how it will play out in the actual marketplace this year.  I haven’t met anyone in favor of a speculation tax but we will monitor the market closely to see if it has any negative ramification in the months ahead.

Thanks for reading and please share this with family or friends  thinking of buying or selling

Andrew Smith - RealtorLiving in Kelowna,
Andrew Smith
Royal LePage Kelowna

1-1890 Cooper Rd, Kelowna, BC V1Y 8B7
250-979-8066 or Toll Free 1-877-330-5884
Follow me on Twitter @smithap01

For more information https://www.okanaganbc.com/ or view here Okanagan Kelowna March 2018

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