Kelowna Condo and Homes Sales are on the move! If you’re reading a relatively obscure real estate blog from my corner of the internet it’s safe to assume you follow real estate prices and activity. We’ve all gotten used to reading about 20 offers on houses in Toronto and homes in Vancouver selling well above their asking price from absentee foreign buyers looking to park their money. In Kelowna we’ve seen the impact of plummeting energy prices in that we see fewer buyers from Alberta but they’ve been replaced by lower mainlanders who’ve cashed out and want a new lifestyle. No news there.
Vancouver Market Effect On Kelowna Condo and Home Sales
Prices have jumped here in Kelowna again this year as we continue to transition from a community where young people with hopes of starting a family, securing a mortgage, riding around in a mini van, volunteering, spending and contributing are finding it impossible to start out here. As we become more of a resort type community and a playground for people who have played all their cards right in other parts of the world the landscape of the city seems to change every time we drive around. Make no mistake, the new yacht club looks great, South Pandosy is way more fun these days with yoga studios, 5 dollars coffee shops and sushi restaurants. Clement, Cawston and Water street are changing or have changed for the better with new stores and shops. Tourists have no trouble finding the things they need like liquor stores, bank machines and restaurants. It’s wonderful that other people enjoy our city and help our economy but what’s the cost? The cost is that a condo now costs an average of over $300,000 today. Good or bad?
Kelowna Average Home Sale Price $636,000
Year to date there have been 2,815 residential homes sold so far this year at an average price of $636,000. This time last year, there were 2,259 homes sold at an average price of $546,000. Switching gears to apartments, there have been 1,178 apartments sold this year at an average sale price of $299,000. This compares to 797 apartment sales this time last year at $263,000. All numbers way up beyond where any reasonable person would have predicted. Again, is this good or bad for our economy? Perhaps I’m biased but I think overall the good outweighs the bad, I think prices are going to continue increasing and they’re going to continue increasing for a long time.
I’m listing a two bedroom condominium in Rutland North next week. It’s on the fourth floor, currently has a tenant paying 1,350 per month on a lease that runs for another six months with an asking price of $249,000. It’s an eight year old building on the top floor. Call me for more details.