How Does Federal Tax Relief Effect the Kelowna Market?
There are currently 1,851 houses for sale in Kelowna and 1,595 condominiums which is interesting statistic. When Jo-Ann and I moved here in 1996 condominiums represented less than 10% of the market and now we may soon see a time when there are more condos for sale than residential houses. Also of note, there are finally more homes for sale under $400,000 (331) than homes priced over $1 million ( 300). This is important for any housing market dependant on first time buyers and move-up buyers that there is ample supply of homes available for working families.
There have been 42 residential sales so far this year with an average sale price of $410,000. It didn’t look like the housing market would start up but there were 19 residential last week. Contact us for details on the condo market through the first 27 days of January.
A couple of good deals out there are a) 578 Coronation asking $319,900 972 square feet updated and recently renovated with a good tenant and b) 2190 Burtch in Kelowna South asking $379,800 2400 square feet four bedrooms/3 bathrooms and priced $45,000 below BC Assessment. It does need some updating. Contact us for more details.
Finally, the federal government tabled their budget today and it includes first time buyer tax relief of $750 after closing a deal. Current home owners can qualify for a tax credit of up to $1,350 for home renovations. This is welcome news but I’m wondering why CMHC (Federal Housing Authority) introduced 40 year mortgage guarantees and zero down schemes during a housing boom and eliminated this program now.
If you are thinking of buying a house or a condo in Kelowna call a Realtor who knows his numbers in home values. Andrew will send you a complete list of the best homes for sale in your price range
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