Demand for new House In Kelowna will be supported through modest employment and population growth, in addition to continued low mortgage rates. This economic foundation will encourage elevated levels of housing starts in 2015 before dipping modestly next year.
2014 Market Roundup
2014 was a stellar year and saw a total of 4,886 homes change hands here in Kelowna. It was predicted by many that 2015 would be slower in terms of unit sales here but this hasn’t been the case through the first five months of the year. There have been 2,231 home sales so far this year compared to 1,939 this time last year. Our market improved, and is continuing to improve, despite lower energy prices which was expected to negatively impact the Kelowna housing sector. Plain and simple, it just didn’t happen.
We can talk about the Vancouver effect and how out of control prices are sending coastal buyers our way, we can document an increased number of Canadians who invested in Arizona or California and returned because of American tax laws and the value of the dollar but in the end it comes down to interest rates. It always comes down to interest rates here and likely always will. Our area will always be a blue chip community in terms of where people want to settle down and raise their children and with lifetime low interest rates living here continues to be possible.
There are usually 130-170 residential homes for sale In the always popular $300,000 to $400,000 price range in and around Kelowna and this segment of the market is the most competitive for buyers. Multiple offers are common and well priced homes usually sell quickly. There are usually over 400 homes for sale in the $400,000 to $600,000 price range and buyers have a little more choice. These homes are usually bought by move up buyers coming from a condo or townhouse or empty nesters who are downsizing from something bigger. There are usually 300-350 homes for sale in the $600,000 to $900,000 range. These homes are beautiful and often have a lake view. Demand isn’t as fierce as the lower parts of the market but selling these properties isn’t that difficult especially during the Spring, Summer and Fall markets as many out of towners are attracted to these homes.
Downtown Kelowna, BC has a vibrant downtown with many art, theater, boutique shopping and year round fitness options. Come visit our downtown office on Water Street or our kiosk in the lobby of the Delta Grand Hotel.