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.
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.
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