Verve Kelowna Market Update

There are only three units for sale in the Verve right now as of this writing which is a little troubling for any first time buyers looking to get a foot into Kelowna’s housing market.
Units for sale are as follows…
#107 539 Yates                 $272,900                              1 bedroom plus den
#209 567 Yates                 $329,000                              2 bedrooms plus den  (Offer Pending)
#405 539 Yates                 $329,900                              2 bedrooms plus den

There were 76 total sales last year in all the Verve buildings with the average sale price of a two bedroom unit being $305,000 while a one bedroom unit sold for $231,000.  The average price climbed throughout the year and my expectation is that it will continue on the same trajectory this year.
The first quarter of last year was the most active of all quarters as we saw
24 condos sold which just can’t happen this year unless inventory levels increase.

The Verve Owners Considering Selling

The number of units for sale will increase because, for no simpler reason, they always have in the past.  There are just too many Verve Kelowna owners to not have condos changing hands.  The fact that there is a wide open window right now is something prudent sellers ought to consider if they are on the fence about selling sometime in the Spring.  With no competition, buyers can’t be as choosy and don’t have as much room to negotiate off the asking price.

BC Tenancy Rules

Tenancy rules have changed in British Columbia affecting all landlords and tenants who are currently in fixed term leases.  Contact me for more details on this and how it changes the way notice is given to legally end a tenancy.
Thanks for reading and please contact me if you are thinking of buying or selling in The Verve

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

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