Kelowna Real Estate Market Update July 2017

Happy Canada Day everyone! I hope you have some special celebrations planned to mark Canada’s 150th Birthday? I am pleased to say the sun has finally found Kelowna, and that we are now enjoying some of our more traditional sunny weather for this time of…

Happy Canada Day everyone! I hope you have some special celebrations planned to mark Canada’s 150th Birthday?

I am pleased to say the sun has finally found Kelowna, and that we are now enjoying some of our more traditional sunny weather for this time of year. Cherries are only just finding ther way onto the Fruit Stands – nearly a month late.

Many Lakeshore areas continue to feel the after-effects of the record setting Lake levels.

Only a couple of days ago, I was viewing a Lakeshore Home in West Kelowna, and there were still sandbags everywhere, and pipes pumping water out of basements. It is still too early to say what the eventual costs will be both for Home Owners and economically, for sectors such as Tourism, as the City certainly doesn’t seem as busy as normal, for this time of year.

As for the Kelowna Real Estate Market, Agents are reporting things much quieter than previous months.

Central Okanagan & Kelowna Real Estate Market Sales June 2017

Trish&Tanis_Logo_WEB_IconOnly Date Total Single Family Homes Strata Lots Manuf
  Jun 17  658  312 252 63 31
  May 17 791 367 329  60 35
  Apr 17 600 291 246  44 19
  Mar 17 624 281 269  53 21
  Jun 16 861 453  321  47 40

 

  • Residential Properties sales numbers were down 16.8% on last month and 23.6% on this time last year.
  • Single Family Home Sales were down 15% on last month and a hefty 31.1% on this time last year.
  • Strata sales were down 23.4% last month and 21.5% on this time last year.

 

Reasons we have found the Kelowna Real Estate Market Slower last month.

  1. Lack of Inventory – where ‘out of town’ buyers would traditionally come to make their choice and have at least 10 listings to choose from, at the moment they may be lucky to see one. In Quail Ridge, for instance, there was only 1 Condo in the area that was potentially suitable for a UBCO student, and a 3 bedroom 924 sq ft Condo in Academy Way listed for $479,000, sold in 14 days for $485,000.
  2. Local Buyers taking a Timeout – Some local buyers are typically dealing with end of the school year and graduations, so they are not focusing on Home Buying.
  3. Recent Flooding – has restricted Beach and Lake useage in some areas, so some visitors are delaying their trips.
  4. Appraisals – As the market is moving quickly some Buyers are finding it difficult to obtain the Appraisal figure they are hoping for, to complete their financing.
  5. Lending Limits -Some Lenders have reached their limit for lending on certain properties.
  6. Will price rises continue – Some Buyers have concerns that the market has been rising so quickly, whether it will be sustained.
  7. Rumblings of Interest Rate Rises.
  8. The fallout from the recent BC Election – the failure of one Party to reach a majority has created some uncertainty in the BC Economy.

As always, it is impossible to say from one month’s worth of data, whether ths is likely to become a trend.

The things that we do know is that Real Estate inventory is still at historically low levels and the Kelowna Real Estate market will continue to be a regular talking point!

Kind Regards

Trish and Tanis

Tel 250 863 8989



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Trish & Tanis
trishandtanis@gmail.com
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