Kelowna Real Estate Market Report August 2017

At the begining of July, the Kelowna Real Estate Market continued to show signs of being a little more subdued, in certain sectors, but activity began to pick up again towards the end of the month. Was this Buyer malaise, as Buyers ponder what is…

At the begining of July, the Kelowna Real Estate Market continued to show signs of being a little more subdued, in certain sectors, but activity began to pick up again towards the end of the month.

Was this Buyer malaise, as Buyers ponder what is potentially ahead for the Kelowna Real Estate Market (which has been rising steadily, so far this year) or just people wanting to spend time enjoying the sunshine, it feels like a combination of both!

We still have a number of UBCO Parents looking for something suitable in the Quail Ridge, Rutland and North Glenmore areas, so if you know anyone looking to sell, get them to call us right away!!

Central Okanagan & Kelowna Real Estate Market Sales July 2017

Trish&Tanis_Logo_WEB_IconOnly Date Total Single Family Homes Strata Lots Manuf
  Jul 17  657  320 269 43 25
  Jun 17 658 312 252  63 31
  May 17 791 367 329  60 35
  Apr 17 600 291 246  44 19
  Jul 16 721 369  267  56 29

 

  • Residential Properties sales numbers were virtually the same as last month and down 9% on this time last year.
  • Single Family Home Sales were up 2.5% on last month and down 13.2% on this time last year.
  • Strata sales were up 6.7 % last month and virtually the same as this time last year.

Are prices set to keep rising in the Kelowna Real Estate Market?

Understandably, Buyers are anxious to know whether prices are going to contine to rise, and this is a question we are hearing all the time.

With inventory levels improving a little, the increases may not be quite so pronounced, but prices are still set to continue upwards for the foreseeable future.

With the current rate of Residental Real Estate sales, we have 3.7 months of Single Family Home inventory and 2.6 months of Condo inventory, so it reamins a Sellers market.

Threats on the horizon remain -:

  • Increases in Interest Rates, but the Government cannot afford to make those increases too sharpe, as it will put too many Home Owners into ‘financial distress’.
  • The Reaction to the BC change in Government.
  • The news that the Pacific NorthWest LNG Pipeline is not now going ahead.
  • BC and Canadas ongoing NAFTA Trade talks – how that will impact the BC Economy.

 

Kind Regards

Trish and Tanis Real Estate Group

Tel 250 863 8989

 



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Trish & Tanis
trishandtanis@gmail.com
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