What Will Do Well This Year In Kelowna Real Estate

Kelowna Real Estate News

September 2019

The market continues to be fairly flat, with strata properties outperforming single family homes, mostly due to affordability.

Single Family Homes saw the percentage of listings that sell take a small step back to 15% again, putting it in a market that is teetering between a Buyers Market and a Balanced Market. With 75% of the SOLD properties being under $800,000 (54% under $700,000), the “more affordable” segment of the market is by far the most active. However, with 50% of the properties FOR SALE asking over $800,000, this continues to put pressure on the higher priced homes.

Townhome sales continue to outperform the 10 year average this year, every month since February; and in August, 18% over the average. Although the number of listings reached a 5 year peak earlier in 2019, they seem to falling faster than normal for this time of year. This leads me to believe that townhomes will continue to do well through the rest of the year.

Apartment/Condo as with Townhomes, these are performing very well at the moment.  June was a tough month for apartments with only 15% of the listings selling, but that seems to have been an anomaly and have bounced back up to 21%. This puts them in a healthy balanced market right now. Sales numbers are 20% over the 10 year average, and the listing inventory of just under 600 units is less than half of what it was in 2008. I suspect these should also hold steady through the rest of the year.

What will do well this year?
Based on the trends and stats we’re seeing right now, we suspect strata properties will continue to outperform single family homes until November/December.  Even with the influx of new construction condos coming online, new inventory is being absorbed by the market at a reasonable rate.

Major Cities Report

Victoria

Summer Sales and Inventory Levels Follow Historic Patterns

A total of 661 properties sold in the Victoria Real Estate Board region this August, 11.3 per cent more than the 594 properties sold in August 2018 but a 6.4 per cent decrease from July 2019. Sales of condominiums were up 4.1 per cent from August 2018 with 203 units sold. Sales of single family homes increased 15.5 per cent from August 2018 with 351 sold. “August could be considered a status quo month for real estate in greater Victoria with entry-level homes selling quickly when priced appropriately, and higher-end properties moving at a slower pace,” says Victoria Real Estate Board President Cheryl Woolley.

Vancouver

Housing Market Sees Summer Uptick in Sales

Residential home sales in the region totalled 2,231 in August 2019, a 15.7 per cent increase from the 1,929 sales recorded in August 2018, and a 12.7 per cent decrease from the 2,557 homes sold in July 2019. Last month’s sales were 9.2 per cent below the 10-year August sales average. The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 13,396, a 13.3 per cent increase compared to August 2018 (11,824) and a 5.9 per cent decrease compared to July 2019 (14,240).

Calgary

Lower Prices Lead to Sales Increase

Increased sales and easing new listings reduced housing inventories in August. Sales were primarily driven by homes priced below $500,000. Rising sales for homes priced under $500,000 offset sales declines in the higher price ranges. This caused August sales to improve by six per cent compared to last year. New listings continued to ease this month, which caused inventory to decline. This is helping the market shift toward more balanced conditions.

Edmonton

Prices Remain Stable Despite Drop in Sales

Total residential unit sales in the Edmonton Census Metropolitan Area (CMA) real estate market for the month of August 2019 dropped 6.38% compared to August 2018. The number of new residential listings is also down, dropping 4.73% from August 2018, and overall inventory in the Edmonton CMA fell 12.21% from August of last year. All residential average prices remained stable at $367,339, similar to August 2018, and are virtually unchanged from July 2019.

Toronto

Increased Sales Over Last Year

Greater Toronto Area REALTORS® reported 7,711 residential sales through TREB’s MLS® System in August 2019. This result represented a 13.4 per cent increase compared to 6,797 sales reported in August 2018. On a month-over-month basis, after preliminary seasonal adjustment, sales were up by 0.8 per cent. Market conditions also became tighter in August 2019 compared to a year ago because, while sales were up year-over-year, new listings were down by three per cent over the same time period to 11,789.

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