Is Kelowna’s market going to pick up?

Kelowna Real Estate News

March 2020

Is Kelowna’s market going to pick up? Right now, it’s holding steading, but with Vancouver’s sales up 45% over last year and stories of 30+ offers on one home last month, we suspect that in 3-6 months we will start to see Vancouverites coming to Kelowna in larger numbers again. They were responsible for up to 20% of our buyers in recent years.

As for Corona Virus, at this point, we haven’t seen any tangible impact on sales; people are still moving.

Single Family Homes continue to teeter between a buyers market and a balanced market. The 122 sales that took place are below the 10-year average for February (137). The listings are down 8% over last year, and are 25% under the 10-year average which is positive.

Townhome sales are up 32% over last year, but are in line with where they should be. Townhomes are also teetering between a balance and buyers market, but are trending upwards.

Apartment/Condos continue to outperform the other segments by a hair. It will be interesting to see how this market performs this year with the inventory that is coming online.

Major Cities Report

Victoria

Market Amping up for Spring

A total of 563 properties sold in the Victoria Real Estate Board region this February, 33.7 per cent more than the 421 properties sold in February 2019 and 37 per cent more than in January 2020. Sales of condominiums were up 35.7 per cent from February 2019 with 175 units sold. Sales of single family homes increased 23.7 per cent from January 2020 with 271 sold.

Vancouver

Buyer Demand Remains Strong

Residential home sales in the region totaled 2,150 in February 2020, a 44.9 per cent increase from the 1,484 sales recorded in February 2019, and a 36.9 per cent increase from the 1,571 homes sold in January 2020. There were 4,002 detached, attached and apartment homes newly listed for sale in Metro Vancouver in February 2020. This represents a 2.8 per cent increase compared to the 3,892 homes listed in February 2019 and a 3.4 per cent increase compared to January 2020 when 3,872 homes were listed.

Calgary

Home Sales See a Bump

This month saw a double-digit gain in sales, but last February was one of the slowest levels of activity since the late ’90s. With the extra day this February, monthly sales totaled 1,197 units.  A combination of these two factors resulted in a 23 per cent improvement over last year, but sales remain well below longer-term trends and consistent with the lower levels reported over the past five years.

Edmonton

All Residential Unit Sales and Prices Decrease, Inventory Up.

Real estate market for February 2020 increased 8.30% compared to February 2019 and increased 32.29% from January 2020. The number of new residential listings is up, increasing 4.21% from February 2019 and increasing 12.20% from January 2020. Overall inventory in the Edmonton CMA fell 7.86% from February of last year but increased 9.56% from January 2020. For the month of February, single family home unit sales are up 11.11% from February 2019 and up 29.82% from January 2020. Condo unit sales increased 5.97% from February 2019 and increased 52.69% from January 2020.

Toronto

Strong Year-Over-Year Sales and Price Growth

7,256 residential transactions were reported through TRREB’s MLS® System in February 2020, representing a 45.6 per cent increase compared to a 10-year sales low in February 2019. However, February 2020 sales were still below the 2017 record result. Year-over-year sales growth, for the GTA as a whole, was strongest for ground-oriented home types.  After preliminary seasonal adjustment, February 2020 sales also exhibited positive momentum, up by 14.8 per cent compared to January 2020.

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