Market Update in Kelowna Real Estate

Kelowna Real Estate News

April 2020

The following information is to be taken with a large grain of salt as the recent COVID-19 impacts are not realized in these stats. More on that below.Single Family Homes sales appear to be healthy!  Sales numbers are up almost 1/3 over 2019, we’re in a happy healthy balanced market, listings are down relative to last year and the average price is holding steady.  What could be wrong?

Townhomes are also showing a healthy balanced market. Sales are pretty similar to this time last year, listings are down and the average price is slightly up. Great news!

Apartment/Condo are still hanging on to a balanced market.  Sales are slightly down, and the average price is also down over last year, but that could just be due to the influx of higher end new construction that is stealing buyers for the resale market.

Why are these numbers “WRONG”?
These stats are mostly indicative of the market we were in before March 15-17. This is because most offers have 2 weeks of subjects (subject to financing, home inspection etc.). That means that any offers written after approximately March 16, will likely remove their conditions in April and be counted as an April sale instead of a March sale.
COVID 19 really started to have an impact in Kelowna around the 15th of March.What has the actual impact been then?
In reality, sales will be substantially lower. Early estimates are that sales numbers will be down more than 50% in April and could be as little as 30% of 2019 sales numbers. Many buyers have put their search on hold and are not comfortable walking through other people’s homes and job uncertainty. This hasn’t had an immediate impact on price yet, but depending on how long this lasts, we will see downward pressure on prices.That being said, properties are still selling, and we are still listing and showing homes.  In the last 5 days I have been out with 3 different groups of buyers, and am working on two offers right now, so people are still looking.

Major Cities Report

Victoria

Victoria real estate spring market will be impacted by COVID-19

A total of 608 properties sold in the Victoria Real Estate Board region this March, five per cent fewer than the 640 properties sold in March 2019 but eight per cent more than the previous month of February 2020.

“Since the COVID-19 pandemic was declared, we have tracked a predictable downturn of sales in our market. Moving forward it is hard to predict what our spring market will look like, but it will likely be very different from recent years as our entire community slows down to stay healthy.”  Read More

Vancouver

Home buyers and sellers adjust their activities in March amid challenging circumstances

Metro Vancouver’s housing market saw steady home buyer demand to begin March and a levelling off of activity as the month went on and concerns about the COVID-19 outbreak intensified. The Real Estate Board of Greater Vancouver reports that residential home sales in the region totalled 2,524 in March 2020, a 46.1 percent increase from the 1,727 sales recorded in March 2019, and a 17.4 percent increase from the 2,150 homes sold in February 2020.

Last month’s sales were 19.9 per cent below the 10-year March sales average. Daily residential sales on the region’s MLS® were 138 on average in the first ten business days of the month. In the final ten business days of the month, the daily average declined to 93 sales. Read More

Calgary

COVID-19 weighing on housing market

After a strong start to 2020, economic conditions have dramatically changed, as COVID-19 is impacting all aspects of society. March sales activity started the month strong, but quickly changed, as concerns regarding the spread of COVID-19 brought about social distancing measures.

By the end of March, sales activity had fallen 11 per cent compared to last year. This is 37 per cent lower than long-term averages. The drop in sales pushed March levels to the lowest recorded since 1995.
New listings dropped by 19 per cent this month. This decline in new listings compared to sales caused supply levels to ease and helped prevent a larger increase in oversupply. Overall, the months of supply remain just below five months, similar to levels recorded last year. Read More

Edmonton

Residential Unit Sales Down 2.6% from this time last year

Total residential unit sales in the Edmonton Census Metropolitan Area (CMA) real estate market for March 2020 decreased 2.59% compared to March 2019 and increased 10.31% from February 2020. Overall inventory in the Edmonton CMA fell 12.66% from March of last year but increased 5.75% from February 2020.

All residential average prices are down to $343,951, a 3.78% decrease from March 2019, and down 1.97% from February 2020. Overall, all residential listings averaged 60 days on market, a 9.09% decrease year-over-year, and decreased by fourteen days compared to the previous month. Read More

Toronto

Despite a strong increase in sales for March 2020 as a whole, a clear break in market activity amidst COVID-19

Toronto Regional Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 8,012 home sales through TRREB’s MLS® System in March 2020 – up by 12.3 per cent compared to 7,132 sales reported in March 2019. However, despite a strong increase in sales for March 2020 as a whole, there was a clear break in market activity between the pre-COVID-19 and post-COVID-19 periods.

2020 started with a near-record pace for home sales in the first quarter and double-digit annual rates of price growth. However, the COVID-19 outbreak has clearly changed this year’s outlook. TRREB will be releasing a forecast update in mid-April, once we have a longer time series of data since the onset of the strong social distancing measures, the concern over economic growth and the related employment picture. Read More

Family Home in Wilden with Mountain View

5 bed, 4.5 bath, with in-law suite
295 Upper Canyon Drive N – $999,800

Enjoy this 4 bed 3.5 bath family home with in-law suite in the prestigious Wilden area. This beautiful home is built to last by Authentech Homes with high end quality finishing’s throughout. With commercial grade tile floors & solid core doors; its all in the details. The massive kitchen is complete w stainless appliances, INDUCTION stove, distressed cabinets, dual zone wine fridge & walk in pantry. Oversized master bedroom with a stunning 5-piece ensuite includes a walk-in closet, free standing soaker tub, dual sinks & glass tiled shower. The main floor includes a large mudroom, den and access to the fully finished basement which features a 4th bedroom, full bath, sauna, gym & rec room that could be easily converted to a home theatre. The 1 bed, 1 bath in-law suite has a private entrance located around the side of the home. Wilden is the perfect fit for your active lifestyle being surrounded by stunning hiking trails & views of the valley while still being minutes to downtown.
For more photo’s or a 3D tour visit us here!