Kelowna Real Estate Update

Kelowna Real Estate News

May 2020

As expected, April sales were significantly impacted by COVID 19 in all segments of the market.The good news is that listings are down, and we saw 47% fewer properties being listing in April 2020 compared to 2019. At this point, we haven’t seen a big impact on prices, especially in the lower price points of each segment (type of property).

Although all segments of the market are technically in a buyers market, it feels a little more like the market is “on hold”.  With so few new listings coming online, the buyers that are actively searching are having a hard time finding what they’re looking for right now.

We are feeling an uptick in the market since last week. Properties that are priced right and desirable are still moving quickly. A townhome we listed last week had 7 showings in the first 5 days and received an offer right away. We also had showings on a property last weekend that hasn’t had any activity in the last two weeks.Properties are still selling.
I suspect that the new guidelines for BC that come into effect next week will have a positive impact on the market.

Single Family Home prices are holding steady. The average price hasn’t moved, and the decrease in listings is helping to offset the lower number of sales. This scenario is as good as we could have expected.

Townhomes saw a small increase in average price, and slightly outperformed single family homes for percentage of listings that sold.

Apartment/Condos suffered the biggest impact so far. Sales were down the most out of all segments and the 18% decrease in average price tells us that the high end of the condo market struggled last month with only 4 properties selling over $450,000. 70% of the sales were under $350,000.

Major Cities Report

Victoria

Victoria Spring market far from the usual as real estate continues to react to pandemic.

A total of 287 properties sold in the Victoria Real Estate Board region this April, 58.8 per cent fewer than April 2019 and 52.8 per cent fewer than the previous month of March 2020. Sales of condominiums were down 64 per cent from April 2019 with 73 units sold. Sales of single family homes were down 55.8 per cent from April 2019 with 163 sold.

There were 2,305 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of April 2020, 16.2 percent fewer properties than the total available at the end of April 2019 but a 2.4 per cent increase from the 2,252 active listings for sale at the end of March 2020.
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Vancouver

Home sales and listings down amid COVID-19, new tools and practices emerge to help buyers and sellers adapt.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,109 in April 2020, a 39.4 per cent decrease from the sales recorded in April 2019, and a 56.1 per cent decrease from the homes sold in March 2020.

Last month’s sales were 62.7 per cent below the 10-year April sales average and was the lowest total for the month since 1982. “Predictably, the number of home sales and listings declined in April given the physical distancing measures in place,” Colette Gerber, REBGV’s president-elect said.
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Calgary

COVID-19 Impacts and the Housing Market Quarterly Report Released.

“With social distancing expected to soften by the third quarter, the pace of the decline in sales will ease by the third and fourth quarter. However, a turnaround in sales is not expected by the end of the year, as the financial implications for many households will have lingering effects.”

At the same time, supply levels are also declining, as social distancing measures are causing some households to delay listing their home during the pandemic. In situations of rising unemployment rates and job loss, we can see rising inventory levels. However, the ability for households to defer their mortgage will help prevent a steeper rise in supply when social distancing measure are relaxed.

Our housing market is expected to struggle with excess supply and further price declines. On an annual basis, prices in 2020 are expected to decline by nearly three per cent.
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Edmonton

Residential Unit Sales Down 55% from this time last year.

Total residential unit sales in the Edmonton Census Metropolitan Area (CMA) real estate market for April 2020 decreased 55% compared to April 2019 and decreased 35.68% from March 2020. The number of new residential listings is down year over year, decreasing 46.37% from April 2019. New residential listings are down month over month, decreasing 30.66% from March 2020. Overall inventory in the Edmonton CMA fell 19.65% from April of last year and decreased 0.15% from March 2020.

All residential average prices are down to $353,577, a 3.29% decrease from April 2019, and up 2.80% from March 2020.
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Toronto

Sales Down 67% over 2019

Greater Toronto Area REALTORS® reported 2,975 residential transactions through TRREB’s MLS® System. This result was down by 67 per cent compared to April 2019. Weekday sales remained within a relatively steady range during the month, averaging 130 per day.

New listings amounted to 6,174 in April 2020 – down on a year-over-year basis by a similar rate compared to sales.

The average selling price for Homes in April 2020 transactions was $821,392 – up by 0.1% reported for April 2019.
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