Kelowna Real Estate Update

Kelowna Real Estate News

July 2020

Buyers are back in great numbers but listings haven’t caught up yet and are still down 20%

Single Family Homes Wow! How the wind has shifted overnight! I don’t think anyone saw this coming, but in one month, sales have gone from 50% under the 10 year average (139 sales in May 2020) to 261 sales in June, (over the 10 year average).  Sales in June were even up 20%+ over June 2019. Multiple offers and properties selling over asking price are no longer a thing of the past.
With 24% of the listings selling, we are on the verge of a sellers’ market. The graph below ‘% of listings that sell’ paints quite the picture of what’s happening since April.
Almost 90% of the sales were under $1M, with just 2 sales over $2M
Listings are down 18% over last year, and 22% under the 10-year average.
The average price is now $748,000! This is the third-highest it has ever been in Kelowna.

Townhome sales (77) are down slightly over this time last year, but up significantly over April and May and in line with our 10 year average of 75 sales for June’s. With 18% of the listings selling, townhomes are in the balanced market.
There are a similar amount of listings as there were June 2019 and are they are 5% under the 10 year average.
Of the 77 units that sold, 90% of the sales took place under $700,000, with only 1 over $1 million which was waterfront.

Apartment/Condo sales may be down 5% in June 2020 (97 sales) over last year (102), but they’ve almost doubled since this past month, May 2020 (54 sales).
This segment of the market is the slowest out of all 3. With 14% of the listings selling, apartment/condos are between a buyers and balanced market.
90% of the sales occurred under $425,000, with only 2 over $600,000

Major Cities Report

Victoria

Victoria real estate market impacted by many different factors in June

A total of 808 properties sold in the Victoria Real Estate Board region this June, 9.2% more than the 740 properties sold in June 2019 and 76.8% more than the previous month of May 2020. Sales of condominiums were down 3.2% from June 2019 with 209 units sold. Sales of single family homes were up 16.8% from June 2019 with 460 sold.

There were 2,698 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of June 2020, 11.3% fewer properties than the total available at the end of June 2019 but a 6.1% increase from the 2,544 active listings for sale at the end of May 2020.
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Vancouver

Steady increases in home sale and listing activity continue in June

Home buyers and sellers have gradually become more active in each month of the COVID-19 pandemic. In June, home sale and listing activity in Metro Vancouver* returned to more historically typical levels.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,443 in June 2020, a 17.6% increase from the 2,077 sales recorded in June 2019, and a 64.5% increase from the 1,485 homes sold in May 2020. Last month’s sales were 21.9% below the 10-year June sales average.

There were 5,787 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2020. This represents a 21.8% increase compared to the 4,751 homes listed in June 2019 and a 57.1% increase compared to May 2020 when 3,684 homes were listed.
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Calgary

Sales decline by two per cent from last year amidst COVID-19 pandemic

After three months where COVID-19 weighed heavily on the housing market, sales activity in June continued to trend up from the previous month, totalling 1,747 units.

Caution remains necessary, as monthly sales are nearly 2% lower than activity recorded last year. However, this represents a significant improvement compared to the past several months, where year-over-year declines exceeded 40%. New listings in June totalled 3,335 units, a 6% increase over last year. The recent rise in new listings caused inventories to trend up, but they remain well below last year’s levels.

Despite some recent monthly gains in supply, sales activity was high enough to cause the months of supply to dip below four months for the first time since May 2019. If this trend continues, it should help to ease the downward pressure on prices.
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Edmonton

Residential Unit Sales Up 77.27% from last month.

Total residential unit sales in the Edmonton Census Metropolitan Area (CMA) real estate market for June 2020 increased 13.69% compared to June 2019 and increased 77.27% from May 2020. The number of new residential listings is up year over year, increasing 16.57% from June 2019. New residential listings are up month over month, increasing 20.22% from May 2020. Overall inventory in the Edmonton CMA fell 15.91% from June of last year but increased 2.54% from May 2020.

For the month of June, single family home unit sales are up 11.16% from June 2019 and up 71.26% from May 2020. Condo unit sales increased 11.03% from June 2019 and increased 116.36.% from May 2020.
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Toronto

Average and benchmark selling prices are up year-over-year for all major home types

Toronto Regional Real Estate Board President Lisa Patel announced that Greater Toronto Area REALTORS® reported 8,701 sales through TRREB’s MLS® System in June 2020. This result represented a very substantial increase over the May 2020 sales result, both on an actual (+89%) and seasonally adjusted basis (+84%), and was only down by 1.4% compared to June 2019.

The average selling price for all home types combined was $930,869 – up by 11.9% compared to June 2019. The actual and seasonally-adjusted average selling price was also up substantially compared to May 2020, by 7.8% and 9.8% respectively. Average and benchmark selling prices were up year-over-year for all major home types. The strongest average annual rates of price growth were experienced in the detached and semi-detached market segments in the City of Toronto at 14.3% and 22% respectively.
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