Kelowna Real Estate Update

Kelowna Real Estate News

September 2020

Well it’s not too surprising, Kelowna’s single family home market has continued to be very strong, with August being another record month in a sellers market (see ‘% of Listings That Sell’ graph below).Single Family Homes
Looking back to 1991, this was most sales for any August in Kelowna’s history with 317 properties selling. That’s 1.5x the 10 year average of 207 sales, unreal. Listings have not begun to climb yet either and are more than 25% under the 10 year average. Lastly, our average price climbed just $4,000 over July’s record setting month, which tells us buyers are continuing to spend more money.

Looking back at the last 30 days vs the same time in 2019, we can compare the most active price points.
2020: 80% of the sales are under $1.0 Million
2019: 80% of the sales are under $880K

2020: Top 10% sales are over $1.5M
2019: Top 10% sales are over $1.1M

Townhomes
Townhomes continue to do very well, competing for the top spot in Kelowna’s busiest market, barley lagging behind Single Family Homes. These have become the “affordable homes” and have continued to do well between move up buyers and downsizers. About half of the units selling are less than 10 years old. We expect this trend to continue.

Apartments
These continue to lag behind, and the only segment of the market that saw an increase in listings over last year. We would have expected this market to have picked up by now, but that may still be on horizon.  Apartments always seem to be a lagging indicator. 80% of the sales are currently under $500,000.

Major Cities Report

Victoria

Victoria real estate market experiences an active summer

A total of 979 properties sold in the Victoria Real Estate Board region this August, 48.1% more than the 661 properties sold in August 2019 and the same total as the previous month of July 2020.

There were 2,584 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of August 2020, 8.9% fewer properties than the total available at the end of August 2019.

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in August 2019 was $849,500. The benchmark value for the same home in August 2020 increased by 4.7% to $889,200, 2.3% less than July’s value of $909,700.
Source

Vancouver

Home sale and listing activity continues to increase in August

Home sale and new listing activity outpacing the region’s historical averages. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totaled 3,047 in August 2020, a 36.6% increase from the 2,231 sales recorded in August 2019.

A 55.1% increase in listings compared to the 3,747 homes listed in August 2019 and a 2.3% decrease compared to July 2020 when 5,948 homes were listed. This was 34.8% above the 10-year August new listings average.

For all property types, the sales-to-active listings ratio for August 2020 is 23.8%.  The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,038,700. This represents a 5.3% increase over August 2019 and a 0.7% increase compared to July 2020.
Source

Calgary

August home sales consistent, but COVID-19 impacts continue

Total residential sales in August were relatively stable compared to last year with year-over-year gains in the detached and row sectors. With 1,573 sales in August, this is consistent with levels over the past five years. Year-to-date sales activity remains nearly 13 per cent below last year.

New listings are easing and is helping to chip away at existing inventory compared to the higher levels recorded last year. However, the pace of year-over-year decline has eased as inventory levels have trended up relative to levels recorded a few months ago.  The residential benchmark price in August was $420,800 and is nearly one per cent lower than last years’ levels.
Source

Edmonton

Average Residential Prices up 1.86% compared to last year.

Total residential unit sales in Edmonton for August 2020 increased 20.11% compared to August 2019 and decreased 13.16% from July 2020. The number of new residential listings is down year over year, decreasing 3.96% from August 2019. Overall inventory in Edmonton fell 14.6% from August of last year and decreased 5.95% from July 2020.

For the month of August, single family home unit sales are up 22.98% from August 2019 and down 12.39% from July 2020.  All residential average prices are up to $374,409, a 1.86% increase from August 2019, and up 1.24% from July 2020. Overall, all residential listings averaged 52 days on market, decreasing by 10 days on market year-over-year and two days compared to the previous month.
Source

Toronto

Sales up 40% over August 2019

GTA REALTORS® reported 10,775 residential sales through TRREB’s MLS® System in August 2020 – up by 40.3% compared to August 2019.

Both the number of new listings entered into TRREB’s MLS® System during the month and the number of active listings at the end of the August 2020 were up on a year-over-year basis. While new listings were up strongly for all home types, growth in new condominium apartment listings far outstripped growth in the other market segments.

The MLS® Home Price Index Composite Benchmark was up by 11.1% in August 2020 compared to August 2019. Over the same period, the overall average selling price was up by 20.1% to $951,404. Annual detached and semi-detached sales growth was stronger in the comparatively more-expensive City of Toronto compared to the surrounding GTA regions, which helps explain why growth in the overall average selling price outstripped growth in the MLS® HPI Composite Benchmark.
Source

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See more photos here