Why is the Average Price in Kelowna down $95k?


Evening sunset over Kelowna last week by Elizabeth Holly Photography Kelowna Real Estate News August 2018 The cooling trend continues as you can see in our graphs below. Listings are up and sales are down. We see two reasons why our average price dropped $95K from the previous month.  One, in July our average price was unusually high, an extra $65K higher due to many sales in the higher price ranges. Reason two, is that historically, the average price in August is lower than July. In this case, it is down $30K from where July should have been. This doesn't mean that prices are falling $95,000 per month.  This is simply an average…

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August 2018: Kelowna is still breaking records?


  Is it too late to sell your home? Video Link   Kelowna Real Estate News July 2018 The Kelowna real estate market (from Peachland to Oyama) has slowed, and is now solid in a balanced market. The average price for a home in July 2002 was $205,000, in 2017 it was $675,000 and in July this year, it was $782,398. This is the highest ever! We're still breaking records! That being said, you can see below listings are up and sales are down. It will be very interesting to see what the fall will bring. The government is determined to…

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July 2018: Are We Headed For a Balanced Market?


  Kelowna Real Estate News June 2018 After the highs we experienced in the last few years, we are now seeing a shift towards a more balanced market. The current trend may be somewhat amplified by government intervention in the form of new mortgage rules, interest rate hikes and the specter of a speculation tax that could impact Kelowna and West Kelowna. June saw a 22% increase in the inventory of homes for sale over this time last year. Inventory continues to be relatively low by historical comparison. New listings are down 5% from May and just 4% over this…

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