Kelowna Real Estate News

October 2019

Summer has come to an end, and fall is here! All in all, the market is doing quite well, in a balanced market for the most part, except for apartment/condos which had an unforeseen tougher September.

Single Family Homes moved more towards a balanced market last month with almost 17% of the listings selling.  Sales are slightly over the average, and listings are slightly under the average, which puts single family homes in a healthy position with prices are holding steady under $900,000. Over $1 Million continues to be a tough market with only 8% of the listings currently selling per month.

Townhomes continue to impress! Almost 19% of the listings are selling which is better than any other market segment. Listings have been declining faster than normal which is why that market is doing so well. Based on the 10 year average, we should have approximately 420 units for sale on MLS, where there are currently only 363; 15% under the average.

Apartment/Condos saw significantly fewer sales than expected last month. This brought sales numbers in line with the 10 year average and put them teetering between a buyers and balanced market.  It’s too soon to call this normal or a trend, but we’ve seen similar dips earlier this year that were “one off’s”. I do not see this as the begining of the end for apartment/condos. We would need to see significantly more inventory come online and the new construction sales are doing quite well.

We’ve been hearing that several new buildings downtown are nearly sold out – Ella: 86% sold (Spring 2020) and shockingly Brooklyn: 97% sold (Spring 2021 completion).  After speaking with the city planner, it sounds like some big projects like the Westcorp Hotel will likely be starting construction within the next 12 months.

Major Cities Report


Increased Interest in Condos and Townhomes

A total of 616 properties sold in the Victoria Real Estate Board region this September, 15.6 per cent more than the 533 properties sold in September 2018 but a 6.8 per cent decrease from August 2019. Sales of condominiums were up 48.3 per cent from September 2018 with 221 units sold. Sales of single family homes decreased 1.1 per cent from September 2018 with 282 sold.


Increased Demand Helps Housing Market Reach Balanced Territory

Residential home sales in the region totalled 2,333 in September 2019, a 46.3 per cent increase from September 2018, and a 4.6 per cent increase from the 2,231 homes sold in August 2019. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.


Shifting to Stability

For the third consecutive month, sales activity improved over last year’s figures, and year-over-year new listings and inventories eased. This trend will help support more stability in the housing market. Despite improving sales and reductions in inventory, the overall market remains oversupplied. This continues to weigh on prices. September inventory levels are still elevated at 6,889 units, but this figure represents a decline of 13 per cent compared to last year. The months of supply in the Calgary market currently sits at five months. These conditions continue to favour the buyer, but not to the same degree seen at this time last year.


Drop in Sales

Total residential unit sales in the Edmonton Census Metropolitan Area (CMA) real estate market for the month of September 2019 increased 5.72% compared to September 2018. The number of new residential listings is also up, growing 1.67% from September 2018. Overall inventory in the Edmonton CMA fell 9.72% from September of last year. Single family home unit sales are down 2.91%, unit sales of duplexes are up 7.52%, and condo unit sales jumped 26.78% from the same period of time last year. “The Edmonton market continues to remain stable, with slight decreases in prices across all property types,” says REALTORS® Association of Edmonton Chair Michael Brodrick.


Strong Year-Over-Year Sales Growth

The GTA in September showed a strong year-over-year sales growth of 22 per cent compared to 6,414 sales reported in September 2018.  The supply of listings continued to be a concern in September 2019, with new listings down by 1.9 per cent year-over-year to 15,611. We have experienced multiple months this year wherein the annual rate of sales growth outpaced the annual rate of new listings growth, resulting in the overall number of active listings at month-end being well-below last year’s levels. This speaks to tightening market conditions and an accelerating annual rate of price growth.

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