Kelowna Real Estate News

June 2019

The market is continuing the hold fairly steady across most ranges. As expected though, the prices in the higher end markets are sliding a touch, but all in all, the market is still teetering between a buyers and balanced market.

Single Family Homes sales are down slightly from this time last year, and we are slowing starting to see inventory creep up, especially compared to the crazy sellers market days of 2016. Average price is holding quite steady and we are anticipating this to continue throughout the rest of the year.

Townhomes continue to do very well with almost 20% of the inventory selling. Although listings are climbing, so are sales, which is keeping things in check.

Apartment/Condo inventory continues to increase and sales are slowing. This is not surprising and will likely continue through the rest of the year. We may even see apartments move into a buyers market by fall/winter.

Major Cities Report

Victoria

Spring Bloom Falls Short

A total of 740 properties sold in the Victoria Real Estate Board region this June, 4.5 per cent more than the 708 properties sold in June 2018 but a 12.7 per cent decrease from May 2019. Sales of condominiums were down 6.1 per cent from June 2018 with 216 units sold. Sales of single family homes increased 10.4 per cent from June 2018 with 394 sold.

Vancouver

Housing Prices Decrease

With home buyer demand below long-term historical averages in June, the supply of homes for sale continued to accumulate in Metro Vancouver*. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,077 in June 2019, a 14.4 per cent decrease from the 2,425 sales recorded in June 2018 and a 21.3 per cent decrease from the 2,638 homes sold in May 2019. Last month’s sales were 34.7 per cent below the 10-year June sales average. This is the lowest total for the month since 2000.

Calgary

Buyers Market Remains

New listings coming onto the market continued to decline in June, which is helping to reduce the oversupply of homes in Calgary. Year-over-year, new listings saw a decrease of nearly 19 per cent. Sales activity slowed this month compared to last year by six per cent, but the pullback in new listings was enough to cause inventories to fall by 13 per cent compared to last year’s elevated levels.

Edmonton

Prices Continue to Decline

Total residential unit sales in the Edmonton Census Metropolitan Area (CMA) real estate market for the month of June 2019 rose 0.56% compared to June 2018. While sales were reasonably similar, the number of new residential listings dropped 18.03% from June 2018, and overall inventory in the Edmonton CMA dropped 11.68% from June of last year. Average prices decreased to $365,949, a drop of 3.71% from June 2018, and 0.70% from May 2019.

Toronto

Strong Year-Over-Year Price Growth

Greater Toronto Area REALTORS® reported 8,860 sales through TREB’s MLS® System in June 2019, representing a 10.4 per cent increase compared to June 2018. Over the same time period, total new listings remained at a similar level for the month of June and active listings at month-end were down by 5.7 per cent. Sales and new listings statistics for the first half of 2019 compared to the same period in 2018 painted a similar story to that of June. Sales were up by 8.5 per cent, while new listings were up by less than one per cent.

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