Kelowna Real Estate News

January 2020

Single Family Home sales are up 45% over last year, which is great news, but still in line with sales in 2013-2014 years when the market was quite flat, which is no surprise. As the weather starts to warm up, we will see how the market shapes up this spring.

Townhomes continue to do well, many of the new complexes that are being built have not been listed on MLS yet, so we anticipate the listing numbers to increase throughout the year. Townhomes have slipped into a buyers market, which isn’t unexpected for January.

Apartment/Condos, same as townhomes, these have slipped into a buyers market, which is expected for the slowest months of the year. Sales were almost 20% over the 10 year average, making it the second best January since 2010.

Major Cities Report


Market Returns to Traditional Sales Numbers

A total of 411 properties sold in the Victoria Real Estate Board region this January, 24.9 per cent more than the 329 properties sold in January 2019 and 2.2 per cent more than in December 2019. Sales of condominiums were up 6.3 per cent from January 2019 with 118 units sold. Sales of single family homes increased 31.6 per cent from January 2019 with 200 sold. There were 1,958 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2020, 6 properties more than the total available at the end of December 2019 and a 4.8 per cent decrease from the 2,057 active listings for sale at the end of January 2019.


Home Sales and Price Activity Remained Steady

Residential home sales in the region totalled 1,571 in January 2020, a 42.4 per cent increase from the 1,103 sales recorded in January 2019, and a 22.1 per cent decrease from the 2,016 homes sold in December 2019. Sales of detached homes in January 2020 reached 439, a 29.5 per cent increase from the 339 detached sales recorded in January 2019. The benchmark price for detached properties is $1,431,200. This represents a 1.7 per cent decrease from January 2019, a one per cent increase over the past six months, and a 0.5 per cent increase compared to December 2019.


Housing Market Conditions Continue to Follow Similar Trends

January sales activity was 863 units, nearly eight per cent higher than last year’s levels. While sales remained well below January activity recorded before 2014, they remain consistent with activity recorded over the past five years. Citywide un-adjusted benchmark prices were $417,100 in January. This is slightly lower than the previous month and nearly one per cent lower than last year’s levels.


Sales up and Listings Down to Start 2020

Total residential unit sales for January 2020 increased 0.50% compared to January 2019 and
decreased 5.44% from December 2019. The number of new residential listings is down, decreasing
11.58% from January 2019. Overall inventory in the Edmonton CMA fell 11.76% from January of last
year. For the month of January, single family home unit sales are up 2.52%, and condo unit sales
decreased 5.94% from the same period of time last year.


Sales Are Up!

Home sales in January 2020 were up by 15.4% compared to January 2019 and 4.8% compared to December 2019. “We started 2020 where 2019 left off, with very strong growth in the number of sales up against a continued dip in the number of new and available listings. Tighter market conditions compared to a year ago resulted in much stronger growth in average selling prices. Steady population growth, low unemployment and low borrowing costs continued to underpin substantial competition between buyers in all major market segments,” said Mr. Collins (TREB President).

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