Kelowna Real Estate News

December 2019

Sales skyrocketed over December last year, and listings continue to slowly fall. With December and January being to the two slowest months of the year, the market is holding up surprisingly well!

However, we are worried that may not continue.  Watch our forecast video to learn more.

Single Family Homes are doing very well for this time of the year! Sales in the second half of 2019 have surpassed 2018 almost every month and listings have continued to fall.  This makes a recipe for a healthy market going into 2020.

Townhomes continue to outperform the 10 year average for sales, as they did all year compared to 2018 where they were typically under the 10 year average. We have noticed many of the new RU7 fourplexes are now renting their units out instead of selling them as there has been so much competition for those units.

Apartment/Condo saw 74 units selling, that’s 60% more than this time last year.  It is also only 4 less than the 20 year December record!  However, with 1,900 units under construction, we are worried for the higher end of this market looking forward.

Major Cities Report


Market Wraps Up a Relatively Flat year for Home Sales

A total of 402 properties sold in the Victoria Real Estate Board region this December, 7.2 per cent more than the 375 properties sold in December 2018 and a 30.3 per cent decrease from November 2019. Sales of condominiums were up 17.5 per cent from December 2018 with 121 units sold. Sales of single family homes increased 13.8 per cent from December 2018 with 198 sold. A grand total of 7,255 properties sold over the course of 2019, 1.47 percent more than the 7,150 that sold in 2018. 2019 sales came in at slightly under the ten-year average of 7,413 properties sold.


Below Average Sales Activity and Moderate Price Declines in 2019

Residential home sales in the region totaled 2,016 in December 2019, an 88.1 per cent increase from the 1,072 sales recorded in December 2018, and a 19.3 per cent decrease from the 2,498 homes sold in November 2019. Last month’s sales were 9.5 per cent above the 10-year December sales average. Sales of detached, attached and apartment homes reached 25,351 in 2019, a three per cent increase from the 24,619 sales recorded in 2018, and a 29.6 per cent decrease over the 35,993 residential sales in 2017. Last year’s sales total was 20.3 per cent below the region’s 10-year sales average.


December Caps Off 2019 with More Signs of Stability

December sales improved to levels more consistent with activity recorded over the past five years. This follows weak sales activity last year. A stronger second half in 2019 was enough to push annual sales up by one per cent. Overall prices in 2019 declined by three per cent over last year’s levels. The total adjustment in prices is a 10 per cent decline since the 2014 slowdown in the energy sector. While there are signs of stabilization, conditions vary significantly by location, price range and product type.


Sales and Listings Up to Close Out 2019

Total residential unit sales in December 2019 increased 9.88% compared to December 2018’s 769 sales and decreased 23.25% from November 2019. The number of new residential listings is up, increasing 5.87% from December 2018. Overall inventory in the Edmonton CMA fell 10.83% from December of last year. For the month of December, single family home unit sales are up 9.80%, and condo unit sales increased 3.21% from the same period of time last year. All residential average prices are down slightly at $353,657, a 2.29% decrease from December 2018, and are down 0.05% from November 2019. Single family homes sold for an average of $411,317, a 4.08% year-over-year decrease from December 2018, and a 2.22% decrease from November 2019.


Recovery of Sales Activity in 2019

December 2019 residential sales were up by 17.4 per cent year-over-year to 4,399. Total sales for calendar year 2019 amounted to 87,825 – up by 12.6 per cent compared to the decade low 78,015 sales reported in 2018. On an annual basis, 2019 sales were in line with the median annual sales result for the past decade. The MLS® Home Price Index Composite Benchmark was up by 7.3 per cent on a year-over-year basis in December 2019.The average selling price in December 2019 was $837,788 – up almost 12 per cent year-over-year. For calendar year 2019, the average selling price was $819,319 – up by four per cent compared to $787,856 in 2018.

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