It’s a good time to buy a home in Kelowna, says a local real estate agent.
A survey published Thursday by Royal LePage shows the total home price in Kelowna was $ 643,787 for the first quarter of 2019, up 2.7% from the first three months of 2018.
The total price combines the average sales prices of single family homes, maisonettes, townhouses, and condominiums to create a benchmark.
Average two-story house prices rose 2.2% to $ 729,602, while average bungalow prices fell 0.1% to $ 635,418.
The biggest change was the average price for condos, which rose 13.6% to $ 435,823.
While prices have increased year-over-year, the market has flattened out, said Adil Dinani, a real estate agent at Royal LePage Kelowna.
Dinani said he expects more of a buyers ‘market than a sellers’ market in Kelowna this spring.
“We don’t see any price increases at the previous year’s level,” he said. “I think sellers need to keep in mind that you may not be able to match what your neighbor did 12 months ago. However, if you value your home to reflect the new market environment we are in, there will still be buyers. I think this is a good time to consider buying in Kelowna. “
The number of homes for sale declined in the first three months of the year and inventories are expected to remain tight, Dinani said.
“There isn’t that much inventory to choose from, so the market remains pretty controlled,” he said.
It also took longer to sell houses in Kelowna, Dinani said.
“It gives buyers the opportunity to take the time to make purchasing decisions.”
The number of people moving from Vancouver to Kelowna has decreased because people in Vancouver are not getting as much money for their homes, Dinani said.
“Vancouverites are no longer driving prices up,” he said, adding that more Kelowna locals have bought.
“Vancouver buyers are still coming in, just not at the same rate as they were 12 months ago.”
