Kelowna real estate sales have picked up momentum in the final months of 2019, according to Andrew Smith, real estate agent in Kelowna.
Comparing home sales in the last quarter of 2019 to last year, Smith said there were 86 more sales in the Kelowna area.
This corresponds to a 19 percent increase in the number of houses sold in the same quarter of 2018.
READ MORE: Most Expensive Real Estate in Kelowna, valued at $ 10.3 million
Smith said there must be changes in market conditions now to help stabilize prices.
“Although sales were down slightly compared to 2018, sales in the last half of 2019 increased significantly compared to 2018,” said Smith.
“Sales have gotten so much momentum that we now need almost more inventory in the market.”
Smith said less outside investment was a reason home sales fell slightly by 26 houses in 2019.
“The Albertans are still coming to Kelowna, but not at the same rate,” said Smith.
“We’re still getting older Albertans, but not the 30- or 40-year-olds who want to get a second house or an income property here.”
Smith said several taxes introduced by the provincial government are also helping to cool the housing market.
“With the speculation and the vacancy tax, the NDP government is trying to raise its own revenue,” said Smith.
“The downside is that many people find it less attractive to buy a house.”
In 2019, 1,973 apartments and townhouses were sold, compared to 2,337 single-family homes in Kelowna.
Smith predicts that condominium sales will match single-family home sales in the Kelowna area in the coming years as more residents look for affordable housing.
According to a review from 2020 BC. The average Kelowna home is valued at $ 629,000.
@connortrembley
connor.trembley@kelownacapnews.com
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