The Ella Tower in Kelowna, shown in a photo taken earlier this year, is 86 percent sold. It should open next spring.
(ROB MUNRO / iNFOnews.ca)
October 03, 2019 – 4:18 pm
KELOWNA – The condominium market in downtown Kelowna has been hot, according to a national real estate company, while the rest of the property categories are in balance between buyers and sellers.
“We heard that several new buildings in the city center are almost sold out,” says the Re / Max report. “After talking to the city planner, it appears that some large projects like the Westcorp Hotel will begin construction in the next 12 months.”
The Ella Tower, which will open next spring on the corner of Ellis and Lawrence, is 86 percent sold, while the Brooklin at Bernard and Bertram has already sold 97 percent, although it won’t open until a year later, it says Report .
In terms of current sales, Re / Max stated that almost 17 percent of the single-family homes listed in September were sold, which is slightly above the monthly average. Prices remain stable, but homes that cost more than $ 1 million are harder to sell.
Townhouses are selling at a higher rate (19 percent), partly because the number of listings is falling. There are 363 townhouses for sale, while the 10-year average is 420.
There have been fewer than expected sales in the apartment / condo category, but that’s 10 year average and only falls into a buyers market, but the report says it’s too early to tell if this is the start of a trend .
The report shows that there is a buyer’s market when 15 percent or fewer listings are sold and a seller’s market that starts at 25 percent. The apartment / condominium group was just under 15 percent.
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