As spring continues to roll in across the country, real estate is starting to transform from the winter breaks into a more active spring market. The Kelowna real estate market has grown gradually since at least 2015, and the Kelowna population has grown steadily too. There are many great options for property buyers and sellers, whether commercial or private.
Current market status for kelowna
Although property market sales have grown steadily since 2015, inventories and sales were down slightly year-on-year in late 2018 and early 2019. The decline in sales was more common for single-family homes than for condominiums or townhouses, and was mainly caused by the influx of people moving from cities like Vancouver to Kelowna and the general Okanagan Valley. People trying to find more affordable housing, new job opportunities, or lucrative real estate investments. According to the latest sales reports by the Okanagan Mainline Real Estate Board (OMREB), sales and inventories increased in March 2019 compared to the previous months. This surge should come through April and beyond as the property season fully begins. This is the time of year when homeowners start spring cleaning and prepare their homes for the market. However, long-term projections point to slower price growth for 2019-2021 compared to 2015-2017 due to several factors including the new speculative tax and stricter rules for applying for mortgages. Because first-time buyers find it more difficult to qualify for a mortgage, it is recommended that they get pre-approved before going out and looking at the market.
Real estate market in surrounding markets
The real estate market across the region is more or less similar to Kelowna, with a few exceptions. Vancouver has had problems with property prices spiraling out of control for the past decade, which was part of the reason for the new stricter rules on mortgage application and speculative tax (which tax foreign owners more heavily). This has led to an influx of people moving from the ESPE to cities (such as Kelowna, Vernon, and Kamloops). The markets in Vernon and Kamloops are smaller than those in Kelowna and the central Okanagan Valley. This results in lower average prices when compared to housing options in both cities, but it also impacted a lower number of sales. In addition, inventory is lower, resulting in high average market days and less choice for buyers. Kamloops currently has near-historically low inventory – and not much new supply – which has resulted in a rise in the price of the average price of housing options in recent months (February 2019 was a record $ 422,572 for single-family homes). Vernon’s March stats mirror those of Kelowna as a whole, with inventories and sales up and the average price up. The outlier is the increase in sales days. While the surrounding towns have their perks of requiring a lower price from the smaller towns or cheaper up-grade options for a first-time buyer, real estate in Kelowna is growing steadily and offers great potential for solid residential investments. whether you move in for life or only for five years.
Find your home online
If you are interested in buying or selling real estate in the Kelowna area or the surrounding area, Ovlix.com is a great resource to find listings quickly and easily. You can search the extensive database of offers for exactly what you are looking for, whether it is a specific price range, a property type or specific features. On sale, you can submit your listing for free, or your agent can sign up for listing on Ovlix.com
