November 2016

New multi-family home builders in Kelowna can hardly keep up with demand. People are quick to put deposits down for a brand-new condominium with a modern floor plan. They want the latest design, luxurious appointments, the stainless appliance package and space-age technology in their homes. Many are attracted by the additional amenities that builders are happy to provide (for a price). Amenities like party rooms with full kitchens and barbecue area, a fitness centre or even a pool. But an older building in an established neighbourhood in Kelowna could be an alternative to the splashy new building. Here are something things to consider:

Older Condominiums Offer More Room

No doubt you've heard people say that when it comes to homes, they're not

Home sales slowed by 12% in October throughout Kelowna and the Okanagan as the market in B.C. continues to shift and borrowing policies become stricter.

Last month there were 779 sales in the Okanagan compared with 884 in September, however the sizzle isn’t completely dialed down.  Residential sales are still ahead of October 2015 by 19%.

The Okanagan Mainline Real Estate Board (OMREB) says real estate is on a gradual decline with the average home price falling slightly and properties taking a few days long to sell.

Inventory remains tight throughout the Okanagan, and that alone will keep the progression towards a more balanced market very slow.

Board president Anthony Bastiaanssen said in his October report that the changing conditions in

More resale homes and new construction will catch up to demand

Canada Mortgage and Housing (CMHC) has crunched the numbers and issued its forecast for the next 12 to 24 months in Kelowna.   According to expert calculations, the real estate market in Kelowna is going to moderate.

From January to the end of August of this year in the Kelowna Census Metropolitan Area (CMA) there has been record-smashing activity in the market well above the numbers from 2007.  This was the last time there was such robust activity in the housing market.

Kelowna’s Resale Story

The resale market saw 4,926 units change hands in the first 8 months of the year compared to 3,819 MLS transactions in the first eight months of 2015.  That’s a gain of 29%.   The