Reported by The Association of Interior REALTORS®

Residential real estate sales across the region from Revelstoke to Eastgate Manning Park and into the South Peace River region continues to see inventory shortage heading into final month of the year, reports the Association of Interior REALTORS®.


Residential sales for the entire Association region decreased 10% over the same month last year, clocking in at 1,063 residential sales in November. This was also less than October’s 1,115 sales.


“It is typical as we approach the holiday season to see residential sales slowdown within the real estate market,” says the Association of Interior REALTORS® President Kim Heizmann, adding that “the lack of homes available for purchase is certainly adding to the slowdown.”


The inventory, or supply of active residential listings was down 39% across the Association region compared to the 3,574 active listings during November 2020, while the 916 new listings for November came in at 10% lower than last year November’s units.


“As we have seen, there has been a persistent drought of inventory in the market all year as new listings are just not coming on to market quick enough to meet demand,” says Heizmann.


The benchmark price for homes in the Central Okanagan, North Okanagan, South Okanagan and Shuswap/Revelstoke regions have been consistent with double-digit percentage increases in year-over-year comparisons in all home categories.


In the South Peace River Region, where benchmark pricing is not available, the average price across all property types increased compared to the same time last year.


Contact Eric or Dulcie at Central Okanagan Homes to find out more about the real estate market and how we can help you achieve your real estate goals.

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Okanagan Real Estate Market Demand Staying Steady As Supply Shortage Continues

 
 
KELOWNA, B.C. – November 4th, 2021. Residential real estate sales across the region from Revelstoke to Eastgate Manning Park and into the South Peace River region remain strong ahead of the slower winter season, reports the Association of Interior REALTORS®.
 
“Demand is still strong despite chronically low supply, but we are seeing a healthier environment for buyers and sellers compared to what we saw in 2020 and earlier in the year,” says the Association of Interior REALTORS® President Kim Heizmann, adding that “sales are transpiring at a good, healthy pace.”
 
Residential sales for the entire Association region decreased 18% over the same month last year, clocking in at 1,115 residential sales in October. This was a slight increase compared to September’s 1,067 sales.
 
The inventory, or supply of active residential listings was down 39% across the Association region compared to the 4,308 active listings during October 2020, while new listings slipped 12% over last year October’s 1,372 units.
 
“As we head into the final months of the year, we can see that this supply drought or lack of new listings has really become the main theme of the year. It will be interesting to see if this trend maintains or changes in 2022,” says Heizmann.
 
The benchmark price for homes in the Central Okanagan, North Okanagan, South Okanagan and Shuswap/Revelstoke regions continue showing double-digit percentage increases in year-over-year comparisons in all home categories.
 
In the South Peace River Region, where benchmark pricing is not available, average sale prices for single- family homes increased 11% but decreased 13.8% in the condominium category.
 
Contact Dulcie or Eric to find out more about the real estate market and how we can help you achieve your real estate goals.
 
 
 
 
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I have listed a new property at 104 2350 Stillingfleet Road in Kelowna.
Stylish, west facing 2 bedroom, 2 bath townhouse with open living room, dining and kitchen floor plan and a large covered deck out front. Lots of storage including a storage room, plenty of linen cabinets and an extra large floor to ceiling closet in the master bedroom. Just steps from your door you will find a Starbucks, Godfather's Seafood Market, groceries, gift shops, pharmacy, banking and much more. The amenities at Guisachan village include inground pool, hot tub, change rooms and a public BBQ area by the pool. There is underground parking, bike storage and a storage locker included. Other perks to living in this central location - Okanagan Lake, H20 Centre, golf courses, parks, hospital, and transit. Why would you want to live anywhere else? (id:2493)
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I have listed a new property at 1195 Steele Road in Kelowna.
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BCREA Mortgage Rate Forcast


After a sharp upturn to start the year, Canadian mortgage rates remained stable through the second quarter of 2021. That said, there was recently a significant change in mortgage qualifying as OSFI and the federal government implemented a new stress test rate, which is now the higher of a borrower’s contract rate plus 200 basis points and 5.25 per cent for both insured and uninsured mortgages. The ultimate impact of this change, however, is rather minimal compared with the prevailing qualifying rate of 4.79 per cent, and only lowers purchasing power by 4 to 5 per cent.


While there was little movement in mortgage rates over the past quarter, rising Canadian inflation – and the extent to which that inflation is a temporary phenomenon – is set to shape how rates evolve over the next year.  The prevailing view on inflation, also held by the Bank of Canada, is tilted toward this recent inflation being a temporary phenomenon that should settle over the next year. If so, we should see an orderly unwinding of monetary stimulus with a gradual upward trajectory for mortgage rates beginning in 2022. If that view is incorrect and inflation sustains north of 3 per cent, or expectations of future inflation become unmoored, the Bank of Canada would be prompted to raise rates higher and earlier than expected. While such a scenario is unlikely, it remains a risk given current uncertainty. 

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KELOWNA, B.C. – June 3rd, 2021. Residential real estate sales across the region from Revelstoke to Eastgate Manning Park and into the South Peace River region is showing signs of calming after months of record highs, reports the Association of Interior REALTORS®.
 
Residential sales for the month of May for the entire Association region totalled 1,482, down from April’s 1,719 sales. The same area also saw significant percentage increase in year-over-year comparisons, however that is still in comparison to the worst months of the pandemic.
 
“There is a slight reduction in pressure that is creating a calming effect for a healthier market for both buyers and sellers,” says the Association of Interior REALTORS® President Kim Heizmann, adding that “we are seeing an easing up on the gas pedal that has been going above the speed limit, to now moving within a reasonable pace.”
“While the market may be slowing down from an all-time record, it does not mean the market has softened, it means the buyer frenzy has calmed down slightly,” says Heizmann.
 
The supply of active residential listings dropped slightly from April’s 2,818 to 2,554 current listings across the Association region.
 
The benchmark price for homes in the Central Okanagan, North Okanagan and Shuswap/Revelstoke regions once again saw double-digit percentage increases in year-over-year comparisons in all home categories categories.
 
In the South Okanagan, where benchmark pricing is currently not available, average sales prices were also up year-over-year in all home categories with single-family homes seeing the highest percentage increase of 42%. The average sale prices for single-family homes in the South Peace River increased 12% in comparison to May 2020 average price, but saw no sales in the condo category.
 
Contact your local REALTOR® to find out more about the real estate market and how they can help you achieve your real estate goals.
 
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I have listed a new property at 309 250 Dougall Road North in Kelowna.
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I have listed a new property at 104 2350 Stillingfleet Road in Kelowna.
Stylish, west facing 2 bedroom, 2 bath townhouse with open living room, dining and kitchen floor plan and a large covered deck out front. Lots of storage including a storage room, plenty of linen cabinets and an extra large floor to ceiling closet in the master bedroom. Just steps from your door you will find a Starbucks, Godfather's Seafood Market, groceries, gift shops, pharmacy, banking and much more. The amenities at Guisachan village include inground pool, hot tub, change rooms and a public BBQ area by the pool. There is underground parking, bike storage and a storage locker included. Other perks to living in this central location - Okanagan Lake, H20 Centre, golf courses, parks, hospital, and transit. Why would you want to live anywhere else? (id:2493)
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