Real estates sales in Kelowna are gaining momentum (file photo) Real estates sales in Kelowna are gaining momentum (file photo)

Kelowna real estate sales gaining momentum: realtor

When comparing last quarter of 2019 to 2018, sales were up by 19 per cent in region

Kelowna real estate sales gained momentum in the final months of 2019, according to Kelowna realtor Andrew Smith.

When comparing real estate sales in the last quarter of 2019 to the previous year, Smith said there were 86 more sales made in the Kelowna region.

That’s a 19 per cent increase in the number of homes sold in the same quarter in 2018.

READ MORE: Most expensive property in Kelowna valued at $10.3 million

Smith said there needs to be changes in market conditions now to help stabilize prices.

“Although unit sales were slightly down compared to 2018, sales were up significantly in the last half of 2019 than 2018,” said Smith.

“There’s been so much momentum from sales, we almost need more inventory in the market now.”

Smith said less outside investment was one reason why real estate sales were down slightly by 26 homes in 2019.

“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 here or revenue property”.

Smith said multiple taxes introduced by the provincial government are also helping to cool the real estate market.

“With the speculation and empty homes tax, the NDP government is trying to increase their own revenue,” said Smith.

“The downside is that’s its less attractive for many to purchase a home.”

In 2019, there were 1,973 apartment and townhouse sales in comparison to 2,337 single-family home sales in Kelowna.

Smith predicts that condo sales will reach single-family home sales around Kelowna in the coming years as more residents look for affordable housing options.

According to a 2020 BC Assessment, the average Kelowna home is valued at $629,000.


Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Woman refused entry after refusing to wear mask at store in Kelowna mall

The woman filmed the encounter at LUSH Cosmetics, where wearing a mask in-store is company policy

Smoky skies clearing throughout B.C. Interior

Environment Canada expects “widespread” improvement for all affected areas by Sunday

Stranger in truck grabs boy walking home from school in Kelowna

The 11-year-old boy escaped the incident, RCMP are investigating

Okanagan group calls for inclusive COVID-19 recovery plan

RAMA Okanagan wants full immigration status as part of COVID-19 recovery

Peachland residents march for better forest management

The Peachland march was one of many like it across B.C.

3 new deaths due to COVID-19 in B.C., 139 new cases

B.C. confirms 40 ‘historic cases,’ as well

Supreme Court Justice Ruth Bader Ginsburg dies at 87

The court’s second female justice, died Friday at her home in Washington

‘This is a very difficult sentencing’; Judge delays Okanagan manslaughter trial to next week

The courts heard Friday that Bourque “did not intend to cause harm” but that her actions were “reckless”

Emaciated grizzly found dead on central B.C. coast as low salmon count sparks concern

Grizzly was found on Gwa’sala-‘Nakwaxda’xw territory in Smith Inlet, 60K north of Port Hardy

Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

VIDEO: B.C. to launch mouth-rinse COVID-19 test for kids

Test involves swishing and gargling saline in mouth and no deep-nasal swab

Young Canadians have curtailed vaping during pandemic, survey finds

The survey funded by Heart & Stroke also found the decrease in vaping frequency is most notable in British Columbia and Ontario

B.C. teachers file Labour Relations Board application over COVID-19 classroom concerns

The application comes as B.C.’s second week of the new school year comes to a close

CHARTS: Beyond Metro Vancouver, COVID-19 cases in B.C. haven’t increased much recently

COVID-19 case counts outside of Metro Vancouver have been level since July

Most Read