Rising Prices Boost Condo Sales

Kelowna, BC – Big increases in the cost of single family homes in Kelowna is having a larger than expected impact on condo sales. Single family home values increased by nearly 20% in the past 12 months to an average of $617,517. As of June the average price of a townhome was $411.396 and condos averaged $301,329. “The option of single family home ownership is quickly slipping away from many in the region and lower cost alternative housing choices like condos and townhomes are filling the need, says Mark West president of Epic Real Estate Solutions Inc.” The recent 90% sell-out of SOLE DOWNTOWN located on St Paul Street in Kelowna supports this assumption. Thirty – five of the forty residences priced under $300,000 were snapped up within a few weeks of the release. “Developers of outlying single family communities and multi family developers have seen a steep increase in sales activity with a perfect storm of low levels of resale listings, record low vacancy rates and lack of affordability driving sales, notes West”.

MAY BUYER SURVEY SUMMARY

Property Type:

22.1% by Relocating and moving to similar property type (up from 16.3% in April)

16.6% by Move-Up Buyers (down from 17.9%)

15.5% by First Time Buyers (down from 16.1%)

14% by Buyers Downsizing (down from 15.2%)

13.2% buying Revenue/Investment Property (down from 16.3%)

8.5%% moving from Single Family Home to Strata Unit (up from 7.8%)

3.8% buying Recreation Property (down from 5.4%)

3.2% moving from Strata Property to Single Family Home (down from 4%)

2.1% moving into Retirement Home/Seniors Community (up from 1.8%)

Buyer Type (Family Dynamic):

28.9% Two Parent Family/Children (up from 26.9% in April)

21.2% Empty Nester/Retired (down from 23.8%)

19.1% Couple without Children (down from 21.7%)

13.4% Single Male (up from 12.3%)

12.1% Single Female (up from 10.8%)

4.9% Single Parent with Children (up from 3.1%)

Moving From:

57.9% from Within OMREB Board Area (down from 58.7% in April)

16.6% from Lower Mainland/Vancouver Island (down from 18.3%)

11.9% from Alberta (up from 10.7%)

6.1% from Other Areas in BC (down from 6.5%)

3.1% from Eastern Canada/Maritimes (down from 3.8%)

2.9% from Saskatchewan/Manitoba (up from 1.6%)

1.5% from Outside Canada (up from 0.4%)

0% from NWT/Yukon (no change from 0%)

For more information contact Mark West at mark@epicres.com or call 1.866.679.3742 ext 201

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