Kelowna Real Estate Values Up 9.6% From March 2015

01 May

Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reports that 847 MLS® residential sales were recorded for the month of March, up 26.8% from March 2015. Last month was the second strongest March on record.

Home sales reached a record 892 units in March 2007. The average residential price was up 9.6% to $429,226 compared to March 2015. The dollar volume of residential sales climbed 38.9% to $364 million compared to March of last year.

Rock bottom mortgage interest rates, relatively robust employment growth and rising wages are helping to underpin housing demand, while migration from the Lower Mainland as well as other provinces is bolstering growth in the number of Okanagan households. Active listings were down nearly 19% from a year ago and market conditions are now favouring home sellers in many neighbourhoods, and as a result, competition is increasing for the best properties.

MARCH REAL ESTATE SURVEY SUMMARY 

Property Type:

20.2% by First Time Buyers (down from 22.4% in February)

19% by Move-Up Buyers (up from 17.1%)

16.5% by Buyers Downsizing (up from 16.2%)

15.6% by Relocating and moving to similar property type (up from 13.6%)

12.1% buying Revenue/Investment Property (down from 13.6%)

7.2% moving from Single Family Home to Strata Unit (down from 7.5%)

4.4% buying Recreation Property (up from 3.9%)

3.4% moving from Strata Property to Single Family Home (up from 3.1%)

3.4% moving into Retirement Home/Seniors Community (up from 2.6%)

Buyer Type (Family Dynamic):

20.8% Two Parent Family/Children (down from 26.5% in February)

33.5% Couple without Children (up from 26.5%)

12.7% Single Female (up from 11.3%)

9.3% Single Male (down from 13.5%)

19.6% Empty Nester/Retired (down from 20.4%)

5.3% Single Parent with Children (up from 3%)

Moving From:

63.6% from Within OMREB Board Area (up from 62.5% in February)

11.5% from Lower Mainland/Vancouver Island (down from 14.7%)

10.3% from Alberta (up from 7.3%)

6.2% from Other Areas in BC (up from 4.3%)

4.4% from Saskatchewan/Manitoba (up from 4.3%)

0.9% from Outside Canada (down from 3.9%)

3.1% from Eastern Canada/Maritimes (up from 2.2%)

0% from NWT/Yukon (down from 0.9%)

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

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