Affordable homes leading the way in the Kelowna real estate market - InfoNews

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Affordable homes leading the way in the Kelowna real estate market

Image Credit: SUBMITTED/B.C. Assessment
May 13, 2019 - 9:00 PM

KELOWNA - While most of the real estate market has slowed in the first four months of 2019, one area has picked up in Kelowna – homes worth less than $500,000.

There’s been a 10 per cent increase in the sale of such homes compared to 2018, with 52 properties sold in Kelowna, according to a blog by the MCL Real Estate Group.

Since there’s not many homes at those prices available, they’re being snapped up. Each home is on the market for an average of 56 days.

By comparison, homes worth more than $1 million are taking an average of 95 days to sell and the market is becoming saturated with such listings.

In the first four months of this year, only 44 million-dollar homes sold in Kelowna, a 42 per cent drop over last year.

There are currently 303 such homes on the market (compared to only 37 homes worth less than $500,000) so the lag time between listing and selling is likely to increase, the blog says.

And that’s left some people wondering what to do.

“As the overall residential market in Kelowna starts to slow, both buyers and sellers seem confused about what to do,” the blog states. “Buyers don’t know if they should wait it out to see if prices continue to drop and sellers are not sure they want to drop their prices or wait it out and see what happens in the coming months.”

The blog says prices are expected to drop over the next few years but not as drastically as in other markets.

“The Okanagan lifestyle and attractive home values (in comparison to the Lower Mainland) work together to promote in-migration into the area,” the blog states. “There will always be a demand for the right house, in the right location, for the right price.”


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