Has the Kelowna Real Estate Market Bounced Back for Good?
The Kelowna real estate market saw an unusually busy month in February. In fact, it was the strongest February the central Okanagan’s seen in nearly 10 years, and yet the typical Alberta buyers are sitting out, for now. As our Kelowna realtor Tracey Vrecko explains, another type of buyer is taking advantage of opportunities.
So, who is it that’s doing all the buying, what kind of properties, and why?
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These days, single-family homes are a hot-ticket item in the central Okanagan. An indication, says Vrecko, that the Kelowna real estate market is bouncing back.
“We’re seeing acreage sales up, condominium sales are up, but mostly single family homes under $500,000. That seems to be driving our market.”
Compared to the same time last year, residential sales went up by more than 45 per cent. While sales of single family homes soared by 68 per cent.
The Okanagan Mainline Real Estate Board (OMREB) says low mortgage rates and a growing contributed to February’s booming sales.
“As a matter of fact, the strongest February in something like 10 years we’ve experienced,” says Lynette Keyowski, executive director of OMREB. “Again, it bodes well that the Okanagan in general is coming out of that recessive state and is not only on the road to recovery but is certainly becoming more buoyant again.”
Balmy weather and scenic views typically attract Alberta buyers to the sunny Okanagan. Although with the plummeting oil and gas industry, fewer people from that province are in a position to buy.
“We conduct a monthly survey of the buyers in the Kelowna real estate market and we’ve seen about a six to seven per cent decline month over month, so February over January, of the Albertan buyers in particular,” says Keyowski.
But this Kelowna realtor says she’s still selling homes to people from Alberta. A different demographic than the oilpatch workers we’re used to seeing.
“My last three deals have gone to Alberta buyers. Whether they’re looking for a change of lifestyle, better climate or a better economy.”
For people looking to buy, Vrecko predicts there will soon be even more Kelowna real estate to choose from.
“I think we’re going to have a very healthy spring market. With 60 per cent of our sales happening between May and July, I think it’s going to be very busy.“
Read the article on CHBC – Global News Okanagan.
Whether you’re a first-time buyer looking to take advantage of low interest rates or you’re a seller ready to seize the buzz in activity, contact a Kelowna realtor that delivers results! The trusted team at Quincy Vrecko & Associates offer both luxury properties and single family home listings across central Okanagan, including Kelowna, Lake Country and Naramata.