Real Estate Market after COVID 19 in Kelowna

While the Okanagan real estate market remained nearly on par with last year’s numbers through March 2020, a downturn is expected.

“While the market remained steady in March this will likely slow down as the economic impacts of COVID-19 continue to develop,” said the president of the Okanagan Mainline Real Estate Board (OMREB), Michael Loewen. “In the meantime, real estate professionals are still able to utilize technology-driven solutions to help accommodate these transactions during self-distancing precautions.”

According to OMREB, sales across the region from Revelstoke to Peachland totaled 551 in March, up from February’s 435 sales and almost on par with last year’s 545 units sold.

For residential listings, which totaled 1,365, jumped 45 percent compared to last month’s 939. Overall active listings came in at 3,341, up over February’s inventory of 2,996, yet down 6 percent from this time last year.

The average number of days to sell a home also dropped down to 88 days.

Main Highlights of COVID effects are:

· The impact of Coronavirus on the Okanagan Valley will likely be very significant.

· Supply has risen because purchases have dropped, but the number of sellers have remained relatively unchanged.

· The Okanagan Valley benchmark home price has held its value, but the price of the median home purchase has dropped significantly. This is a sign that buyers are avoiding the top of the market.

· The luxury vacation home market in the region will be affected by the further weakening of the Alberta economy and an international travel ban.

· Buyer interest was high in the first three months of 2020, but the the market has slowed with the impact of the Coronavirus Recession.

· We are watching several key risks

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