Skip to main content

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



Labels:

Comments

Post a Comment

Popular posts from this blog

Teenager's posts show stoma bag 'not the tip of the world

Oliver Kaye, from Watford, was diagnosed with  inflammatory bowel disease  in January and had his colon removed last month. "There  aren't   many folks  my age who speak out about this and  lots   of individuals  judge others," he said. " So if someone  goes  through this I wanted  to provide  them  the arrogance  that  it isn't   the tip  of  the globe ." A stoma is  a gap  on the abdomen which connects to the digestive or  apparatus urogenitalis  and allows waste to be diverted out of the body and into a bag.  Oliver was initially given medication to treat the inflammatory bowel disease but after he fell more seriously ill, he underwent surgery at St Mark's Hospital in London five weeks ago. There  are sort of plenty of stigmas around stoma bags so  I would like  to reassure others  longing  it," he said. Oliver said when he  revealed  he would  undergo surgery, he "was pretty scared  because it  was the last resort". But when he l
Post a Comment
Read more

Home estimations 'decently increment' in Thompson, Okanagan district

  Most Okanagan mortgage holders can hope to see moderate property estimation increments as 2021 appraisal sees are on the way. There are 283,500 properties in the Okanagan and Thompson areas and home estimations have expanded zero to 10 percent in many networks, BC Assessment said. The evaluation notification will reflect market an incentive as Story proceeds underneath commercial The synopses above give evaluations of average 2020 versus 2021 surveyed estimations of properties all through the district. Bc Assessment The 2021 middle evaluated incentive for a solitary family home in Kelowna is $650,000, up to three percent from July 2019. In Penticton, solitary family home is surveyed at $479,000 all things considered, which is up to two percent,   Home builders Kelowna while in Vernon, the middle evaluated estimation of a solitary family home is $479,000, an expansion of three percent. Okanagan's land market keeps on developing in the midst of the pandemic. Divider said the C
Post a Comment
Read more

Benefits of a New Custom home Design Renovation

There are instances when the entire house isn't in the condition you desire, and you're left with the choice of selling, living in an antiquated home, or dealing with a space that no longer meets your family's demands. In reality, you have two options: deal with it as is, or consider a New home builders Kelowna with 3rdgen homes, commonly known as a full home custom design remodel. A new temporary will be in place in West Kelowna after the United Church property was sold. The City of West Kelowna authorized the temporary use of 2515 Bartley Road for up to three years to replace the United Church location, which will close in August. We pride ourselves on providing a full-service experience when building your new home at 3rdgenHomes , and we couldn't be more delighted to bring this experience to the beautiful Okanagan Valley. While we professionally create your custom house or refurbish your current Kelowna property, relax among the scenic lakes, luscious wineries, an
Post a Comment
Read more