I love it when I can say that the Kelowna Real Estate Market is “hot”.
It ‘s not just our weather that everyone flocks here to – IT’S THE REAL ESTATE TOO!
This last week in real estate has been very busy with my condo listings getting a whole lot of inquiries and multiple showings per day. I imagine this season is going to stay strong well into the fall months.
I have noticed many more young people taking the initiative and asking questions – looking for information, and options, to be able to become home owners themselves. I bought my first place when I was in my early 20′s and think it is a great way to start and learn how real estate ownership can help you down the road. There is so much to learn even from the transaction itself. You learn laws and regulations that govern the purchase and sale of real estate, plus you get to become a responsible homeowner. WOW! Its a huge step forward in life.
I believe home ownership to be the best, safest investment. If I can help someone achieve that goal I become the happiest Realtor(r) around! This is one of the reasons why I love my job so much.
The July market results are in and there are less people from Alberta buying this summer but a whole 1.6% more from Saskatchewan and Manitoba. Another trend is the number of people moving from single-family homes to condos, or retirement homes – hence my super busy week with condo showings. Have a look:
JULY SURVEY SUMMARY
23.8% by Move-Up Buyers (up from 19.8% in June) *
20.8% by Buyers Downsizing (up from 20.3%) *
15.9% by First Time Buyers (down from 19.8%)
10.9% moving from Single Family Home to Strata Unit (up from 9.9%) *
9.8% buying Recreation Property (up from 5.7%) *
6.0% buying Revenue/Investment Property (down from 11.3%)
2.3% moving from Strata Property to Single Family Home (down from 3.5%)
2.3% moving into Retirement Home/Seniors Community (up from 2.1%) *
* During July, there were increases in purchases by move-up and downsizing buyers, moving from single family homes to stratas, or into retirement communities, and those purchasing recreation properties, compared to the previous month.
56.5% from Within OMREB Board Area (up from 55.5% in June) ***
14.8% from Alberta (down from 18.0%)
8.9% from Lower Mainland/Vancouver Island (down from 9.7)
8.2% from Other Areas in BC (down from 8.6%)
5.2% from Eastern Canada/Maritimes (same as June)
4.4% from Saskatchewan/Manitoba (up from 2.8%) ***
1.8% from Outside Canada (up from 0.7%) ***
0% from NWT/Yukon (same as June)
*** More buyers moved from within the Board area, migrated from Saskatchewan and Manitoba, and immigrated from outside Canada during July than in the previous month.