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December’s Residential Market Poses No Surprises

Monday, Jan 07, 2019

KELOWNA, B.C. – January 3rd, 2019. Residential sales posted to the Multiple Listing Service (MLS®) for

the Peachland to Revelstoke region declined to 324 in December, a 29% decrease from both the

previous month and this time last year.

 

“No surprise, the market is doing what it tends to do this time of year with all indicators pointing to a

generalized slow-down,” says OMREB President Marv Beer, adding “Unlike last December, both average

price and days on market stayed on trend with average price lower and days on market higher than last

month and last year.”

 

Average price, at $504,581, was 3% lower than November’s price and 3% lower than this time last year.

Average days on market increased to 99, compared to 91 in November and 79 last December. New

listings were 426 compared to 465 last December, contributing to an inventory of homes for sale that

remains 35% higher than this time last year.

 

“Looking to 2019, we can expect that the market will continue to moderate, as compared to recent

years, with all signs pointing to more balanced conditions where buyers and sellers are benefitted more

equally. Demand is dampening as a result of government policies that erode affordability and

purchasing power, yet these effects are continuing to be offset by relatively strong economic

performance,” comments Beer.

 

Beer makes note of the impending speculation tax as another shift on the horizon for 2019. While the

tax only affects homes in Kelowna and West Kelowna at this time, it is expected to impact about 1800

Kelowna properties and 600 in West Kelowna.

 

The relative make-up of home buyers in the region stayed constant with those from within the area

comprising the largest group at 59%, followed by those from the Lower Mainland/Vancouver Island at

20% and those from Alberta at 11%. Contrary to what many believe, foreign buyers remain a

consistently small percentage at just 2%.

 

“First time buyers continue to be a strong contingent at 17%, just behind those moving to a similar

property type at 21% and those moving up at 20%. In terms of family dynamic, couples with children top

the list at 30% of buyers, following by childless couples at 24% and empty nesters or retired at 21%,”

says Beer.