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Income Requirements to buy a House in Kelowna

Kelowna is known for its natural beauty and temperate weather that has people from all over the world flocking to for not only vacations but previously the Central Okanagan was known for the amount of retirees. Things have been changing as the economy has diversified and grown over the years, which is encouraging for people looking for a change during there working career. With the top five employment sectors in the region being Health Care, Technology, Manufacturing, Agriculture, and Tourism. The economic strength is diverse and encouraging more young people to the region. The increasing demand has seen home prices increase over the years. The average sale price in the Central Okanagan in J

"Plating" Home Buyers in Kelowna- Who is moving to Kelowna and Area?

Over the last 2 weeks, I went over the stats from July where there was a 39% increase in the number of sales and the trend of high-end luxury homes selling compared to the same time last year, which seems insane considering we are in the middle of a pandemic and job/tourism conditions arent very optimistic. With travel restrictions and the encouragement from Governments for people to stay in their "bubble", the natural thought process is to think "Where are these buyers coming from?" This week I look into the Okanagan Mainline Real Estate Board (OMREB) Q2 chart that shows the year over year percentage of buyers from outside of the OMREB. Roughly 15%-16% of the buyers in 2020 were from the l

A Peak Behind the $60,000 Median Sale Price Increase from June

Last month the median single-family home price took a jump from $689,500 in June to $749,000 in July which is a significant jump, to say the least. One trouble with numbers and reporting is that it only tells you part of the story, sometimes you need to dig a bit deeper to see what are behind the numbers. This week I look into the number of sales so far for this year in each price range in comparison to where things were last year at the same time, some of the sales may be constrained by the limited inventory and the couple months we were quarantined. Price Sold Sales, Number of 2019 Sales, Number of 2020 $0 - 200 213 172 $200 - 300 323 293 $300 - 400 520 407 $400

Okanagan Real Estate Market July 2020

730 total Residential sales in July yes 730 that is not a typo, huge increase from both June 2020 of 508 and July 2019 if 525. 3,027 total listings down 10% from July 2019 (3,380). July Average Days on Market was 76 1087 New Listings up from 923 last July but down from June of 1107 Single Family Residential Homes 365 Sales in July (up from 224 July 2019, up from 274 sales in June) Current inventory at 1289 ( Down from last July's inventory of 1589 and down from 1303 in June.) Median sale price $749,000 a huge jump from $689,500 in June as more higher end homes sold. Townhome Sales 123 Sales in July which is up from 77 sales in June and up from 89 last July. Current inventory at 383 similar

 

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