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February Real Estate Market Update for Kelowna, West Kelowna, Peachland and Lake Country
292 Residential sales down 20% from 2018 of 367
776 New Listings taken.2,860 total listings (up 36% from 2018, up 4% from January).
Median home sale price $619,000 down from $642,500 in January (down 2.4% from 2018)
Median apartment style condo sale price $322,000 (down 2.86% from 2018)
Median Townhouse sale price $450,000 (down 3.64% from 2018)
118 Residential Home sales, 298 new listings with the current inventory at 863. On average spending 69 days on the market.
80 Apartment Condo sales in February, 174 new listings with the current inventory at 505. On average spending 78 days on the market.
38 Townhouse Sales, 111 new listings with a current inventory of 366. On average spending 65 days on the market.
216 total sales down 40% from 2018 of 363
787 New Listings taken. 2,736 total listings (up 23%).
80 Residential Home sales (down 44%), 282 new listings (up 12%) with the current inventory at 807. On average spending 77 days on the market.
60 Apartment Condo sales (down 45%), 180 new listings (up 23%) with the current inventory at 478. On average spending 78 days on the market.
33 Townhouse Sales (down 10%), 122 new listings (up 60%) with a current inventory of 335. On average spending 86 days on the market.
I had the privilege to listen to Zach Pashley with Pushor Mitchell speak regarding the speculation tax. Here are some highlights from his presentation
Tax, generally, only applies to Class 1 property: Property Tax assessment class; Residential land + house on the land; Vacant residential land (even if no house on it); Residential property on farmland
EVERY registered owner of the property is liable for speculation tax in proportion to their ownership interest in the property e.g. 50% owners each owe 50% of the tax
Each owner must qualify separately for any exemptions
March 31st is deadline day. Everyone should have received the declaration form in the mail
Let me know if you have questions specific to your situation or if you are looking to be more informed. I have the notes from his presentation and would be happy to pass them along.
Consumer Purchasing Power
The image below shows how the government of Canada's stress test has affected consumer purchasing power. If your household income is $100,000 in the last 2 years consumer purchasing power has decreased by $156,000.
What I am seeing in the market is people that were planning to move up to a new, bigger, more expensive home, no longer can get the home they were dreaming about based on the change in qualification and is greatly affecting first-time homebuyers working on getting into the market.
Keep up to date in real-time with information as it is happening by liking and following my facebook business page.
KEEPING YOU INFORMED TO ALLOW YOU TO MAKE AN EDUCATED DECISION.