January Real Estate Update
Happy belated New Year! It is hard to believe we are in the middle of January already.?Every homeowner has received their Tax Assessments?in the mail and I am sure you were surprised at the gain of your property. Some tax assessments went up over 42% from last year!
Our Sales last month are down 25% from the previous year and?Listings are?down?over 40% from last year! The Sellers market continues.
Let’s look at our Real Estate prices:
Prices have gone up a lot. Here are some numbers for Kelowna to compare them to last year:
Average Sale Pricing for?Condos: Jan. 2021 $375,846, Dec. 2021 $511,700
Average Sale Pricing for?Townhomes: Jan. 2021 $593,398, Dec. 2021 $687,600
Average Sale Price for?Single Family: Jan. 2021 $936,013, Dec. 2021 $1,040,900
The Canadian Real Estate Association says housing sales will moderate this year, but prices?aren't expected to ease any time soon.
The association said in its 2022 forecast released that it expects tightening supply conditions to push housing costs even higher in 2022.
CREA's forecast indicates that the heated conditions that have plagued the country for years and been exacerbated by the COVID-19 pandemic won't fully subside soon.
While interest and mortgage rates are expected to rise and temper some market activity, the forecast suggests appetite for home ownership will still be strong and the lack of properties available?will mean people won't get much of a break on costs.
In November alone, the MLS Canadian Home Price Index was up a record 25.3% year-over-year.
Let’s compare?Kelowna – Vancouver and Calgary:
For Single Family Homes:
Kelowna went up a record over 1 Mill up 32% over the past year??Vanc. $1.9 Mill up 22%??Calgary?$547,300 up 12 %
Townhomes went up substantially as well:
Kelowna $687,600 up 26%??Vanc. up 22%?$ 1,004,000?Calgary $300,100 up 7.4%??????????
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And Condos:
Kelowna $511,700 up 25.1%??Vanc. $762,000 up 13%??Calgary?$252,000?up 3%
I think gone are the days where the big cities had higher house prices than smaller cities!?Kelowna prices went up higher than Calgary, Edmonton or Ottawa.
Average price in Vancouver is around 2 Mill, and cashing in and buying something bigger in Kelowna still makes sense to Vancouver people. With a bigger home and hardly a mortgage.
It will be an interesting year ahead and most likely real estate will make history again with increased inflation.
For detailed Statistics for Central, North and South Okanagan areas please refer to the charts below.
Wishing you tons of success for this coming year and thank you for the fantastic year we had in 2021. We sold over 110 properties worth over $91 Mill and look forward to working in your best interest as always. Let us know how we can help you make your real estate dreams come true.
Best wishes,
Annette with Chad, Scott, Mike and Gary
Quote of the day:?As you know, life is an echo; we get what we give.
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Move Okanagan Group – serving Kelowna – Lake Country – Vernon – Silver Star
Not intended to solicit properties currently listed for sale/under contract. Based on MLS??active residential listings taken & sold units as reported by Association of Interior Realtors??in 2021 and YTD December 2021 for Central Okanagan.