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Kelowna’s diversified economy and growing population together with rising wages and favourable interest rates will help support demand for new and resale housing next year. Sales and housing starts are forecast to begin picking up later in the second half of 2009 and stabilize at lower levels next year. Home buyers will benefit from stronger price competition and better selection of existing homes.
With few detached units available for less than $400,000, more first-time buyers have turned to higher density housing. Resort housing and second residences have become the fastest growing segments of Kelowna’s condominium market. Retirees remain a big source of condominium demand.
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NEW HOME MARKET STARTS 1990 TO 2009
Year |
Single Family |
Multi-Family |
Total |
Median New House Price |
| 1990 |
1,257 |
811 |
2,068 |
$124,428 |
| 1991 |
1,294 |
923 |
2,217 |
$135,030 |
| 1992 |
1,484 |
1,135 |
2,619 |
$159,009 |
| 1993 |
1,149 |
822 |
1,971 |
$174,901 |
| 1994 |
918 |
576 |
1,494 |
$177,632 |
| 1995 |
776 |
429 |
1,205 |
$179,955 |
| 1996 |
859 |
523 |
1,382 |
$180,000 |
| 1997 |
988 |
748 |
1,736 |
$190,000 |
| 1998 |
751 |
88 |
839 |
$190,000 |
| 1999 |
675 |
204 |
879 |
$200,000 |
| 2000 |
602 |
327 |
929 |
$225,000 |
| 2001 |
625 |
486 |
1,111 |
$260,000 |
| 2002 |
987 |
603 |
1,590 |
$265,400 |
| 2003 |
1,290 |
848 |
2,138 |
$279,250 |
| 2004 |
1,341 |
887 |
2,228 |
$349,900 |
| 2005 |
1,205 |
1,550 |
2,755 |
$374,900 |
| 2006 |
1,122 |
1,570 |
2,692 |
$469,000 |
| 2007 |
1,130 |
1,675 |
2,805 |
$549,000 |
| 2008 (Forecast) |
850 |
1,550 |
2,400 |
$605,000 |
| 2009 (Forecast) |
750 |
1,050 |
1,800 |
$625,000 |
Canada Mortgage and Housing Corporation, Housing Market
Outlook, Kelowna CMA, First Quarter 2009
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Resale Market
Kelowna CMA MLS® Sales 2005 to 2009
| |
2005 |
2006 |
2007 |
2008 Forecast |
%Change |
2009 Forecast |
% Change |
| MLS® Sales |
5,256 |
4,790 |
5584 |
3,800 |
-31.9 |
4,000 |
5.2% |
| MLS® New
Listings |
7,883 |
7,432 |
9320 |
12,000 |
28.8 |
10,500 |
-12.0% |
| MLS®
Average Price ($) |
352,228 |
432,056 |
507,780 |
545,000 |
7.3 |
502,000 |
-7.9% |
Canada Mortgage and Housing Corporation, Housing Market
Outlook, Kelowna CMA, First Quarter 2009
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HOUSING LINKS
The Multiple Listing Service provides a
comprehensive listing of all of the MLS lists currently offered for sale
through the Realtors of the Okanagan Mainland Real Estate Board. The OMREB
website also provides additional information regarding the housing market in
the region, listing of real estate agents and offices.
Canada Mortgage and Housing Corporation is the
Government of Canada’s national housing agency, helping Canadians gain access
to a wide choice of quality, affordable housing. Their website has a vast array
of information including specific information on regional housing markets,
buying or renting a home, mortgage information, insurance, and programs and
financial assistance.
BC Assessment provides uniform property
assessments that form the basis for local and provincial taxation while
providing information to assist people when making real estate decisions.
Details property information is also made available through BC OnLine, an information service that
provides customers with convenient, affordable access to a number of government
databases, including the BC Assessment Property Database..
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BC Housing is a provincial crown agency that
develops, manages and administers a wide range of subsidized housing options
across the province.
The Canadian Home Builders’ Association of Kelowna is a non-profit volunteer organization of dedicated individuals whose
leadership works with all levels of government with a common mission: a
dedication to quality and value in residential construction and renovation
industry. Their website provides information regarding building or renovating a
home, listing of builders, designers/architects, developers and more.
Membership driven, the Southern Interior Construction Association (SICA) is a non-profit Association, which represents over five hundred construction
industry members involved in industrial, commercial, institutional, and
multi-family residential sectors. Committed to helping members through
communicating information and opportunities, developing and delivering
appropriate services, and supporting industry standards, SICA looks to benefit
the industry as a whole. With offices in Kelowna, Kamloops, Vernon, Penticton,
Castlegar, and Cranbrook, the association covers the area south of Williams
Lake to the US border and east of Hope to the Alberta border. As a progressive
organization, SICA strives to promote growth and education in the construction
industry.
Contacts for local municipal government planning and inspection departments can
be found on our government contact page.
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