April 25, 2017 12:30 pm
Updated: April 25, 2017 12:37 pm

Vancouver buyers continue fueling Kelowna housing market

Global News
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Another real estate giant has released its 2017 spring market trends report and it too confirms that Kelowna’s housing market is very robust with sellers in the driver’s seat.

The Remax report states that the region is experiencing a seller’s market, with lower than normal inventory and increased buyer activity in the first three months of 2017 compared to 2016.

The average residential sale price has increased by 13 per cent in the first quarter of 2017 compared to the same time period last year and now sits at $612,584.

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Last week, Royal LePage released its 2017 first quarter report and it stated that all property types in the Kelowna area are facing double-digit price increases.

READ MORE: Kelowna home prices soar

The Remax report indicates detached, single-family homes remain the most sought-after property type in Kelowna.

Properties are also being sold faster. The report says that homes remain on the market for approximately 45 days, compared to 57 during the same period last year.

The Kelowna market continues to be fueled by what are called move-over buyers from Vancouver and other provinces, particularly in the upper-end of the market due to relative affordability in the region.

The reports suggests the Kelowna area housing market will remain strong due to new condo development projects. A recent change in favour of RU7 zoning, which allows greater flexibility for infill housing in some areas, is also anticipated to keep buyer activity strong.

Click here for the full 2017 Remax report.

© 2017 Global News, a division of Corus Entertainment Inc.

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