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February Real Estate Update

Posted by Annette Denk on Tuesday, February 18th, 2020 at 3:51pm.

Hope you all had a great Family Day long weekend. Hard to believe middle of February arrived.

Last week I was at an Exp real estate conference and it was great to be updated on the latest and newest in real estate, covering marketing, social media etc. Knowledge and cutting edge are the key to any business.

The market picked up very early this year as I had a busy start for February already.

Our Market starts strong for 2020!

  • Residential sales for January are up across the region of Revelstoke to Peachland and saw a 20% increase compared to the same time last year marking a positive start to 2020.
  • New listings more than doubled December’s count, with 758 compared to 446 last month, which is a common seasonal market trend for the time of year.
  • The overall number of active listings also showed a seasonal increase.
  • A strong level of demand at the back-end of 2019, backed by an uptick of growth and consumer confidence has helped push 2020 off to a great start.
  • The consensus within the industry is that this is a positive outlook for the year ahead and shows signs of the housing market normalizing.
  • The average number of days to sell a home, always a good barometer to watch, dropped down to 98 days, this will vary depending on home type and sub-region.
  • Half of Canada’s Urban Population Growth was in just 3 Cities.
  • Toronto came in first with the population rising to 6,471,850 in 2019, up 127,575 people from a year before. Montreal followed with the population reaching 4,318,505, up 65,205 people over the same period. Vancouver reached a population of 2,691,351 people, adding 39,045 people from a year before. Calgary was #4 and Kelowna was rated city #20 in growth.
  • Another good news report on the Canadian employment front, January reported an increase of 35,000 jobs. Canadian employment is up by 1.4%. Unemployment rate in Canada was at 5.5% in January.

Below see detailed Stats:

I believe we will have a busy and strong year ahead, more sales than last year. It is a good time to list, as I feel we still don’t have enough inventory on the market for the Buyers.

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Annette Denk  - serving Kelowna – Lake Country - Vernon – Silver Star

Move Okanagan – Real Estate That Will Move You

Quote of the day: Do I not destroy my enemies when I make them my friends? ~ Abraham Lincoln ~… Trump should read that!  


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