Here is the April 2020 Kelowna Real Estate Review from our managing brokers at RE/MAX Kelowna. Click here to download the report as a PDF. You can also view past reports here.
How many of you felt like April was something like 287 days long? There were many quips like that on Facebook recently with lots of “Lol”s . At times this does seem to be endless but as Dr. Bonnie Henry says, “It’s not forever but it is for now!”
Are you getting overloaded with news and reports about Covid-19? Let’s talk about some of the good things happening for a change. Are you spending less money on gas? Are your pets happier? Are you reading more? How about getting some fresh air, bike riding, walks or hikes? Time with your loved ones?
In “normal” times it seems we spend too much money or find it challenging to find time for enjoyable pursuits. With some optimism on the horizon, this is a good time to make the most of the extra time right now and enjoy it. Yes, there are financial challenges, but we will come out of this. Let’s do our best to enjoy what we can and remember the good parts when this is all over.
Real estate! It’s a bit like the weather. Everyone likes to talk about it and most people have an opinion. It will come as no surprise to most of you that after a strong March, April was much slower this year. Sales are certainly down but they have not halted, by any measure. There are still people who need to sell and others who need to buy. This is the reason real estate is an essential service.
The good news is, there are fewer “tire-kicker” buyers and sellers. Those that are participating in this market tend to be very serious. Interestingly, new listings usually outstrip buyers at this time of year but the opposite is true right now. With fewer listings and serious buyers stepping up, prices actually rose by over 2.0% compared to April of last year.
The month ahead should be an interesting one. If, as predicted, the Provincial Government begins to lift some of the restrictions affecting the economy and people take small steps towards greater interaction, shopping, eating out and more, we believe real estate sellers and buyers will also begin to get more active too. For everyone’s sake, a slow and steady opening of the economy will be best, but just knowing we are on that path will give everyone a shot of optimism. We anticipate the numbers for May will be up from April.
On a very practical note, have you bought any new plants or seeds yet? The garden shops are busy but remember, those shops count on many people buying and planting stuff too early. Those plants don’t survive and new ones need to be bought. Remember what my mother used to say, “most things shouldn’t be put outside until the 24th of May weekend”. It’s easy to remember that date and you’ll save yourself time and money if you are just a bit patient. Happy gardening.
Last word. At the risk of being repetitive, once things begin to open slowly, please remember to respect social distancing and sensible precautions. As Dr. Bonnie Henry says, “We will get through this. Be calm, be safe, be patient!”
– PETER KIRK, Owner / Managing Broker, RE/MAX Kelowna
