2011 in Review + How BC Assessment Affects Your Price

2011 Year in Review

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Kelowna Market Update


We finished 2011 on a positive note and are enthusiastic for 2012. Like most other cities reported, Kelowna had a stronger second half of 2011 which helped us to not be the slowest year in home sales since 1984 (scroll down to see graph: Last 30 years).

Our listings were on par in the average and very similar to the last few years. (scroll down to see graph: Listing Inventory).

The average price for the year in single family homes came in at $472,888 which was below 2010, and 2008, the same as 2007, but above 2009, 2006 and all previous years (scroll down to see graph: Average Price).

Taking all facts into consideration; all the major cities were up slightly in 2011, the lower interest rate, better economic conditions, plus the great selection of properties, this is very encouraging for serious buyers. We can therefore assume that we will have a better market coming in 2012. In this highly competitive market, well priced homes are being sold quickly and even sometimes over asking price.
We basically managed 4 years of a slower real estate market and are ready to go forward and upward.

Raw Stats
Overall unit sales in the Central Okanagan Zone jumped by 4.6% to 183 units compared to 175 last December, and were down 29.1% compared to the 258 units sold in November. Total unit sales improved by 9.3% to 165 units compared to 151 sold last December, but were down 30.1% from 236 in November. Single family home sales of 96 units rose 12.9% compared to 85 last year, but dipped 22.6% compared to this November (124). December’s inventory of 3,853 units was up 3.4% compared to 3,725 in 2010, and the 461 new listings for the month rose 3.3% over the 446 last year. YTD sales unit sales were off by just 0.3% compared to this time last year (to 3,633 from 3,643), while YTD sales volumes dipped to $1.4 billion compared to $1.5 billion in 2010.

Assessment Information
We all received our assessment notices in the mail last week. Some of us went up and probably most of us went down in dollar value. Nothing alarming!!! Taxes are based on the mill rate and they are a blanket assessment and do not take into consideration upgrades and renovations you may have done. Unless you had taken out a permit, the City would not know that you upgraded. Nevertheless, buyers buy what they see, what they feel, like, and see value in. The assessment value is merely a guideline, mostly for the area evaluation and tells us what kind of taxes we need to pay compared to other properties.
More information: http://www.bcassessment.bc.ca/
See other assessments: http://evaluebc.bcassessment.ca/

This is still a great time to buy real estate!

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Active Listings: Single Family, Apartments, Townhomes

Number of Sales: Single Family, Apartments, Townhomes

Average Price: Single Family, Apartments, Townhomes


Major Cities Report

Victoria:
Last Half of 2011 Sees Stabilized Real Estate Market
While the real estate market started out sluggish in 2011, by mid-summer unit sales had stabilized. Housing prices have softened since December 2010, when the average single family home sold for $647,063, while in 2011 average prices fluctuated and now rest at $592,582.
December marked fewer real estate sales in Greater Victoria, with a total of 339 homes and other properties selling through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®). There were 349 sales in December 2010. There were six sales of single-family homes marginally over $1 million in December 2011.

Vancouver: Balanced Real Estate Market Prevailed Through Much Of 2011
The overall residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver increased 7.6% to $621,674 between December 2010 and 2011. However, prices have decreased 1.5% since hitting a peak of $630,921 in June 2011.
It was a relatively balanced year for the real estate market in Greater Vancouver with listing totals slightly above historical norms and sale numbers slightly below.

The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2011 reached 32,390, a 5.9% increase from the 30,595 sales recorded in 2010, and a 9.2% decrease from the 35,669 residential sales in 2009. Last year’s home sales total was 6.3% below the ten-year average for annual Multiple Listing Service® sales in the region.

Calgary: Year-End Figures Demonstrate Stable Growth
2011 was a year of steady improvement for the housing market. 2011 single family sales totaled 13,186, a 9% increase over last year. While sales increased, listings remained low, with an annual total of 24,245, 6% lower than 2010 levels. The decline in listings relative to sales pushed down inventory levels to 2,761, resulting in four months of supply.
While sales activity in 2011 remained below the long run average by 17%, monthly figures point towards the trend of this gap narrowing.
Single family average price in 2011 reached $466,402, a 1% increase over last year. While there have been some strong monthly increases, primarily due to sales in the upper end skewing the prices,overall prices have remained fairly stable.

Edmonton: 2011 Edmonton Real Estate Market Provides Stable And Healthy Base for 2012
The all-residential average price for the entire year was $325,457 as compared to $329,019 in 2010. There were 10,962 Single Family Dwelling sales (up 5.5%) in 2011 and 4,638 (down 0.4%) condo sales. Total residential sales were 16,893 units (up 3.8%) on listings of 30,906 units (down 2.0%). The average price of a single family detached home was also up 2.0% to $364,803 from December 2010. Relative to last December housing prices were up overall as well.

Toronto: Second-Best Year on Record For Sales
Total sales for 2011 amounted to 89,347 – up 4% in comparison to 2010.
The average selling price in December was $451,436 – up 4% compared to December 2010. For all of 2011, the average selling price was $465,412, an increase of 8% in comparison to the average of $431,276 in 2010.

Kelowna Single Family Home Sales Last 30 Years
Single Family Home Average Price 2007 – 2011

Single Family Home Average Price Graph 2000 - 2008

 

Number of Sold Single Family Dwellings 2007 – 2011

ber of Sold Single Family Dwellings Graph 2005 - 2008

 

Single Family Listing Inventory 2007 – 2011

Single Family Listing Inventory Graph 2005 - 2008

 

Single Family Percentage of Sales to Listing Ratio 2005 – 2011
(Percentage of How Many Listings Sell in a Month)

Single Family Percentage of Sales to Listing Ratio

 
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Kelowna, BC, V1Y 6G1

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