Kelowna Real Estate Outlook and Update June 2012

Most Sales in May since 2007!
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Kelowna Market Update

May was not a runaway month, but 11.7% of single family dwellings that were listed, sold. With 203 sales, it was the best May since 2007 which was 330 sales. It was still under the 20 year average for May which comes in at 220 sales in single family dwellings. The average price is just under $500,000 and holding steady, this is clearly above the 2006 average. We are seeing more activity on the internet now. This shows us that buyers are circling the product and just waiting for signals to land. Can you imagine, what will happen when the media writes positive headlines?

Slowly, and steady we are surely gaining momentum. We are seeing many positive signs. Already 2 properties have sold over $5 Million so far this year, compared to 2 in all of 2011. One was on Hobson Rd. and one on Dubbin Rd. in McKinley Landing. Both homes were over 6,000 sqft nestled on two thirds of an acre, newer and on the lake. We find people like a finished, clean, modern product and are willing to pay for it, compared to outdated or run down homes at giveaway prices.

Home Sales Surge In Interior/North
"A 10% dip in Lower Mainland home sales offset a 14% increase across the rest of the province," said Cameron Muir, BCREA Chief Economist. "Kamloops, the Okanagan and the North all posted double-digit increases in home sales in April compared to levels one year ago." The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through MLS® in BC declined 12.5% to $3.8 billion in April compared to the same month last year. A total of 7,058 MLS® residential unit sales were recorded over the same period, down 1.8% from April 2011. The average MLS® residential price was $532,855, 10.9% lower than a year ago.

Is Your House Making More Than You?
An average home in Greater Vancouver now makes more than double what the average resident earns from working. In 2011, for example, the average home went up in value by 15% to $779,730 an increase of $103,877. The average income, meanwhile, was just $43,325.

Did You Know That?
Public data crunched by BC-based conservation group Forest Ethics
Advocacy (FEA) found that 71% of the Alberta oil sands production is
foreign owned
, with foreign-based companies controlling 24% of the
‘Canadian’ oil-sector production. Of the $73.6 billion invested in the oil sands
between 2007 and 2011, China put in $11.7 billion or about 16%. Along
with the hydrocarbons, the FEA report states that more than half of Canada’s
oil/gas revenues flows offshore
too.

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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:

Real Estate Market Is Picking Up
The average price for single family homes sold in Greater Victoria last month was $622,387. 24 Single Family Dwellings sold over $1 million (3 over $2 million). Total MLS® sales for May 2012 were 659, with 636 of those residential, compared to 572 and 544 respectively for the same period in 2011. They ended May 2012 with 5,015 active listings.

   
Vancouver:

Spring Activity Remains Balanced In The Greater Vancouver Housing Market
The number of properties listed for sale continued to increase in the Greater Vancouver housing market in May. The number of sales decreased year over year, but remained relatively constant compared to recent months. At 17,835, the total number of homes listed for sale on the region’s MLS® increased 7.9% in May compared to last month and increased 21% from this time last year. Sales-to-active-listing ratio sits at 16%, which is indicative of balanced market conditions, as a result of this stability, home prices at the regional level have seen little fluctuation over the last six month. The MLS® HPI benchmark price for all residential properties in Greater Vancouver currently sits at $625,100, up 3.3% compared to May 2011. The benchmark price for all residential properties in the Lower Mainland is $558,300, which is a 3% increase compared to May 2011.

   
Calgary: Low Supply In The Single-Family Market Boosting Activity Across all sectors
May 2012 residential sales in the City of Calgary increased by 31.8% over last year to 2,385, making it the highest May activity since the recession. Demand growth continues to outpace supply in the single-family market. Monthly sales reached 1,710 units in May,
resulting in year-to-date sales being 19.1% higher than the same period last year.
With less supply in the single-family market, buyers are making their decisions quicker.
The single-family benchmark price for the month of May 2012 was $427,500, a 6.7% increase over the previous year.
   
Edmonton: Home Buyers In Edmonton Are Facing One Of The Most Affordable Markets In Canada
In May, the average residential price was up 3.2% from last month at $348,196. The median price for a single family detached home was the highest it has been in five years. Half of the homes sold last month were under $370,000. In 2008 the median price was $365,000.
   
Toronto:

Strong Sales And Price Growth In May
Greater Toronto REALTORS® reported 10,850 transactions through the Toronto MLS system in May 2012 – an 11% increase over May 2011. The average price for May 2012 sales was $516,787, representing an annual increase of 6.5% compared to $485,362 in May 2011.

   
Single Family Home Average Price 2009 – 2012

Single Family Home Average Price Graph 2000 - 2008

 

Number of Sold Single Family Dwellings 2009 – 2012

ber of Sold Single Family Dwellings Graph 2005 - 2008

 

Single Family Listing Inventory 2009 – 2012

Single Family Listing Inventory Graph 2005 - 2008

 

Single Family Percentage of Sales to Listing Ratio 2006 – 2012
(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

Each Office Independently Owned and Operated.