What’s driving Kelowna’s surge in real estate

 

This was the best September ever in the history of Kelowna.

Just under 250 Single Family Dwellings sold and we saw the same great activity
for condos.

September Real Estate News

October 2014

This was the BEST SEPTEMBER EVER in the history of Kelowna!

Just under 250 Single Family Dwellings sold and we saw the same great activity 

for condos. 

Townhomes received the lion share with 26.5% of it’s inventory selling.
The Albertans keep on coming. They are doing well and want to enjoy some of our nice climate.
We see great activity with first time home buyers which explains the high demand in the $300-$500K price range.
Our Kelowna vacancy rate is still very low which is making it difficult for tenants to find a good home.

Kelowna and Area Single Family Dwellings (SFD) Activity


Sales in the Single Family Dwellings (SFD) reached 246 this September this is 32% higher than 187 sales in September 2013 and is also the highest September ever for Kelowna and area.


Listings there are currently 1,123 active listings, which is 17% lower than in September 2013. This is the lowest inventory in September since 2007 and is reflected in the Percentage of Listings vs. Sales.


21.9% of the listing inventory sold in September, which is the highest since 2007. As you can see in the graph below, the change happened in April this year and stayed that way, which keeps us in a balanced marked.


The SFD Single Family Dwellings average price for Kelowna is  $492,571 it has been around the $500K mark for the last 6 months.

Million $ Plus

The MLS system shows that a total of 23 residential sales sold in September over $1 Million. These were: 6 Lakefront Homes, 9 Single Family Dwellings, 3 Strata, 1 Farm and 4 Acreages. From the 23 over  $1Million, 3 were over $2Million.

Major Cities Report

 

Victoria

Strong Sales and Stable Market Conditions Continue Through September

565 properties sold in the region this September – an increase of 16% compared to the 487 properties sold in the same month last year. The quarter ending in September shows a 15% increase in the number of sales overall compared to the same quarter in 2013.  The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $550,900. This month the benchmark value increased to $556,200.

Vancouver

Home sales activity picks up the pace in September

Last month’s sales were 16.1% above the 10-year sales average for the month and rank as the third highest selling September over that period.  The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $633,500. This represents a 5.3%  increase compared to September 2013. For detached homes it was $990,300, up 7.3%, townhomes were $477,700, up 4.2%, and apartments or condos were $378,700, up 3.3%.

Calgary

Citywide year-over-year sales growth reached double digits

Condominium sector boosts Calgary resale housing activity. The average price of a detached house in the city was $567,653 in September, up 10.81% from a year earlier. The average price of a condo was $326,264, up 9.21%. For townhouses it was $352,813 thats up 4.21%.

Edmonton

Fall Maintains Summer Heat in Edmonton Market

The average selling price of a detached home was $435,584, up 6.92%, and the median price of a detached home was $405,000, up 6.91%. The average price of a condo was $254,494. up 4.85%, and the median price was $232,000, up 2.65%.

Toronto

Annual Growth in Home Sales Continued in September

The average selling price of detached homes in the downtown area covered by the 416 area code was $951,792, up 11.5% from a year earlier. For condos in the same area it was $395,505, up 9.2 %. Sales were up 10.9% from a year earlier. So far this year sales in the city are 6.9% higher than during the same period last year.

Bright Corner Unit – Loaded with Upgrades

#40-225 Glen Park Drive, North Glenmore
3 Bed | 3 Bath | 1,429 sqft | Built 2008 | $339,800

BRIGHT, BOLD, BEAUTIFUL & LOADED with UPGRADES.

#40-225 Glen Park Drive
3 Bed | 3 Bath | 1,429 sqft | Built 2008 | $339,800
Gorgeous freshly painted CORNER END unit backing onto to Creek for extra privacy. Maple dark chocolate cabinetry, glass tile back-splash, SS appliances, granite, extras windows & wide plank flrs. Main floor has a bedrm & a 3 piece bath. Lower level c/w familyrm, master & 3rd bedrm & 4 pce bath. Upgrades; light fixtures, vanities, heated tile frs in bathrm, fresh paint incl garage flr, granite counter tops, built-in vac, extra windows, A/C.  MLS# 10089004
View more photos, information and video walkthrough available here.
250-868-8000
info@wolfhomes.com
RE/MAX Kelowna
#100 – 1553 Harvey Av.
Kelowna, BC, V1Y 6G1
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