Oil Prices & Real Estate in Kelowna

November Real Estate News

December 2014

November was a great month for real estate, but we did not receive the same momentum we’ve had since spring; we will have to keep an eye on Alberta and the oil industry. 2014 will go into history as one of the strongest years in total sales, only surpassed by 2005 and 2007. $500,000 or call it half a $ Million is a lot of money, but people can afford it and that is where all the action still is!


Sales in the Single Family Dwellings (SFD) reached only 146 this November. This is 8.2% lower than 159 sales in November 2013 but is in line with the averages from the last 10 years.


Listings, there are currently 952 active listings, which is 14% lower than in November 2013. This is the lowest inventory in November since 2006.


Listings vs. Sales 15.34% of the listing inventory sold in  November which just keeps us in a balanced market depending on the price range. Have a look at the graph below, we are hoping the trend will change upward again in the spring.


The Single Family Dwellings (SFD) average price for Kelowna is $539,463 which is one of the higher averages but it has been around the $500K mark since February this year.

Million $ Plus

The MLS system shows that a total of 12 residential sales sold in November over $1 Million. These were: 3 Lakefront Homes, 5 Single Family Dwellings, 2 Farms and 2 Acreages. From the 12 over  $1 Million, 5 were over $2 Million and one was over $3 Million.

Very interesting

We just spoke to a couple of realtors in Fort McMurray and asked about the atmosphere as far as real estate is concerned and we are happy to report that although their market has slowed, people are not in panic mode. Their inventory has climbed and sellers are having to be more aggressive than earlier this year, but everybody is confident the oil supply will be needed and that the price will come back up soon.

Major Cities Report

 

Victoria

Steady – Real Estate Market in Victoria Continues as 2014 Sales Surpass 2013 Numbers

465 properties sold in the Victoria region this November, an increase of 12.9% when compared to the 412 properties sold in November last year. The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $482,300. This month the benchmark value increased 1.4% to $489,000.

Vancouver

Metro Vancouver Home Sales Remain Strong

Last month’s sales were 6.9% above the 10-year sales average for November. Sales of detached properties in November 2014 reached 1,012, an increase of 9.3% from the 926 detached sales recorded in November 2013, and a 60.9% increase from the 629 units sold in November 2012. The benchmark price for detached properties increased 7.9% from November 2013 to $997,800.

Calgary

Price Growth Slows in Calgary

Calgary’s residential resale housing market posted relatively strong November activity reaching 1,782 units, a 3% increase over the previous year, and nearly 13% above long term averages. November also showed easing growth in single-family unadjusted benchmark prices, totaling $511,300 in November—an 8.7% increase over the previous year.

Edmonton

Strong Year in Real Estate Coming to a Close

Mother Nature has made her mark and announced that winter is upon us. With the freeze comes the natural seasonal cooling of the market. There were no surprises in month-end Multiple Listing Service® sales figures for November released by the REALTORS® Association of Edmonton today. The all-residential average sales price of $381,371 was up 4.3% from last month and up 9.9% from last November. Single family detached homes sold on average for $442,884 which is 3.76% higher than October and up substantially from last year’s $406,587. Condominium average price ($255,167) was down 2% month-over-month (from $260,491) but up 5.3% from a year ago (from $242,371).

Toronto

Sales & Price Growth Continue in November

The average selling price for November transactions was up by 7.4% year-over-year to $577,936. The year-to-date average price was up by 8.4% to $567,198. The MLS(R) Home Price Index Composite Benchmark price for November was up by 7.7% compared to a year earlier.

Downtown, Bright 2 Bed, 2 Bath, Walk to Beach

#220-1331 Ellis Street
2 Bed | 2 Bath | 1,130 sqft | Built 2007 | $299,800

Outstanding Location! Great open concept! It’s the Lifestyle! Enjoy this bright 1180 sq.ft 2 bedroom, 2 bathrooms unit on the West side of the building for beautiful evening sun exposure. Boasts 10′ ceilings, floor to ceiling window in living room, master suite with large 4 piece en-suite, gas BBQ hook-up plus secured parking. It’s all here; just steps to the lake, beaches, parks, restaurants, cafes and upscale boutiques at your doorstep. In the heart of downtown Kelowna’s thriving cultural district including the brand new Kelowna Yacht Club and Community theater. Rentals and pets OK for 1 lap dog or 2 cats. Just vacant.
View more photos, information and video walkthrough available here