2015 Forecast for Kelowna Real Estate

 

2014 Real Estate News

January 2015

2014 will go into history as one of the strongest years in total sales surpassed only by 2005 and 2007. Overall, 2014 saw an increase of 21.3% of units sold over 2013 and the Dollar volume was up by an amazing 31.6%. The inventory went down by 19% and the average prices increased by about 7%. December was a great month for real estate sales, as the market bounced back up from Novembers low. Alberta also did well in December, and that is good news for us. The assessments are out and I think a few homeowners will be surprised by the increase. Have look if land or buildings increased and keep in mind the value is estimated for July 1, 2014 and the difference is from July 2013.


Sales in the Single Family Dwellings (SFD) reached 141 this December. This is 22% higher than 116 sales in December 2013 and is 30% above the 20 year average.


Listings there are currently 787 active listings, which is 15% lower than in December 2013. This is the lowest inventory in December since 2005. 


Listings vs. Sales 17.9% of the listing inventory sold in  December which keeps us in a balanced market overall, but varies depending on the price range. Have a look at the graph below and see the big up for December.


The Single Family Dwellings (SFD)  average price for Kelowna was $475,799 for December which is below the 2014 yearly average of $498,647 but just about identically to $474,382 from December 2013.

Million $ Plus

The MLS system shows that a total of 7 residential sales sold in December over $1 Million. These were: 1 Lakefront Home, 4 Single Family Dwellings, 1 Townhome and 1 Acreage. Nothing sold over $2 Million in December

Very interesting

Calgary had their best December ever in Million plus homes sold with 42 sales. All these deals were most likely negotiated in November or December when the bad news of low oil prices was out already. For comparison: Victoria had 238 transactions over $1Mill last year and Kelowna had 189 sales over $1 Million in all 2014. 161 were residential, 19 sales were commercial and 9 were farms.

Major Cities Report

 

Victoria

Will real estate sales in Victoria continue the upward trend into 2015?

389 properties sold in the Victoria region this December, an increase of 9.6% when compared to the 355 properties sold in December last year. Overall, 2014 saw 11.67% more sales than 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 $542,800. This month the benchmark value rose 2.9% to $558,500. Over the course of 2014, 6.2% of single family homes (238) sold for over one million dollars.

Vancouver

It was a typical year for the Metro Vancouver housing market in certain respects

The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2014 reached 33,116, a 16.1 per cent increase from the 28,524 sales recorded in 2013, and a 32.3 per cent increase over the 25,032 residential sales in 2012. The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver ends the year at $638,500. This represents a 5.8 per cent increase compared to December 2013.The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver ends the year at $638,500. This represents a 5.8 per cent increase compared to December 2013. Sales of detached properties in December 2014 reached 833, an increase of 9.3 per cent from the 762 detached sales recorded in December 2013. The benchmark price for detached properties increased 8.1 per cent from December 2013 to $1,002,200. The benchmark price of an apartment property increased 3.5 per cent from December 2013 to $380,700. The benchmark price of an attached unit increased 4.5 per cent between December 2013 and 2014 to $476,800.

Calgary

Condominium and townhouse sales set a new record for 2014, even as monthly sales see slight decline

It was a record setting year for Calgary’s condominium apartment and townhouse sectors, as sales reached new annual highs despite year-over-year residential sales declines of 7.5 per cent in December. Single family sales totaled 708 units in December, a yearover-year decline of 8.3 per cent. Meanwhile, total condominium sales also declined by six per cent over the same time frame, but overall activity remained consistent with long-term averages. Single-family sales totaled 17,185 in 2014, an annual increase of 5.5 per cent. While the single-family sector represents the largest component of sales at 67 per cent, the growth in sales in both the condominium markets has outpaced activity in this sector

Edmonton

MLS® System Sales Up Over 11% in 2014

Sales of residential property through the Edmonton Multiple Listing Service® (MLS®) System in 2014 in the Edmonton CMA were over 11 percent higher than in 2013, exceeding growth expectations by a large margin. There were 18,991 residential sales reported in 2014 as compared to 17,077 in 2013. Prices were also up compared to 2013, with single family homes finishing the year 5.6% higher over last year at an average of $432,713. For 2014, the average price of a condo was $252,175 (up 4.5% from 2013) and the average price of all residential properties was $367,228 (up 5.2% from 2013).

Toronto

Near Record Sales in 2014

The calendar year 2014 sales result represented a 6.7 per cent increase over the 2013 sales figure of 87,049 and was just short of the record set in 2007. The average selling price continued to grow on a year-over-year basis, with an 8.4 per cent increase over calendar year 2013 to $566,726. The strong price growth we experienced in 2014 can be explained with two words: listings shortage. The constrained supply of listings was especially evident for low-rise home types like singles, semis and town houses.

Shaughnessy Green, 2 Bed, 2 Bath Condo

#212-940 Glenwood Ave. (Kelowna South)
2 Bed | 2 Bath | 960 sqft | Built 1993 | $154,900

haughnessy Green – 2 Bedrooms, 2 Baths unit needs some flooring. Bedrooms are located on opposite sides of the apartment for extra privacy with the master featuring a 4 piece en-suite and dual closets. The oak kitchen offers light oak cabinetry and has opening to dining room and living room. This unit is painted all in neutral earth tones and boasts a closed in balcony. This is a 35+ building and allows 1 small cat or 1 dog up to 14″ when full grown. It is enhanced by beautiful manicured grounds complete with water features and rose gardens. Has secured parking, workshop, games room, fitness room, clubhouse with fireplace and kitchen and is close to shopping and medical. There are no rentals or BBQ’s allowed. MLS#10090112
View more photos and information available here