March 2018: Kelowna Spring Market As Expected?

 

Kelowna Real Estate News

March 2018

The Kelowna real estate market (from Peachland to Oyama) experienced a definite slow down in sales for February with the only exception being apartments. We all heard about the increase in qualifications for mortgages, interest rate and tax policies. Property sales typically increase month over month from December/January building towards May. This year, that trend is not appearing. As we monitor the sales this March every day, we are not noticing much of an increase in activity yet and are hoping that the last third of the month will be stronger. At this point, the sales forecast isn’t as good as we’d hoped. The average price is high, just over $700K so far and listings are not increasing at a fast rate. So as the old saying goes, it is always about supply and demand.


Single Family Home sales are down almost 30% over 2017, and apartments/condos reached 111 sales this February; 33% higher than last February, which was 83.


Single Family Home listings are up 22% compared to last February with 680 current listings in the Central Okanagan. With apartments condos and townhomes holding fairly steady.


Single Family Homes are sitting in the midding of a balanced market currently. Townhomes slid into a seller’s market from a balanced market in January.


All three categories crept up slightly in price compared to last year. The largest increase was townhomes going from $418,732 to $460,814.

Lots

14 lots sold on MLS out of 318 available this February which makes it a 4% sell to inventory ratio. The average price came in at $415,143.

Major Cities Report

 

Victoria

Victoria Real Estate Market Adapts to Changing Policy Landscape

A total of 545 properties sold in the Victoria Real Estate Board region this February, 19.3 per cent fewer than the 675 properties sold in February last year. The sales of condominiums were down 15.5 per cent from last year in February with 174 units sold. Single family homes were 24.4 per cent down from the year previous, with 260 sold this February.

Vancouver

Home Buyers Were Less Active in February

Metro Vancouver* home sales dipped below the long-term historical average in February.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,207 in February 2018, a nine per cent decrease from the 2,424 sales recorded in February 2017, and a 21.4 per cent increase compared to January 2018 when 1,818 homes sold.

Calgary

Calgary Housing Market Prices Hold, but Sales Fall

Sales totaled 1.094 units in February, 18 per cent below last year’s activity. Easing sales occurred across all property types this month, which outpaced the sales growth that occurred in January. After the first two months of the year, sales activity remains well below longer-term averages.

Edmonton

Unit Sales and Average Prices Increase for Spring Market

Unit sales and average prices increased for the spring market compared to January 2018
Year over year single family homes unit sales decreased 4.21%, condo sales decreased 4.92% and duplex/rowhouses sales decreased 7.32%.

Toronto

As We Move Further Into the Spring and Summer Months, Growth Increases and Selling Prices are Expected to Pick Up

Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 5,175 residential transactions through TREB’s MLS® System in February 2018. This result was down 34.9 percent compared to the record 7,955 sales reported in February 2017.





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