August 2018: Kelowna is still breaking records?

 

Is it too late to sell your home? Video Link
 

Kelowna Real Estate News

July 2018

The Kelowna real estate market (from Peachland to Oyama) has slowed, and is now solid in a balanced market. The average price for a home in July 2002 was $205,000, in 2017 it was $675,000 and in July this year, it was $782,398. This is the highest ever! We’re still breaking records! That being said, you can see below listings are up and sales are down. It will be very interesting to see what the fall will bring.

The government is determined to slow the market down, and they are succeeding!


Although sales are down across the board compared to 2017, we are in line with the 10 year average are currently “back to normal”.


Similar to sales, with Listings up in all segments, we are closer to our normal market that we’ve experienced in the last 10 years.


We currently sit in a balanced market in all areas of Kelowna’s real estate market.


The single family home average price is over $100,000 higher than it was this time last year.  We don’t expect this to last.  It is likely due to the substantial amount of high-end sales that took place in July.

Apartment and Townhomes

A total of 190 units sold in Kelowna and area this July. 17% of the listing inventory sold in Townhomes and 23% of Apartments sold.

Lots

17 lots sold on MLS out of 413 available this July which makes it an 4% sell to inventory ratio. The average price came in at $526,876.

 

 

 

 

Major Cities Report

 

Victoria

Housing Market Still Finding Balance

A total of 651 properties sold in the Victoria Real Estate Board region this July, 17.6 percent fewer than the 790 properties sold in July of last year, and an 8.1 percent decrease from June 2018.  “We are in a different market now than what we have seen for the past two years,” says Victoria Real Estate Board President Kyle Kerr. “And while we see inventory creeping up after the drought in 2017, especially in the multi-million-dollar range, across our region there are 30 per cent fewer homes listed for sale under $750,000 than this time last year. This means that if you are shopping in the $750,000-or-less bracket, you are in a fast-moving market with low inventory.

 

Vancouver

Housing Supply Up, Demand Down Across Metro Vancouver

July’s residential housing sales in Metro Vancouver* reached their lowest levels for that month since the year 2000. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totaled 2,070 in July 2018, a 30.1 per cent decrease from the 2,960 sales recorded in July 2017, and a decrease of 14.6 per cent compared to June 2018 when 2,425 homes sold. Last month’s sales were 29.3 per cent below the 10-year July sales average.

 

Calgary

Patience Required in Calgary’s Housing Market Recovery

Recent struggles in the job market, accompanied by yet another interest rate increase, is piling on to the decisions potential purchasers have to make in the housing market.
The month of July saw 1,547 units sold in Calgary, nearly five per cent below last year. New listings eased to 2,964 units, causing inventories to total 8,450 units. With more supply than demand, prices continued to edge down, with a citywide average of $435,200. The apartment ownership sector continues to see the steepest declines, with year-to-date benchmark prices averaging $257,343, three per cent below last year and nearly 14 per cent below 2014 highs.

 

Edmonton

All Residential Average Unit Prices Decrease, Unit Sales Increase Month Over Month

In the Edmonton Census Metropolitan Area (CMA), the average all residential selling price decreased 2.07% to $370,046 compared to June 2018 and decreased 3.63% compared to July 2017.  Average days on market increased for most categories, indicating more of a buyers’ market for the Edmonton CMA. The average for single family homes increased to 52 days for July 2018, two days longer than June 2018 and four days longer than July 2017.

 

Toronto

Housing Supply Still Remains an Issue

Residential sales reported through TREB’s MLS® System for July 2018 amounted to 6,961 – up 18.6 per cent compared to July 2017.  Over the same period, the average selling price was up by 4.8 per cent to $782,129, including a moderate increase for detached home types.  New listings in July 2018 were down by 1.8 per cent year-over-year. Preliminary seasonal adjustment pointed to strong month-over-month increases of 6.6 per cent and 3.1 per cent respectively for sales and average price.  Seasonally adjusted sales were at the highest level for 2018 and the seasonally adjusted average price reached the highest level since May 2017.
The MLS® Home Price Index (HPI) Composite Benchmark for July 2018 was down slightly compared to July 2017.  However, the annual growth rate looks to be trending toward positive territory in the near future.

 

 

 

 







 

Rancher-Breathtaking Lake and City Views-Walkout Basement

1771 Scott Crescent – $1,190,000

Picture yourself in Diamond View Estates and experience these – Mesmerizing, Unforgettable, Panoramic, Unobstructed lake and city views by day and by night. Enjoy this modern 4 bedrm + den open plan rancher with bright walkout basement incl. floor to ceiling walls of windows complete with nanawall doors on both levels. This rancher boasts ceilings ranging from 10-15ft high on main floor to 9ft on lower level. The chef in the family will love to design delicious meals in this gourmet kitchen complete with big granite counter tops, island, 7 top of line appliances + 220V power for a cappuccino machine. The living room comes with built-in cabinetry and stone façade fireplace all opening to the multi view decks. At day’s end enjoy retiring to this romantic main floor master suite overlooking the twinkling city lights, or simply relax soaking in the jetted tub in your new 5pc ensuite. The lower level includes 3 more bedrms and 2 full bathrooms 1 of which features a Japanese style toilette. Large family/recreation room comes with a wet bar, fireplace and nanawall doors opening to the patio featuring a 20’ wide remote sunscreen. Also, on this level there is a 31×23 Media/home theatre room complete with projector. Loaded with extras; hardwood flrs, 2 linear gas fireplaces, 3 of the bedrms have walk-in closets, B/I speakers throughout, stamped concrete decks & flat driveway lead to the triple garage. Easy care landscaping and outdoor access to lower level all make this home a very unique find. MLS 10159533

View more photos and information available here.