The One Saving Grace For Kelowna’s Real Estate Market

April 2019

Strata’s continue to outperform Single Family Home sales this spring, but the average price continues to hold steady. To date, we are seeing prices in line with a year ago.

Single Family Homes – ouch! March 2019 was the slowest March in 10 years, and only marginally better than in 2009. The saving grace is that there is only 60% of the listing inventory compared to 2009, so competition isn’t as fierce.  Forecasting out, April is looking to be back on track with 2012-2013 sales numbers as we previously were. We suspect this blip is due to the extra long winter and lingering snow.

Townhomes had an excellent month, outperforming all other segments for salesand placing them back into a balanced market. The substantial increase in listings is nothing new for townhomes with all of the new construction.

Apartment/Condo sales are still over the 10 year average and in line with 2015 numbers.  Same for listing inventory, in line with 2015 and under the 10 year average which is good news.  This is typically a lagging indicator, and as new construction comes online, we expect this segment to slow this year.

Major Cities Report

Victoria

Victoria Real Estate Market Still Adjusting to Federal Government Changes

A total of 640 properties sold in the Victoria Real Estate Board region this March, 7 per cent fewer than the 688 properties sold in March 2018 but a 52 per cent increase from February 2019. Sales of condominiums were down 7.1 per cent from March 2018 with 196 units sold but were up from February 2019 by 51.9 per cent. Sales of single family homes were down 4.5 per cent from March 2018 with 322 sold.

Vancouver

Prospective Home Buyers Remain on the Sidelines in March

Residential home sales in the region totaled 1,727 in March 2019, a 31.4 per cent decrease from the 2,517 sales recorded in March 2018, and a 16.4 per cent increase from the 1,484 homes sold in February 2019. Last month’s sales were 46.3 per cent below the 10-year March sales average and was the lowest total for the month since 1986.

Calgary

Oversupply Persists Despite Improved Sales Activity for Affordable Product

March saw a modest decline in city wide sales activity compared to last year. However, sales have been rising for more affordable product in the detached and attached sectors. Shifts in the lower end of the market have not outweighed easing across the higher priced product. First-quarter sales dropped to 3,108 units. This is 9% below last year and 28 per cent below typical levels of activity.

Edmonton

Overall Unit Sales Up Relative to February 2019

When compared to February 2019, unit sales across all categories increased, with single family home sales increasing 27.84%, condo sales increasing 8.86% and duplex/rowhouse sales increasing 21.05%. Year-over-year sales are down in all major categories, with single family homes sales decreasing 12.57%, condo sales decreasing 18.06% and duplex/rowhouses sales decreasing 3.50%. Year to date sales for all residential categories were down 13.19% compared to March 2018.

Toronto

Continued Moderate Growth For March

“Market conditions have remained tight enough to support a moderate pace of price growth. Despite sales being markedly lower than the record levels of 2016 and early 2017, the supply of listings has also receded. This means that in many neighbourhoods throughout the GTA, we continue to see competition between buyers for available listings, which provides a level of support for home prices,” said Jason Mercer, TREB’s Chief Market Analyst

Semi-detached RANCHER Townhome with WALKOUT BASEMENT

4 bed, 3 bath, Valley and Mountain View

10712 Quail Rd Lake Country – $599,800

This 2620sqft Semi-detached RANCHER townhome w WALKOUT BASEMENT & separate entrance boast 4 bedrms 3 Baths & an open concept w FLOOR TO CEILING WINDOWS. The kitchen features a beautiful waterfall island, 2-tone cabinetry and stainless-steel appliances overlooking bright living room w gas fireplace tiled to the ceiling. 2 bedrms upstairs including master w ensuite comes w dual sinks, freestanding soaker tub, shower & private toilet. Upstairs patio (equipped w gas BBQ hookup) overlooks agricultural ALR land as well as the brand-new Rail Trail connecting you to Vernon along scenic bike lanes. Lower level is complete w wet bar & ample storage & also features 2nd fireplace in the family rm looking out onto 2nd patio w access to side garden. The unfinished room on this level is ideal to become whatever your heart desires! 3 walls of concrete would be perfect for a workshop/media room. Both bedrms downstairs include walk in closets. Equipped w both high efficient furnace & hot water tank, HVR, A/C, humidifier & hardwired for internet throughout the house. This quiet location is still close to it all! Lake Country’s Scenic Sip Wine Route is just around the corner. 15 min drive to the airport, 5 mins to all shopping, restaurants etc, 5 min bike ride to Beasley park & Wood lake. Great for the outdoor adventurer!
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