Continuing in a Balanced Market

Kelowna Real Estate News

August 2019

Our market overall seems to be in a healthy balanced market.  The higher end of each segment is slower, but overall, it seems to be fairly steady.

Single Family Home sales are in line with the 10 year average and are fairly consistent right now. Over 80% of the sales are under $900,000. Over $1 Million, the sales slow way down with only 24 of 450 homes available selling in the last 30 days.

Townhome listings have come down significantly since June 2019 which have made July the best in 12 months. The 385 available properties, although slightly more than this time last year, are under the 10 year average of 430, and sales are over the 10 year average.

Apartment/Condo MLS sales are up 30% since June and up 4% compared to this time last year.  Although listings have continuously climbed, we are still 20% under the 10 year average.

Major Cities Report

Victoria

A Steady Market Continues Into Summer

A total of 706 properties sold in the Victoria Real Estate Board region this July, 8.4 per cent more than the 651 properties sold in July 2018 but a 4.6 per cent decrease from June 2019. Sales of condominiums were up 14.4 per cent from July 2018 with 215 units sold. Sales of single family homes increased 2.1 per cent from July 2018 with 347 sold.

Vancouver

Home Sales Increase in July

Home buyer demand picked up across Metro Vancouver* last month, making July, a traditionally quieter month in real estate, the second highest selling month so far this year. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,557 in July 2019, a 23.5 per cent increase from the 2,070 sales recorded in July 2018, and a 23.1 per cent increase from the 2,077 homes sold in June 2019.

Calgary

Lower Inventory Shows Signs of Stability for the Future

For the fourth consecutive month, inventories in the market declined compared to last year. This is due to the combination of improving sales and a decline in new listings. The market continues to favour the buyer, but a continuation in supply reduction compared to sales is needed to support more balanced conditions. With less oversupply in the market, prices are showing some signs of stability on a monthly basis. This is causing the rate of price decline to ease on a year-over-year basis. Overall, year-to-date benchmark prices remain over four per cent below last year’s levels.

Edmonton

Sales in July are Up Year Over Year

All residential average prices decreased to $366,344, a drop of 1.70% from July 2018, and are virtually unchanged from June 2019. Single family homes sold for an average of $429,717, a 1.91% year-over-year drop from July 2018, but a 1.37% increase from June 2019. Single family homes averaged 57 days on the market, a five day increase from last year.

Toronto

Real Estate Market Tightens Up

Greater Toronto Area REALTORS® reported 8,595 sales through TREB’s MLS® System in July 2019. This result was up by 24.3 per cent compared to July 2018. On a month-over-month basis, sales were up by 5.1 per cent, after preliminary seasonal adjustment. With annual growth in sales far outstripping annual growth in new listings, market conditions clearly tightened compared to last year. Active listings at the end of July were down by 9.1 per cent year-over-year, further reflecting tightening market conditions.

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