Enjoy the blooming orchards!

KELOWNA: As you may notice further down the page, the major cities in Canada all have improved markets which is good news for Kelowna as we benefit from migration. Undoubtedly, this market has been challenging for both buyers and sellers. Nevertheless, the improvement in recent months is an encouraging sign. This is evident due to a stronger sales-to-active-listings ratio of over 9% in single family dwellings. There’s more confidence in the housing market today than at the end of 2008 and prices have remained stable with some modest fluctuations up and down. While sales so far, in the past 4 months combined, are still running 44% lower than for the first four months of 2008, we have seen a dramatic upswing in market activity this spring. Sales have been particularly strong in the lower to mid-range prices with 70% of all single family homes last month selling for under $500,000. We feel this demonstrates renewed confidence in the market and these are all signs that a balanced market is on the horizon. However, inventory is still relatively high and sellers should price their properties aggressively to attract offers.

Great deals can still be made!

Major Cities Report
Victoria: Spring real estate sales soar! A total of 747 homes and other properties sold in April through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), up 24% from the 602 sales in March. There were 768 sales in April of 2008.

Vancouver: Buyer activity brings greater stability to the housing market! Residential property sales in Greater Vancouver totaled 2,963 in April 2009, a decline of 8% from the 3,218 sales recorded in April 2008, and an increase of 31% compared to last month.

Kelowna: There’s more confidence in the housing market today than there was at the end of 2008. A total of 157 Single Family Homes sold in the month of April 09, up from March 09 at 131. Sales are up and prices remain stable, we are seeing a balanced market on the horizon.

Calgary: Spring is giving new life to the residential real estate market showing an increase of 19% from sales in March. This was a decrease of 5% from April 2008. First time home buyers are taking advantage of great inventory and very low interest rates.

Edmonton: Housing prices and sales increased in April. Sales activity on the Edmonton Multiple Listing Service® increased in April as compared to last month and April 2008. There were 3,019 residential properties listed in April with sales of 1,843 (up 33.6% from last month and 1.1% from April 2008).

Toronto: In April 2009, Greater Toronto REALTORS® reported 8,107 sales – down 7% from April 2008. The average price for April transactions was $385,641 – down 3% from last year.