We also had a strong month here in Kelowna. Not as much of a record as we noticed in other cities, but remember we benefit from their markets. Well priced listings and lower to mid-range priced properties remain in the highest demand across Kelowna and area. Recent activity from first-time buyers is beginning to boost demand in the “move-up” segment of the market. The opportunities for fantastic deals are eroding quickly in the “below $500,000″ price range especially.  Above $500,000 is where you can get the deals, but remember, great deals are not found, they are made.

We have shifted from a market that favored the buyer, to one that is far more balanced. Our sales-to-listing ratio climbed steadily from a low of under 5% in the winter to 13.7% in July. We may begin to see modest price appreciation as inventories are drawn down slowly by sales although we are still very high with 1,686 single family dwellings to choose from.  There were a very impressive 231 sales in July, which has been a steady come back from January 2009 of only 55 sales.  July had healthy sales numbers in a month when we typically expect a summer slowdown.
We are by no means back to the roaring years from 2002 to 2007 but we are recuperating extremely fast and steady thanks to low interest rates, consumer confidence, and the strong market all over Canada.

Mardi Gras in Kelowna!

Great deals can still be made!

Call us now!

Major Cities Report
Victoria: Property sales soar in July. The number of sales of homes and other properties reached their highest peak for the month of July in at least 19 years. There are indications that the recession is nearing an end and people are feeling more confident.

Vancouver: Strong spring market carries into summer months. Vancouver housing market gained further momentum in July with record sales levels and a continued strengthening of home prices. Since the beginning of the year, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 9.2% to $528,821 from $484,211. However, home prices compared to July 2008 levels are down 5%.

Kelowna: We are proud to report one of the better Julys ever. Our active listings are similar in single family dwellings or just down by a few, plus sales are up and the average price climbed significantly to over $480,000 thanks to 8 homes sold over $1Mill.

Calgary: Calgary Metro home sales show signs of strength. Confidence has definitely returned to the housing market,” We are continuing to see market improvement in Calgary home sales,” These are healthy sales numbers in a month when we typically expect a summer slowdown.

Edmonton: Record housing sales for second month in a row . The market is stable and strong sales and market activity are not driving prices up dramatically.  Attractive mortgage rates and consumer confidence are powering the local market and sellers are being realistic about their pricing.

Toronto: Resale record in July.  The steep drop-off in sales experienced at the beginning of the year has almost disappeared.

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.

Happy Easter!

KELOWNA: There’s more confidence in the housing market today than we were seeing late last year. Sales activity is rising as spring arrives, we noticed a big difference in the second half of March. We are happy to report that we are working with investors, first time buyers and also with out of town clients ready to buy.

Prices remained very stable with a modest drop to $438,493 average for a single family home. The upper market is still very tight with only 20% of the sales over $500,000.  For properties listed over $1 Million, only 2 have sold so far this year, with 376 properties to choose from! Only 8 lots have sold so far this year with the average price of $255,462. Inventory is rising slightly which is normal for this time of the year and we are excited to see the sales to listing ratio improving as well! Single family homes sales to listing ratio are at 8%. Apartments are at 4% and Townhomes came in at 6%. All in all not a banner month, but we are seeing improvements!

Great deals are available!

Major Cities Report
Victoria: Real estate sales gain momentum in March. Total sales last month were higher than the March figures during each year from 1995 to 2001 – a market which we considered to be balanced. The average price for single family homes sold in Greater Victoria last month was $534,689.
Vancouver: Property sales strengthen in current market cycle. Sales of detached properties in March 2009 declined 19.6 % compared to the same period in 2008. The benchmark price, for detached properties declined 15.1% from March 2008 to $649,342. West Vancouver is at 1.1Mill.
Kelowna: Sales activity is rising as spring arrives. Prices remained very stable with a modest drop to $438,493.  Sales-to-Listing inventory is rising.
Calgary: Slowly shaking off its winter blues 32% more sales in March over February 2009 and a 23% decrease over March 2008.  Average price came in at $420,354.
Edmonton: First quarter housing prices hover around $350,000. Sales in March were up 28% from the previous month.
Toronto: March resale housing results bring positive news. The situation in the housing market has improved. The average price for March transactions was $384,000 .

Here are 7 more reasons to call The Krieg Family!

Nothing sold over 1 Million last month and still our average price came up from $412,000 in Jan 09 to $448,000 in Feb 09. Only 5 lots sold last month and CMHC is reporting only 11 housing starts in February. Undoubtedly, the global economic downturn has battered everybody’s confidence. Please be careful in what you read in national and US housing reports and articles that do not reflect our local market conditions. We have promising signs here in Kelowna; It appears that we are moving towards a more balanced and stable market.  Sales made some gains this month, prices are stabilizing and the rate at which our inventory is selling is increasing. With low interest rates, broad selection and improved affordability, buying opportunities have not been this strong in years. There are terrific opportunities out there right now, but with the inventory selling quicker, those opportunities may not be available for very long, and over quicker than you may think. Whatever you buy today, I am sure you will look like “a genius” in 10 years and you wish you would have bought more.

Great deals are not found, they are made!

Major Cities Report
Victoria: Real estate sales rebounded in February total of 403 homes and other properties sold. The average price for single family homes sold last month was $542,396, up from $526,148 in January.
Vancouver: Property listings decrease, as February sales improve 1,480 sales registered in February with a benchmark price of $486,054.
Kelowna: A rise in the average price plus improved sales over January with similar inventory point to a better market ahead.
Calgary: 825 sales in the month of February 2009 showing an increase of 50 per cent from 550 sales in January. The average price of a single family home was $415,568 up 0.6%
Edmonton: Local housing prices continue to slide while sales rise. The average price of a single family home in February was $347,309 with 1,075 residential sales and 21,440 homes in the inventory.
Winnipeg: February MLS® sales down 14%.  660 units sold, dollar volume remained strong as the level resulted in the third highest on record.
Toronto: Sales and average price were above January levels. The average home price was $361,305 in February with 4,120 residential sales and 7,097 homes in the inventory.