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!
 

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 .