Kelowna Housing Market Outlook 2010 by RE/MAX: While the pause that took place in Kelowna’s real estate market in late 2008 and early 2009 was quite dramatic, the rebound that followed was equally remarkable. Pent-up demand has kept the market buzzing with activity, as purchasers were enticed by lower prices and rock-bottom interest rates. Inventory levels have begun to fall, and the market has returned to more balanced conditions. Solid momentum is expected to carry forward into 2010, as the city and the province are poised for positive growth.

Improving fundamentals will help support demand for resale housing next year, with first-time buyers leading the charge, followed closely by the move-up buyer. A tighter supply of well-located homes in the entry-level will continue to spark some multiple offers in 2010. The luxury market will trend upward once again. Demand for waterfront properties has already increased considerably in recent months. Condominium prices have stabilized and will post modest improvement next year. The oversupply is now being absorbed, with more balanced conditions expected to emerge. Fewer single-family homes have been coming on stream and that is predicted to increase competition in the New Year. Increased consumer confidence will push sales ahead 10% by year-end 2010 to 4,300 units, while the average price rises 5%.
 

Tree of Hope in Kelowna

Looking for a special Christmas Gift?

...We can help!

Unbelievable deals available now!

 

Major Cities Report
Victoria: The number of properties sold throughout the Victoria area last month eased compared to October but remained well over double the number of sales in November of last year. The average price for single family homes sold in Greater Victoria last month was $617,987 up from $590,567 in October. Nineteen sales of over $1 million including one sale in North Saanich of over $3 million affected the overall average in November.

Vancouver: Home values continued to edge upward in November as demand in the Greater Vancouver housing market remains well above seasonal norms. Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 12.4 per cent to $557,384 from $495,704 in November 2008. This price, however, remains down 1.9 per cent from the most recent high point in the market in May 2008 when the residential benchmark price sat at $568,411.

Kelowna: This has been a remarkable year of recovery for the real estate market in Kelowna as you can see in the graphs below. Our listings are down and sales are up. Our average price stayed similar at $451,311.

Calgary: The Calgary housing market is showing signs of a sustained recovery The number of single family homes sold in November 2009 in the city of Calgary were up 63 per cent from the same time a year ago, The average price of a single family home in the city of Calgary in November 2009 was $464,444.

Edmonton: Year-to-date sales in November surpass 2008 year end sales. The market remains rock steady. In November, the average price of a single family dwelling went up 1.2% to $368,018.

Toronto: This year in the GTA home sales will be in line with the healthy levels experienced between 2004 and 2006 The average price for November transactions was up 14 per cent year-over-year to $418,460.