KELOWNA: Well, I am sure that by now everyone has heard about it; The real estate market changed again. Canada's housing market has been a bit of an unexpected bright spot in this current recession. Unlike recessions in the past, borrowing costs have so far remained very low. The Globe and Mail is writing articles and CMHC agrees the recession for real estate is over. The market has clearly recovered from the downturn late last year and early this year. We moved very quickly from a buyers market in the spring to a balanced market in the fall. The number of properties available for sale in Kelowna has dropped substantially from a year ago and now stands at 1,378 - down 26 per cent from October of last year. Home prices have held firm around the $440,000 to $470,000 mark and edged upwards in some areas over the past few months. 215 single family homes sold in October here in Kelowna compared to only 91 last year a 136% increase. We think improved consumer confidence has helped fuel this rebound and the low interest rate helps. It seems for many potential homebuyers it was global-wide uncertainty rather than personal financial circumstances that was holding them back from making a home purchase.

Colin had a very good month selling to first time buyers, and it clearly shows they appreciate the lower prices and lower payments for the affordability. Young people are growing up, old people are getting older, we are moving forward, no matter the economy.

Kelowna is a beautiful place to live, people have figured it out and appreciate it. We are happy to call Kelowna our home.


 

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Major Cities Report
Victoria: Strong property sales in October show continued strength. The local real estate market sales last month were at their highest level for the month of October since 1992. The average price for single family homes sold in Greater Victoria last month was $590,567.

Vancouver: Strong demand has led to a steady rise in Greater Vancouver home prices compared to last year. High confidence and low mortgage rates are continuing to drive the activity we're seeing in the housing market today.

Kelowna: Here in Kelowna we moved very quickly from a buyers market in the spring to a balanced market in the fall. Listings are down, sales are up. Most of the activity is below the $600,000 range and specifically under $500,000. Our average price was $476,000.

Calgary: The Calgary housing market continued to rebound in October. Home prices have held firm and went up in some markets over the past months. The average price of a single family Calgary metro home in October 2009 was $462,465.

Edmonton: Resale housing sales continued their strong trend through October with sales of all housing types through the Multiple Listing Service® in October at the second highest level on record (after October 2006).  Single family dwellings sold for $363,694.

Toronto: Strong Growth in October 2009 MLS Transactions. Greater Toronto reported 8,476 sales, up 64 per cent from October 2008. The average price for October transactions was $423,559 – up by 20 per cent compared to the same month last year.