Kelowna: We think that the mortgage market is influencing the buyers. With the recently earlier than expected increase in some mortgage rates and the expected increase in the Bank of Canada rate later this summer, it is likely that some buyers have decided that now is the time either to get into the market or make a move up or down according to their changing needs. Further increases in borrowing costs are likely to be gradual, so while there may be some slowing in market activity later in the year, we anticipate this will have only a modest impact on market conditions.

70% of all homes sold in Kelowna and area are under $500,000 and the average price seems to be stable at $460,417. Under $500,000 18% of the listings are selling. The above $500,000 up to $1 Million dollar range improved and now approximately 5-7% of the listings are selling. Over $1 Million dollars, only 1-2% of the homes are selling. Our inventory increased substantially by 32% over February 2010 to 1,567 single family homes for sale. This represents only 45 below the March 2008 all time high, which explains the low percentage of homes sold to listings. The number of sales came in as expected at 172 homes and is normal for this time of the year. 5% of apartment inventory sold, and 14% of townhomes sold. We have a total of 748 lots for sale with the highest number in Fintry and area and only 3% of all lots sold.
 

The greatest compliment we can receive are the referrals from our clients, friends, acquaintances and relatives.

 

Spring is on its way!

Major Cities Report
Victoria: Real estate sales rise in march with the arrival of spring. A total of 789 homes and other properties sold in March through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), up 27% from the 621 sales in February. There were 602 sales in March of last year. Prices for single-family homes and condominiums rose moderately while prices for townhomes were mixed.

Vancouver: Home listings rise to start the spring season. The Real Estate Board of Greater Vancouver (REBGV) reports that new listings for detached, attached and apartment properties in Greater Vancouver totaled 7,004 in March 2010. This represents a 60% increase compared to March 2009 when 4,385 new units were listed, and a 52.1% increase compared to February 2010 when 4,606 properties were listed. Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 20.3% to $584,435 from $485,845 in March 2009. This price is 2.8% above the previous high point in the market in May 2008 when the residential benchmark price sat at $568,411. Sales of detached properties in March 2010 reached 1,336, an increase of 49% from the 897 detached sales recorded in March 2009 and a 19.7% increase from the 1,116 units sold in March 2008.

Calgary: Early rise in mortgage rates to boost housing sales, improved economic conditions, better employment prospects, and an earlier than expected rise in mortgage rates are all contributing to this early boost in sales this year. The average price of a single family home in the city of Calgary in March 2010 was $471,269, showing an increase of 3% from February 2010, when the average price was $458,254, and showing an increase of 12% from March 2009, when the average price was $420,354. March 2010 saw 1,396 single family homes sold in the city of Calgary. This is an increase of 35% from 1,035 sales in February 2010. In March 2009, single family home sales totaled 1,086.

Edmonton: Edmonton buyers and sellers remain optimistic. There is consumer confidence in this market and both buyers and sellers appear eager to enter the housing market. Single family residences in the Edmonton area sold on average for $388,473 in March which is up 4.7% from February and 11% from a year ago. Condominium prices rose by 8.4% month-over-month and 10.5% year-over-year. The average condominium sold for $252,416 in March.

Toronto: Record first quarter sales the average price for March transactions was $434,696. The number of new listings grew by 42% compared to March of 2008. GTA households will remain confident in ownership housing as a quality long-term investment, especially as economic recovery expands across all industries.