Kelowna: This is the market in Kelowna that seems to be going in a different direction. All these $1 Million+ sales have resulted in our average price holding firm. In the first six months of this year, an astonishing 45 Residential properties sold for over $1 million, compared with only 19 in 2009. If you agree that supply and demand regulates the price, then it is not looking too good for sellers, as you can see on our percentage to listing graph. Only 9% of all single family home listings sold in June, 4% of apartments sold and townhomes are strong coming in at 8%. Lots on the contrary, are only at 2% sold of the inventory. The number of single family homes sold in June 2010 in Kelowna was down 21% from June 2009. The average price of a single family home in June 2010 was $480,216. Taking into consideration the activity in the upper, upper price range, we are definitely seeing our prices sliding down, not much, but the pressure is on.

In the meantime, summer arrived finally so lets enjoy it. After all, we live in one of the nicest places in the world.

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

 

Major Cities Report
Victoria: Good choices available for buyers as sales soften and inventory rises in June. Overall average prices for single family homes and condominiums rose slightly last month while prices for townhomes moderated. The average price for single-family homes sold in Greater Victoria last month was $649,280 up from $646,483 in May. There were 27 sales of over $1 million including two on the Gulf Islands.

Vancouver: Activity steady to start the summer season. Greater Vancouver reports that residential property sales totaled 2,972 in June 2010, a decline of 30.2% compared to the 4,259 sales in June 2009, which was the second highest selling June on record. Compared to June 2008, last month’s sales represent a 22.6% increase over the 2,425 sales recorded that month, but are 30% less than the 4,244 sales in June 2007. June 2010 sales also represent a 5.8% decline compared to the previous month’s sales totals. There has been less upward pressure on prices in our market the last few months, which has allowed prices to ease back from the record high numbers seen in April. The benchmark price for detached properties increased 13.4% from June 2009 to $795,025.

Calgary: The number of single family homes sold in June 2010 in the city of Calgary was down 42% from the same time a year ago. June 2010 saw 1,061 single family homes sold in the city of Calgary. This is a decrease of 16% from 1,262 sales in May 2010. Conversely, sales of million-dollar-plus properties jumped by nearly 42% year-to-date until the end of June, compared with the same period a year ago. The average price of a single family home in the city of Calgary in June 2010 was $481,964, showing no significant change from May 2010 and showing an increase of 8% from June 2009.

Edmonton: Edmonton housing market marked by high inventory. Overall there were 680 less residential sales in the first half of the year as compared to 2009. The residential inventory is approaching record levels set in 2007 but prices held steady. The slight rise in prices for single family residences in the Edmonton area in May continued in June. SFD prices are up to $391,497 – an increase of half a percent.

Toronto: Market more balanced in June Greater Toronto reported 8,442 sales through the MLS® in June. This represented a 23% decrease compared to the record 10,955 sales reported in June 2009. The average price for June transactions was $435,034 – up 8% compared to the average of $403,972 recorded for June 2009.