Kelowna: The housing market here in Kelowna continues at a healthy and balanced pace. There has been some talk about a bubble in some parts of Canada but the rapid price increases seen in Vancouver and southern Ontario have not been seen in Kelowna. We are getting great reports from Ontario, Alberta and Vancouver. Homes are selling, which frees up capital for people to move to the Okanagan.

We expected over 200 sales in April but for whatever reason we had only 194 single family homes changing hands. At the same time, our inventory increased by 200 listings over last month to a total of 1,758. This is the highest April ever in listings and it kept the sales to listing ratio unchanged from last month, down at 11%. Apartments came in at 7% Sell/Inv. Ratio, Townhomes at 10% and Lots at 4%. The good news is in the over Million Dollars homes. So far in 2010 26 properties sold over one million. That is an average of 6.5 per month compared to only 1 per month a year ago and 8 per month in 2007. Our average price increased accordingly and went up to $502,523 but is still $50,000 below our all time high in April 2008.

We, The Krieg Family sold one of our listings for just 1% under asking price where the offer initially came in at 10% under asking price. Colin was in multiple offer situation on a court ordered sale where he got it by $200 over the next one. We have been in double and quadruple offer situations last month in the range of $400K and $600K, which tells us that the right priced properties attract the buyers and will sell.

 

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

 

Major Cities Report
Victoria: Real Estate Sales Remain Steady - Inventory Rises in April. The number of homes and other properties sold throughout the Victoria area moderated slightly in April while the number of properties available for sale continued to increase. The average price for single-family homes sold in Greater Victoria last month was $624,149 down from $633,938 in March. There were 21 sales of over $1 million including 1 on the Gulf Islands.

Vancouver: The Greater Vancouver housing market experienced increased activity in April thanks to a steady balance of home buyers and sellers entering the marketplace. The number of homes coming on the market has increased significantly in recent months, which is providing a healthy level of choice for those looking to buy during this busy period. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totaled 3,512 in April 2010, the fifth highest-selling April on record. The figure represents an increase of 18.5% compared to April 2009 and 9.1% more than April 2008’s. April 2010 sales also represent a 12% increase compared to last month. The benchmark price for detached properties increased 21.2% from April 2009 to $818,403.

Calgary: Continued economic optimism, improved choice and price stability are all contributing to a healthy and balanced housing market in Calgary,” says Diane Scott, president of CREB®. “Calgary’s housing market is set to simmer, not sizzle in 2010. We can be grateful that we are not facing any real danger of a housing bubble here in our market.” “There has been some talk about a bubble in some parts of Canada but the rapid price increases seen in Vancouver, Victoria and southern Ontario have not been seen in Calgary,” Scott acknowledges. “Single family house prices are coming back nicely compared to 2009,” says Scott. The average price of a single family home in the city of Calgary in April 2010 was $460,378, showing an decrease of 2% from March 2010 and showing an increase of 8% from April 2009, when the average price was $426,311.

Edmonton: Mortgage changes do not dramatically affect local housing market. There were three increases to interest rates and changes to mortgage qualifying conditions in April; none of which seemed to slow down the Edmonton housing market. Single family residences in the Edmonton area sold on average for $385,359 in April.

Toronto: April experiences record number of buyers and sellers. The GTA resale market is functioning properly. Sales were high as buyers continued to take advantage of affordable home ownership opportunities. Listings grew as home owners reacted to strong sales and price growth. More balanced market conditions will result in sustainable rates of annual price growth in the second half of 2010. The average price for April transactions was $437,600 – up 13% compared to the average of $385,641 recorded in April 2009.