KELOWNA
As we enter into the beautiful harvest season, we look forward to a strong Fall in the real estate market, But, we experienced the slowest September in sales here in Kelowna and area for the last 20 years with only 117 single family homes sold. Our inventory at the end of last month declined slightly and the average price was $466,380.  MLS® sales last month included 117 single family homes or 7% of the inventory sold, 37 apartments sold representing 3.7% of the inventory, 33 townhomes at 7% and 5 lots of the 613 listed, sold on MLS® which is less than 1% of the inventory. The good news, there were 11 properties that sold over 1 million dollars in September. This is the same activity as in the mid 2000’s. This shows us Kelowna is the destination where people want to live and will move to. We have the lake, the mountains, the skiing in powder snow, the climate, the peaches, the cherries and the vineyards... It's the lifestyle, and people move here for it. Of course, with the historically low interest rates still available, it is a fantastic time to buy a home.

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

 

Major Cities Report
Victoria: The number of property sales throughout Greater Victoria slowed further in September while prices showed some variability, depending on the property type. A total of 395 homes and other properties sold in September through the Victoria Real Estate Board down from the 425 sales in August. There were 776 sales in September of last year. The average price for single-family homes sold in Greater Victoria last month was $599,825 up from $586,676 in August. There were eleven single family home sales of over $1 million in September.

Vancouver: The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totaled 2,220 in September 2010. This represents a 0.8 per cent increase compared to August 2010 and 37.6 per cent decline from the 3,559 sales in September 2009. Since spring, housing prices in the region have trended slightly downward, with a decrease of 2.7 per cent compared to the all-time high reached in April when the MLSLink® Housing Price Index (HPI) residential benchmark price was $593,419. The overall benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 5.5 per cent to $577,174 in September 2010 from $547,092 in September 2009. The current price remains consistent with last month, rising just 0.1 per cent between August and September 2010.

Calgary: Home sales in the city of Calgary were up month-over-month in September 2010, the first uptick in sales since April 2010. There are signs that September may mark a gradual, if not slight, uptick for Calgary’s housing market—we are seeing a modest improvement since the market’s decline, that really started in April of this year. The average price of a single family home in the city of Calgary in September 2010 was $460,278, showing a 3 per cent increase from August 2010

Edmonton: “The market seems to be resting,” said Larry Westergard, president of the REALTORS® Association of Edmonton. “After the turmoil of the past couple of years and the rush to buy in the early part of the year, it seems that consumers are just sitting back and waiting to see what comes up next.” There are still over 8,600 residential properties in the local inventory and buyers have lots of choice. The average single family property sold for $370,653 in September no change from last year. Residential sales in September were down from the previous month at 1,187 and down 23% from September 2009.

Toronto: Greater Toronto reported 6,310 sales in September 2010. This represented a 23 per cent decrease compared to September 2009. The average price for September transactions was $427,329 up five per cent compared to the average of $406,877 reported in September 2009. “Resale homes in the GTA remain affordable," said Jason Mercer, TREB's Senior Manager of Market Analysis. The share of average household income going toward a mortgage payment on the average priced home in the GTA remains within accepted lending guidelines. This is why the average home selling price has continued to grow.