KELOWNA
We are happy to report that February 2011 is an improvement in sales activity in Kelowna and area. It is common to see the market pick up following the December - January holiday period. Last month’s increase in sales along with a relatively stable average price demonstrates ongoing confidence in the market by both buyers and sellers.
120 single family homes sold at the average price of $443,360. 70% of all homes sold are under $500,000 which explains why it is so competitive in the upper price range and why we had double offers on a home for $325,000. 73 apartments and townhomes sold, but only 8 units or 11% sold over $400,000, again it is extremely competitive in the upper price range. There were 4 properties selling over $1 Million. Lot sales have yet to improve, only 6 lots changed hands in the Kelowna area. The Bank of Canada announced today that interest rates will remain unchanged until summer. This is to encourage continued economic growth in Canada. We also see pressure mounting on interest rate increases triggered by fear of inflation. Please remember real estate is a fantastic hedge against inflation. Call us with your questions, we want to help.

Remember, good deals are not found, they are made.
 

Major Cities Report
Victoria: Real Estate Sales Increase in February. Prices remained mixed while the number of properties available for sale also rose. A total of 488 homes and other properties sold in February through Victoria MLS®, up from the 339 sales in January. There were 621 sales in February of last year. The average price for single-family homes sold in Greater Victoria last month was $610,975 up from $603,401 in January.

Vancouver: REBGV reports increased housing demand in February. Demand for detached homes continues to be strong across Greater Vancouver, with particularly high sales volumes occurring in Richmond and Vancouver Westside. For the past two months, the number of properties listed for sale and those sold on the Multiple Listing Service® in Greater Vancouver outpaced the 10-year average in both categories. From a historical perspective, February’s 3,097 homes sales outpace the 2,742 home-sale average recorded in the region over the last ten years. Sales of detached properties on the MLS® in February 2011 reached 1,402, an increase of 42.6% from the 983 detached sales recorded in February 2010, and a 138.9% increase from the 587 units sold in February 2009. The benchmark price for detached properties increased 6% from February 2010 to $848,645.

Calgary: CALGARY’S HOUSING MARKET RECOVERY CONTINUES AT A GRADUAL PACE Calgary single family home sales increase over the previous month and year-over-year. The rise in sales continues to point to a gradual recovery in Calgary’s housing market. The number of single family home sales in the month of February 2011 were 1,169, compared with January 2011, when sales were 791 — an increase of about 48%. The number of condominium sales for the month of February 2011 was 468. This was up from the 302 condominium transactions recorded in January 2011. The average price of a single family home in the city of Calgary in February 2011 was $461,786, showing a 2% increase from January 2011

Edmonton: February Housing Prices mirror 2009 after increasing from January. Single family detached properties sold for $359,934 on average in February; up 1% from January. REALTORS® listed 2,631 residential properties in February and sold a total of 1,044 properties. Current residential inventory is 6,389 up 13.4% from last month.

Toronto: Average Selling Price Up in February. The average selling price for February 2011 transactions was $454,423, which was more than five% higher than the average selling price reported in February 2010. While not representing a record, February 2011 sales were 50% higher than the number reported in February 2009 during the recession and slightly higher than the average February sales over the previous ten years.