Kelowna Market Update


We finished 2011 on a positive note and are enthusiastic for 2012. Like most other cities reported, Kelowna had a stronger second half of 2011 which helped us to not be the slowest year in home sales since 1984 (scroll down to see graph: Last 30 years).

Our listings were on par in the average and very similar to the last few years. (scroll down to see graph: Listing Inventory).

The average price for the year in single family homes came in at $472,888 which was below 2010, and 2008, the same as 2007, but above 2009, 2006 and all previous years (scroll down to see graph: Average Price).

Taking all facts into consideration; all the major cities were up slightly in 2011, the lower interest rate, better economic conditions, plus the great selection of properties, this is very encouraging for serious buyers. We can therefore assume that we will have a better market coming in 2012. In this highly competitive market, well priced homes are being sold quickly and even sometimes over asking price.
We basically managed 4 years of a slower real estate market and are ready to go forward and upward.

Raw Stats
Overall unit sales in the Central Okanagan Zone jumped by 4.6% to 183 units compared to 175 last December, and were down 29.1% compared to the 258 units sold in November. Total unit sales improved by 9.3% to 165 units compared to 151 sold last December, but were down 30.1% from 236 in November. Single family home sales of 96 units rose 12.9% compared to 85 last year, but dipped 22.6% compared to this November (124). December’s inventory of 3,853 units was up 3.4% compared to 3,725 in 2010, and the 461 new listings for the month rose 3.3% over the 446 last year. YTD sales unit sales were off by just 0.3% compared to this time last year (to 3,633 from 3,643), while YTD sales volumes dipped to $1.4 billion compared to $1.5 billion in 2010.

Assessment Information
We all received our assessment notices in the mail last week. Some of us went up and probably most of us went down in dollar value. Nothing alarming!!! Taxes are based on the mill rate and they are a blanket assessment and do not take into consideration upgrades and renovations you may have done. Unless you had taken out a permit, the City would not know that you upgraded. Nevertheless, buyers buy what they see, what they feel, like, and see value in. The assessment value is merely a guideline, mostly for the area evaluation and tells us what kind of taxes we need to pay compared to other properties.
More information: http://www.bcassessment.bc.ca/
See other assessments: http://evaluebc.bcassessment.ca/

This is still a great time to buy real estate!

Remember, Good Deals Are Not Found, They Are Made.

Major Cities Report

Victoria: Last Half of 2011 Sees Stabilized Real Estate Market
While the real estate market started out sluggish in 2011, by mid-summer unit sales had stabilized. Housing prices have softened since December 2010, when the average single family home sold for $647,063, while in 2011 average prices fluctuated and now rest at $592,582.
December marked fewer real estate sales in Greater Victoria, with a total of 339 homes and other properties selling through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®). There were 349 sales in December 2010. There were six sales of single-family homes marginally over $1 million in December 2011.

Vancouver: Balanced Real Estate Market Prevailed Through Much Of 2011
The overall residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver increased 7.6% to $621,674 between December 2010 and 2011. However, prices have decreased 1.5% since hitting a peak of $630,921 in June 2011.
It was a relatively balanced year for the real estate market in Greater Vancouver with listing totals slightly above historical norms and sale numbers slightly below.

The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2011 reached 32,390, a 5.9% increase from the 30,595 sales recorded in 2010, and a 9.2% decrease from the 35,669 residential sales in 2009. Last year’s home sales total was 6.3% below the ten-year average for annual Multiple Listing Service® sales in the region.

Calgary: Year-End Figures Demonstrate Stable Growth
2011 was a year of steady improvement for the housing market. 2011 single family sales totaled 13,186, a 9% increase over last year. While sales increased, listings remained low, with an annual total of 24,245, 6% lower than 2010 levels. The decline in listings relative to sales pushed down inventory levels to 2,761, resulting in four months of supply.
While sales activity in 2011 remained below the long run average by 17%, monthly figures point towards the trend of this gap narrowing.
Single family average price in 2011 reached $466,402, a 1% increase over last year. While there have been some strong monthly increases, primarily due to sales in the upper end skewing the prices,overall prices have remained fairly stable.

Edmonton: 2011 Edmonton Real Estate Market Provides Stable And Healthy Base for 2012
The all-residential average price for the entire year was $325,457 as compared to $329,019 in 2010. There were 10,962 Single Family Dwelling sales (up 5.5%) in 2011 and 4,638 (down 0.4%) condo sales. Total residential sales were 16,893 units (up 3.8%) on listings of 30,906 units (down 2.0%). The average price of a single family detached home was also up 2.0% to $364,803 from December 2010. Relative to last December housing prices were up overall as well.

Toronto: Second-Best Year on Record For Sales
Total sales for 2011 amounted to 89,347 – up 4% in comparison to 2010.
The average selling price in December was $451,436 – up 4% compared to December 2010. For all of 2011, the average selling price was $465,412, an increase of 8% in comparison to the average of $431,276 in 2010.

Kelowna Market Update


Great news! We are happy to report that what looked like the slowest year in the 20 year history for Kelowna, sales for single family dwellings started to turn around slowly in the summer and did gain more speed in September and November. Year to date sales are now on par with 2010. We hope these improvements will continue and are looking forward to a strong spring.

Only 4 homes sold over $1 Million in November but in total we noticed good activity this year in the over Million Dollar market.

Our average price for the year will come in in the mid $400,000 range which will be similar to 2009 but below 2010, 2008 and 2007. Looking forward, we anticipate continued stability as we move into 2012. It’s important to look at price changes over several months and years to determine what trends are developing as there will always be month-to-month fluctuations in prices depending on what properties sell in a given month.

Listing inventory is low which helps to bring the sale-to-listing ratio up. However, the sale-to-listing ratio it is still low, at just under 10% compared to a balanced market at 15 to 20%.

Overall unit sales and sales volumes in the Central Okanagan jumped by 16.7% to 258 units ($98.1 million) compared to 221 ($76.9 million) November 2010, and were down 6.6% compared to the 277 units sold in October. Total residential sales improved by 19.9% to 236 units compared to 197 sold last November, and were down 6.7% from 253 in October. Single family home sales of 124 units rose 12.7% compared to 110 last year, but remained the same as this October (125). November’s inventory of 4,475 units was up 3.1% compared to 4,339 in 2010, and single family homes are up 1% from last November.

Did you know you can get
Almost 100% Financing – No Down payment
Do you have a good job, good income, good credit, however, no down payment???? A lot of young people have student loan debt or other debt which does not allow them to save for the down payment required for a house purchase. We know how we can get them a mortgage with cash back, allowing them to buy a home, now, while the prices are low and the interest rates are the best ever. For example:
Purchase Price $250,000
5% Down $12,500.00
Rate 4.99% 5 year term 30 year amortization
Mortgage Amount $244,506.25 including the CMHC fee
MONTHLY PAYMENT $1,303.45.
This mortgage will give clients $11,875.00 cash back. They now only need $625.00 for the down payment plus the closing costs!!!!
GET INTO A HOME NOW, WHILE THE RATES ARE SO LOW.

RE/MAX Market Report
Balanced conditions set to return to most Canadian housing markets in 2012, while residential values expected to set new records. Full report here.

This is still a great time to buy real estate!

Remember, Good Deals Are Not Found, They Are Made.

Major Cities Report

Victoria: Real Estate Activity Stable In November
482 homes and other properties sold last month which was higher than in November of last year and showed little change from October. The average price for single-family homes sold in Greater Victoria last month was $592,034. 11 single family homes sold over $1 million in November including one for over $6 million in Oak Bay.

Vancouver: Historically Normal Activity Keeps The Greater Vancouver Housing Market in a Balanced State
Residential property sales of detached, attached and apartment properties reached 2,360 in November. This represents a 5.9% decline compared to the 2,509 sales in November 2010 and a 1.9% increase compared to the 2,317 sales recorded in October 2011. The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 7.2% to $622,087 in November 2011 from $580,080 in November 2010. Since reaching a peak in June of $630,921, the benchmark price for all residential properties in the region has declined 1.4%. Sales of detached properties on the MLS® in November 2011 reached 916, a decrease of 12.8% from the 1,050 detached sales recorded in November 2010, and a 21.3% decrease from the 1,164 units sold in November 2009. The benchmark price for detached properties increased 11.4% from November 2010 to $890,204.

Calgary: Housing Sales Trending Up
Stable Pricing Is Providing Opportunity For Buyers. Calgary residential sales in November increased 8% over last year. The year to-date sales totaled 12,464, this signifies a 10% increase over last year. The year-to-date average price of single family homes were a respective $467,140. Overall, prices remain relatively flat compared to last year.

Edmonton: Stable Market With Few Surprises
There were no surprises in the month-end Multiple Listing Service® sales figures for the month of November released by the REALTORS® Association of Edmonton today. The all-residential average* sales price of $321,135 was up less than 1% from last month and last November. Single family detached homes sold on average for $365,734 which is marginally higher than last November and last month.

Toronto: Healthy Fall Market Continues In November
Greater Toronto REALTORS® reported 7,092 residential transactions through the TorontoMLS® system in November – up 11% in comparison to November 2010. At the same time, the number of new listings was up by 14% in comparison to last year. The average price for November transactions was $480,421, representing an increase of almost 10% in comparison to $437,494 in November 2010.