We also had a strong month here in Kelowna. Not as much of a record as we noticed in other cities, but remember we benefit from their markets. Well priced listings and lower to mid-range priced properties remain in the highest demand across Kelowna and area. Recent activity from first-time buyers is beginning to boost demand in the “move-up” segment of the market. The opportunities for fantastic deals are eroding quickly in the “below $500,000″ price range especially.  Above $500,000 is where you can get the deals, but remember, great deals are not found, they are made.

We have shifted from a market that favored the buyer, to one that is far more balanced. Our sales-to-listing ratio climbed steadily from a low of under 5% in the winter to 13.7% in July. We may begin to see modest price appreciation as inventories are drawn down slowly by sales although we are still very high with 1,686 single family dwellings to choose from.  There were a very impressive 231 sales in July, which has been a steady come back from January 2009 of only 55 sales.  July had healthy sales numbers in a month when we typically expect a summer slowdown.
We are by no means back to the roaring years from 2002 to 2007 but we are recuperating extremely fast and steady thanks to low interest rates, consumer confidence, and the strong market all over Canada.

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Major Cities Report
Victoria: Property sales soar in July. The number of sales of homes and other properties reached their highest peak for the month of July in at least 19 years. There are indications that the recession is nearing an end and people are feeling more confident.

Vancouver: Strong spring market carries into summer months. Vancouver housing market gained further momentum in July with record sales levels and a continued strengthening of home prices. Since the beginning of the year, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 9.2% to $528,821 from $484,211. However, home prices compared to July 2008 levels are down 5%.

Kelowna: We are proud to report one of the better Julys ever. Our active listings are similar in single family dwellings or just down by a few, plus sales are up and the average price climbed significantly to over $480,000 thanks to 8 homes sold over $1Mill.

Calgary: Calgary Metro home sales show signs of strength. Confidence has definitely returned to the housing market,” We are continuing to see market improvement in Calgary home sales,” These are healthy sales numbers in a month when we typically expect a summer slowdown.

Edmonton: Record housing sales for second month in a row . The market is stable and strong sales and market activity are not driving prices up dramatically.  Attractive mortgage rates and consumer confidence are powering the local market and sellers are being realistic about their pricing.

Toronto: Resale record in July.  The steep drop-off in sales experienced at the beginning of the year has almost disappeared.