Market Update

 Condo Construction Boosts Housing Starts

          Strong demand for condominiums kept Kelowna area housing starts at high levels. Housing starts, led by the condominium sector has consistently been breaking the mark. Multi-family construction continues to see the strongest growth in demand. Buyers seeking resort and lifestyle-oriented units have become the fastest growing segment of Kelowna’s condominium market. Retirees and move-down buyers are also big sources of demand. With few detached units available for less than $400,000, more first-time buyers are turning to multi-family housing. Starts of detached homes recorded a smaller increase. 

Ecologically Friendly, Economically Smart  (mail/call me for the full report “Eco Home Survey”)

          Green-friendly home improvements will likely yield a solid return on investment come selling time as almost three quarters of Canadians (72%) say they will look for a green-improved property in their next home purchase, and 63% will be willing to pay more for an environmentally friendly home, according to the Royal LePage Eco Home Survey.  Canadians are willing to pony up cash for greener home features. In fact, of the majority of Canadians who are willing to pay more for an eco home, 62%  are willing to pay between $5,000 and under $20,000, for green features, while 8% are willing to spend $20,000 or more on a home deemed green.
          When it comes to describing how green their current lifestyle is, 72% of Canadians say they engage in traditional recycling practices. Making a difference can be as simple as implementing small environmentally friendly practices. The most popular green modifications that poll respondents already implement in their homes include switching from regular light bulbs to CFL light bulbs (74%), adding window and door sealers to prevent heat loss (61%), switching to high efficiency washers and dryers and using low flow water fixtures (54%).  

ACTIVE LISTINGS

Res.

Mobiles

Strata

Lots

SUMMARY OF RESIDENTIAL SALES

2007

2006

378

150

42

15

A FEW MORE REAL ESTATE STATS!

SALES BY TYPE
Year to Date

 2007 

2006

57

     www.royallepagetv.ca    Forget walk-in closets and multiple car garages, indoor car washes are the new rage for home “accessories” for rich home owners.

 Elevator car lift and indoor car wash   Walk—in refrigerator, multiple sinks, ovens   Spa, gym, yoga Pilates studio  Wine cellars and tasting rooms  Concierge services  Media room  Hobby room  Wireless and remotely controlled homes  Elevator  Heated driveway, walkway, garage    Call/Email me for a complete report on “Top Ten Must Haves for Today’s Multi Million Dollar Homes”