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Market Update
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The record breaking real estate market of 2005
continues to roll into 2006. January was a strong indication that
the market will experience another good year. Sales for January 2006
were up almost 14% over January 2005 with 377
total unit sales for the month. Residential single family
sales rose 5.3%, residential town home sales were up 86% and
residential condominium sales rose 22.6% over January 2005.The
average house price has reached the $345,818 mark in the Kelowna
area and listing inventory was, surprisingly, 22% higher than
January 2005. According to the CMHC the median house price in
Kelowna rose 16%, Penticton 20%, Vernon 22% and Salmon Arm led the
way with an increase of 29%.
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ACTIVE LISTINGS |
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Res. |
Mobiles |
Strata |
Lots |
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630 |
86 |
568 |
254 |
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SUMMARY OF
RESIDENTIAL SALES |
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| Price
Range |
2006 |
2005 |
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0 - |
$200,000 |
4 |
109 |
| $200,001 |
$240,000 |
4 |
304 |
| $240,001 |
$280,000 |
26 |
634 |
| $280,001 |
$320,000 |
51 |
637 |
| $320,001 |
$360,000 |
61 |
572 |
| $360,001 |
$400,000 |
50 |
509 |
| $400,001 |
$440,000 |
28 |
280 |
| $440,001 |
$480,000 |
15 |
207 |
| $480,001 |
$520,000 |
18 |
113 |
| $520,001 |
$560,000 |
10 |
88 |
| $560,001 |
$600,000 |
15 |
89 |
| $600,001 |
$999,999 |
20 |
258 |
| $1. Million |
Over |
8 |
46 |
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A FEW MORE REAL
ESTATE STATS! |
| Average
house price : |
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$345,818 |
| Median
house price : |
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$324,000 |
| Number
of houses listed last |
| month: |
310 |
| Number
of lakeshore homes sold |
| last
month: |
3 |
| Average
mobile home price: |
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$65,483 |
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Dollar value of sales in Jan 2006: |
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$114,125,293 |
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Dollar value of sales in Jan 2005: |
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$83,274,986 |
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SALES BY TYPE
Year to Date |
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2006 |
2005 |
| Acreage |
8 |
2 |
| Acreage
with Home |
13 |
7 |
| Acreage
- Waterfront |
0 |
0 |
| Business |
3 |
5 |
| Townhouse |
52 |
28 |
| Condo |
65 |
53 |
| Lots
- Waterfront |
0 |
1 |
| Lots |
35 |
28 |
| Duplex |
7 |
12 |
| Farms |
3 |
2 |
| IC
& I |
3 |
2 |
| IC
& I Land |
1 |
3 |
| Leases |
6 |
6 |
| Multi-Family |
1 |
0 |
| Mobile
Homes |
18 |
25 |
| Residential |
158 |
150 |
| Residential-Waterfront |
3 |
2 |
| Recreational |
0 |
5 |
| Timeshares |
0 |
0 |
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IF YOU ARE THINKING
OF BUYING OR SELLING, PLEASE GIVE US A CALL!
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CANADIAN REAL ESTATE
ASSOCIATION FORECASTS SALES EASE IN 2006
Canada’s resale
housing market expects to slow by 4.4% in 2006 and a further 5.2% in
2007. Rising interest rates will cause resale housing to moderate in
all provinces. The Canadian economy is expected to grow but given
the tight product and labor markets the Bank of Canada is expected
to raise the interest rates to keep inflation under wraps. |
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