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Market Update
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With 2007
now behind us, it shows another record year in MLS sales for the
Central Okanagan. REALTORS® booked 6,192 units SOLD compared to
5,457 in 2006, an increase of 13.47%. Another banner year as far as
the average single family house price which closed at $497,321 in
December (up 17% from last year) and median house price of $476,506
year to date (up 18% over 2006). Total number of listings in 2007
was 10,887, a staggering 21% increase over last year and sales
volume broke all previous records at $2.5 billion, an increase of
24% in part due to rising prices. The year’s highlights came in
timeshare sales which were up 150%, land sales up by 120% and
recreational properties which showed an increase of 100%. Once
again, the condominium market—apartments and townhomes were up
approximately 26% due to affordability, local demographics and
product availability. In the latest CMHC report
“Multi-family-housing saw the strongest growth in demand. With few
new or existing detached units available for less than $400,000,
more first-time buyers are turning to townhouses and condominiums.
Resort housing and second residences have emerged as the fastest
growing segments of Kelowna’s condominium market.”
“Despite eroding affordability, consumer demand remains strong,”
according to BCREA Chief Economist, Cameron Muir regarding home
sales in British Columbia. “Employment growth, rising wages and
salaries and population growth buoyed by migration continue to
underpin housing demand. Access to home ownership is also being
bolstered by an increasing proportion of relatively affordable
condominiums in the housing stock and many consumers are taking
advantage of longer mortgage amortizations which lower their monthly
carrying costs.”
According to the Canadian Real Estate Association, we also
expect that financial market uncertainty stemming from the sub-prime
mortgage lending meltdown in the U.S. will put the pressure on
Canadian interest rates from rising in 2008
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ACTIVE LISTINGS |
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Res. |
Mobiles |
Strata |
Lots |
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915 |
128 |
944 |
367 |
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SUMMARY OF
RESIDENTIAL SALES |
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Price Range |
2007 |
2006 |
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0 - |
$200,000 |
9 |
26 |
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$200,001 |
$240,000 |
13 |
49 |
| $240,001 |
$280,000 |
58 |
183 |
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$280,001 |
$320,000 |
144 |
383 |
| $320,001 |
$360,000 |
358 |
470 |
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$360,001 |
$400,000 |
402 |
454 |
| $400,001 |
$440,000 |
448 |
264 |
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$440,001 |
$480,000 |
343 |
188 |
| $480,001 |
$520,000 |
262 |
130 |
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$520,001 |
$560,000 |
190 |
96 |
| $560,001 |
$600,000 |
173 |
80 |
| $600,001 |
$999,999 |
393 |
157 |
| $1. Million |
Over |
43 |
16 |
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A FEW MORE REAL
ESTATE STATS! |
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Average house price : |
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$497,321 |
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Median house price : |
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$465,500 |
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Number of houses listed last |
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month: |
184 |
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Number of lakeshore homes sold |
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last month: |
1 |
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Average mobile home price: |
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$113,373 |
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Dollar value of sales in Dec 2007: |
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$109,994,672 |
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Dollar value of sales in Dec 2006: |
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$86,990,176 |
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SALES BY TYPE
Year to Date |
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2007 |
2006 |
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Acreage |
44 |
60 |
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Acreage with Home |
121 |
100 |
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Acreage - Waterfront |
3 |
3 |
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Business |
26 |
32 |
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Townhouse |
736 |
589 |
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Condo |
1262 |
990 |
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Lots - Waterfront |
6 |
13 |
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Lots |
321 |
383 |
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Duplex |
192 |
166 |
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Farms |
21 |
18 |
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IC & I |
49 |
62 |
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IC & I Land |
33 |
15 |
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Leases |
99 |
72 |
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Multi-Family |
6 |
10 |
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Mobile Homes |
301 |
355 |
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Residential |
2845 |
2496 |
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Residential-Waterfront |
51 |
53 |
| Recreational |
56 |
28 |
| Timeshares |
5 |
2 |
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| Multi Plex |
15 |
10 |
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IF YOU ARE THINKING OF
BUYING
OR SELLING, PLEASE GIVE US A CALL!
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www.royallepagetv.ca
Unseasonably High Price
Appreciation and Record-Breaking Activity Cap Canada’s Real Estate
Market in 2007
Supported by booming energy sectors,
Saskatchewan, Manitoba and New Brunswick experience highest house
price gains in Q4 2007.
TORONTO, January 8, 2008 – Canada’s
real estate market posted significant gains in the fourth quarter of
2007 and showed little sign of the traditional seasonal slowdown.
Average house prices continued to increase in the fourth quarter
with many markets experiencing double-digit gains, according to a
House Price Survey report released today by Royal LePage Real
Estate. Services…...
For the complete “Royal LePage
Home Pricing Survey Report”
contact me by phone or email. |
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