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Market Update
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The real estate
market continued to rise in the month of February with another
increase for the second month in 2006 as compared to the same time
last year. The total sales for February 2006 were almost 7 per cent
higher than February 2005 with 480 sales compared to 450 sales.
Kelowna’s residential real estate market continues to be even
stronger than last year’s record-setting pace. In the first two
months of 2006 sales were up almost 10 per cent and listings were up
almost 12 per cent. We continue to see a rise in the average house
price which has now climbed to a record $362,183. It is hard to
believe that only 5 years ago the average house price was
approximately $185,000. As a result of rising single family house
prices, single family sales dropped in February 2006 (212 sales)
from February 2005 (226 sales). Due to changing demographics and
the first time home buyer affordability issues almost a third of our
sales in February were condominium, town home or duplex sales.
Rising interest rates should have no effect on stable construction
starts and strong consumer confidence as we see another very strong
year in the Okanagan real estate market. |
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ACTIVE LISTINGS |
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Res. |
Mobiles |
Strata |
Lots |
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685 |
101 |
569 |
289 |
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SUMMARY OF
RESIDENTIAL SALES |
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| Price
Range |
2006 |
2005 |
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0 - |
$200,000 |
9 |
19 |
| $200,001 |
$240,000 |
10 |
79 |
| $240,001 |
$280,000 |
44 |
115 |
| $280,001 |
$320,000 |
115 |
93 |
| $320,001 |
$360,000 |
114 |
86 |
| $360,001 |
$400,000 |
101 |
77 |
| $400,001 |
$440,000 |
66 |
36 |
| $440,001 |
$480,000 |
39 |
34 |
| $480,001 |
$520,000 |
39 |
14 |
| $520,001 |
$560,000 |
22 |
7 |
| $560,001 |
$600,000 |
30 |
15 |
| $600,001 |
$999,999 |
45 |
34 |
| $1. Million |
Over |
14 |
3 |
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A FEW MORE REAL
ESTATE STATS! |
| Average
house price : |
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$362,183 |
| Median
house price : |
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$337,200 |
| Number
of houses listed last |
| month: |
337 |
| Number
of lakeshore homes sold |
| last
month: |
0 |
| Average
mobile home price: |
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$69,670 |
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Dollar value of sales in Feb 2006: |
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$150,064,303 |
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Dollar value of sales in Feb 2005: |
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$119,646,934 |
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SALES BY TYPE
Year to Date |
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2006 |
2005 |
| Acreage |
13 |
4 |
| Acreage
with Home |
21 |
12 |
| Acreage
- Waterfront |
0 |
2 |
| Business |
5 |
6 |
| Townhouse |
104 |
82 |
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Condo |
139 |
136 |
| Lots
- Waterfront |
1 |
2 |
| Lots |
85 |
56 |
| Duplex |
24 |
24 |
| Farms |
4 |
3 |
| IC
& I |
6 |
3 |
| IC
& I Land |
2 |
6 |
| Leases |
19 |
11 |
| Multi-Family |
1 |
2 |
| Mobile
Homes |
48 |
44 |
| Residential |
370 |
374 |
| Residential-Waterfront |
7 |
4 |
| Recreational |
7 |
7 |
| Timeshares |
0 |
1 |
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IF YOU ARE THINKING
OF BUYING OR SELLING, PLEASE GIVE US A CALL!
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BUYING INTENTIONS
DECLINE
The Royal Bank of Canada has
reported that Canadians intentions to buy a home in the next two
years have lowered from 13 per cent to 10 per cent. This is the
lowest level in over 5 years. The number of Canadians planning to
buy over the next 6 months dropped from 10 to 8 per cent. This is a
noticeable change however the intentions to buy are still evident
although the intensity to do so is not near as great. |
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