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Market Update
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As
temperatures slowly rise bringing us closer to another beautiful
Okanagan spring, our local real estate market continues in a
balanced state with single family home listings up by 11 percent and
sales down by 7.4 percent. Although average home prices rose by 20
percent over 2006 reaching $450,058, the majority of the increase
occurred over the first 6 months of 2006, with price increases
significantly dropping to 5 to 7 percent increases in the second
half of 2006. CMHC predictions for 2007 have average home prices
increasing by up to 6 percent in the remainder of 2007.The Bank of
Canada held its benchmark overnight lending rate steady at 4.25 per
cent on March 6th. The trend-setting Bank rate, which is set 0.25
percentage points above the overnight lending rate, remains at 4.5
per cent. The Bank’s announcement repeated the message it has been
giving since it put interest rates on hold in the middle of last
year, and signaled that it views current interest rates as “just
right”. “The current level of the target for the overnight rate is
judged, at this time, to be consistent with achieving the inflation
target over the medium term,” the Bank said in its March 2007
statement. The Bank also reasserted that economic growth and
inflationary pressures are unfolding as it expects, so interest
rates are fine where they are. Looking ahead, the Bank repeated
that risks to the outlook for inflation remain “roughly balanced”.
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ACTIVE LISTINGS |
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Res. |
Mobiles |
Strata |
Lots |
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851 |
99 |
805 |
468 |
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SUMMARY OF
RESIDENTIAL SALES |
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| Price
Range |
2007 |
2006 |
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0 - |
$200,000 |
2 |
9 |
| $200,001 |
$240,000 |
3 |
10 |
| $240,001 |
$280,000 |
14 |
44 |
| $280,001 |
$320,000 |
36 |
116 |
| $320,001 |
$360,000 |
84 |
113 |
| $360,001 |
$400,000 |
92 |
100 |
| $400,001 |
$440,000 |
78 |
59 |
| $440,001 |
$480,000 |
61 |
45 |
| $480,001 |
$520,000 |
53 |
36 |
| $520,001 |
$560,000 |
40 |
24 |
| $560,001 |
$600,000 |
62 |
35 |
| $600,001 |
$999,999 |
125 |
41 |
| $1. Million |
Over |
28 |
10 |
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A FEW MORE REAL
ESTATE STATS! |
| Average
house price : |
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$450,058 |
| Median
house price : |
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$411,600 |
| Number
of houses listed last |
| month: |
374 |
| Number
of lakeshore homes sold |
| last
month: |
3 |
| Average
mobile home price: |
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$100,553 |
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Dollar value of sales in Feb 2007: |
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$176,538,198 |
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Dollar value of sales in Feb 2006: |
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$152,969,203 |
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SALES BY TYPE
Year to Date |
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2007 |
2006 |
| Acreage |
9 |
12 |
| Acreage
with Home |
13 |
21 |
| Acreage
- Waterfront |
0 |
0 |
| Business |
5 |
5 |
| Townhouse |
87 |
107 |
|
Condo |
179 |
141 |
| Lots
- Waterfront |
0 |
1 |
| Lots |
33 |
83 |
| Duplex |
23 |
25 |
| Farms |
1 |
4 |
| IC
& I |
11 |
6 |
| IC
& I Land |
1 |
2 |
| Leases |
19 |
19 |
| Multi-Family |
1 |
1 |
| Mobile
Homes |
26 |
48 |
| Residential |
370 |
372 |
| Residential-Waterfront |
3 |
7 |
| Recreational |
5 |
7 |
| Timeshares |
2 |
0 |
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IF YOU ARE THINKING
OF BUYING OR SELLING, PLEASE GIVE US A CALL!
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Kelowna could be in line for 10 new units of
special needs housing, if council gives the okay. The Kelowna-based
Society of Hope wants permission to create a social housing complex
on Gordon Drive near Springfield Road, but needs a rezoning decision
first. Their proposal goes before city council on Monday. The plan
would involve removing an existing house, and replacing it with a
10-unit, two-storey apartment building. The Society of Hope wants
rent the apartments it creates, at rates below market value, to
single women with children, or women with other special housing
needs. |
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