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Market Update
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The real estate
market may finally be showing signs of stabilizing in April 2006 as
this is the first month in a long time that sales have dropped.
April 2006 saw only 507 total sales compared to 600 total sales in
April 2005, a decrease of 15.5 per cent. Single family residential
sales at 233 were down 13.7 per cent compared to this time last year
. The recent Royal LePage Canada housing price report stated that
house prices continue to rise in Canada in the first quarter but the
rate of appreciation has slowed. Increases were seen in all major
cities across Canada. The average price of a detached bungalow in
Canada increased by 7.1 per cent to $282,059. That same home in the
Kelowna area averaged $381,151. A standard condominium apartment in
Canada rose 8.8% per cent to $195,909. Buyers can expect to pay
$241,613 for the same condominium here. Another surprise was that
the number of million dollar plus listings totalled 119 for the
Central Okanagan area and 32 million dollars plus worth of
properties have been sold in the first quarter of 2006. Canada’s
domestic economy will continue to be strong with growth expected to
reach 3.2 per cent in 2006.
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ACTIVE LISTINGS |
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Res. |
Mobiles |
Strata |
Lots |
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760 |
101 |
651 |
291 |
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SUMMARY OF
RESIDENTIAL SALES |
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| Price
Range |
2006 |
2005 |
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0 - |
$200,000 |
16 |
46 |
| $200,001 |
$240,000 |
18 |
147 |
| $240,001 |
$280,000 |
81 |
262 |
| $280,001 |
$320,000 |
208 |
247 |
| $320,001 |
$360,000 |
259 |
219 |
| $360,001 |
$400,000 |
197 |
180 |
| $400,001 |
$440,000 |
141 |
81 |
| $440,001 |
$480,000 |
92 |
75 |
| $480,001 |
$520,000 |
95 |
32 |
| $520,001 |
$560,000 |
50 |
25 |
| $560,001 |
$600,000 |
63 |
33 |
| $600,001 |
$999,999 |
128 |
74 |
| $1. Million |
Over |
34 |
14 |
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A FEW MORE REAL
ESTATE STATS! |
| Average
house price : |
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$381,151 |
| Median
house price : |
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$350,000 |
| Number
of houses listed last |
| month: |
342 |
| Number
of lakeshore homes sold |
| last
month: |
4 |
| Average
mobile home price: |
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$83,429 |
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Dollar value of sales in Apr 2006: |
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$185,284,103 |
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Dollar value of sales in Apr 2005: |
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$167,785,777 |
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SALES BY TYPE
Year to Date |
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2006 |
2005 |
| Acreage |
27 |
18 |
| Acreage
with Home |
42 |
40 |
| Acreage
- Waterfront |
0 |
4 |
| Business |
9 |
8 |
| Townhouse |
215 |
211 |
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Condo |
331 |
312 |
| Lots
- Waterfront |
4 |
2 |
| Lots |
168 |
185 |
| Duplex |
60 |
59 |
| Farms |
8 |
8 |
| IC
& I |
17 |
16 |
| IC
& I Land |
9 |
12 |
| Leases |
37 |
26 |
| Multi-Family |
3 |
4 |
| Mobile
Homes |
111 |
99 |
| Residential |
865 |
907 |
| Residential-Waterfront |
22 |
11 |
| Recreational |
11 |
19 |
| Timeshares |
0 |
1 |
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IF YOU ARE THINKING
OF BUYING OR SELLING, PLEASE GIVE US A CALL!
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GST CUT IMPACT ON
REAL ESTATE.
The 2006 Federal Budget tax cuts
will ease the tax burden on Canadians buying and selling real
estate. The reduction in the GST rate from 7 percent to 6 per cent
will help make home ownership more affordable. The timing of the GST
cut, scheduled for July 1, 2006, will apply to contracts signed
after May 2nd, 2006 but where possession will not take place until
after July 1st, 2006 |
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