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Market Update
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The unit sales
in the Central Okanagan real estate market are lower than August
2005. The market had a 21 per cent decrease with 511 total unit
sales for the month compared to 647 unit sales in August last year.
Active listings rose more than 15 per cent in August—particularly in
the apartment condo sector where they rose by 26% compared to this
time last year. September will be an interesting month for the real
estate market in the Central Okanagan. We have had a great summer
market despite the fewer sales numbers. On the other hand, we find
the trend around the province is lower sales volumes, rising prices
and rising active inventory similar to our current local market
conditions. The Bank of Canada held its benchmark lending rate at
4.25 per cent which means interest rates are expected to remain on
hold over the rest of the year creating no real urgency for
consumers. |
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ACTIVE LISTINGS |
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Res. |
Mobiles |
Strata |
Lots |
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883 |
97 |
628 |
308 |
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SUMMARY OF
RESIDENTIAL SALES |
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Price Range |
2006 |
2005 |
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0 - |
$200,000 |
22 |
90 |
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$200,001 |
$240,000 |
31 |
249 |
| $240,001 |
$280,000 |
144 |
515 |
|
$280,001 |
$320,000 |
350 |
479 |
| $320,001 |
$360,000 |
489 |
414 |
|
$360,001 |
$400,000 |
455 |
377 |
| $400,001 |
$440,000 |
292 |
197 |
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$440,001 |
$480,000 |
232 |
156 |
| $480,001 |
$520,000 |
181 |
79 |
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$520,001 |
$560,000 |
140 |
61 |
| $560,001 |
$600,000 |
152 |
68 |
| $600,001 |
$999,999 |
323 |
171 |
| $1. Million |
Over |
97 |
30 |
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A FEW MORE REAL
ESTATE STATS! |
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Average house price : |
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$424,270 |
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Median house price : |
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$377,500 |
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Number of houses listed last |
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month: |
382 |
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Number of lakeshore homes sold |
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last month: |
6 |
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Average mobile home price: |
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$78,135 |
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Dollar value of sales in Aug 2006: |
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$191,954,274 |
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Dollar value of sales in Aug 2005: |
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$191,471,334 |
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SALES BY TYPE
Year to Date |
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2006 |
2005 |
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Acreage |
44 |
43 |
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Acreage with Home |
77 |
79 |
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Acreage - Waterfront |
1 |
9 |
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Business |
23 |
21 |
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Townhouse |
421 |
497 |
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Condo |
721 |
687 |
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Lots - Waterfront |
8 |
11 |
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Lots |
303 |
368 |
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Duplex |
127 |
116 |
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Farms |
12 |
16 |
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IC & I |
34 |
42 |
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IC & I Land |
14 |
15 |
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Leases |
58 |
49 |
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Multi-Family |
7 |
11 |
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Mobile Homes |
260 |
244 |
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Residential |
1862 |
1997 |
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Residential-Waterfront |
42 |
42 |
| Recreational |
18 |
29 |
| Timeshares |
0 |
1 |
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IF YOU ARE THINKING OF BUYING OR
SELLING, PLEASE GIVE US A CALL!
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Renovation
Spending Increases.
Home renovation in Canada has
climbed steadily from $21 billion in 1999 to a projected $42 billion
in 2006, says the latest CMHC Housing Market Outlook report.
Sign
Of Times. 35 Yr Mortgage
The recent announcement of Genworth
Financial offering the 35 year mortgage. With the longer
amortization the monthly payments are even more affordable. |
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