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Market Update
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According to Canada Mortgage and Housing Corporation, potential
homebuyers will find more choice in the resale markets in 2007 and
2008. High and rising home prices will limit choice for first-time
and low-equity homebuyers. A surge in home resales during the first
half of this year will result in total 2007 home sales on par with
last year’s level. In 2008, the number of MLS® resale transactions
will moderate to 92,500 as higher mortgage carrying costs dampen
demand.
B.C. Region Housing Fore-cast
Resale Market Second Quarter 2007
Kelowna 2006
2007
MLS Sales 4,790
5,500
MLS average $349,805 $405,000
average
Further to that report, for the past 3 consecutive years,
demand for existing homes exceeded the supply of listings, resulting
in double digit price increases. This year the average MLS® price
is projected to increase 11.7%. Price growth will slow in 2008 as
increased listings and fewer resales bring supply and demand for
existing homes into balance. The average MLS® will reach $464,000
in 2008, a 6.3% increase from 2007’s projected level.
B.C.’s relatively low unemployment rate and strong job growth
make it an attractive destination for job seekers. Higher home
prices in neighbouring Alberta may also be a factor as people
looking to retire in B.C. face a smaller gap in relative house
prices. Migration will add close to 100,000 people in the next 2
years. |
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ACTIVE LISTINGS |
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Res. |
Mobiles |
Strata |
Lots |
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1015 |
167 |
741 |
377 |
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SUMMARY OF
RESIDENTIAL SALES |
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Price Range |
2007 |
2006 |
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0 - |
$200,000 |
7 |
24 |
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$200,001 |
$240,000 |
12 |
36 |
| $240,001 |
$280,000 |
48 |
155 |
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$280,001 |
$320,000 |
123 |
307 |
| $320,001 |
$360,000 |
311 |
338 |
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$360,001 |
$400,000 |
311 |
335 |
| $400,001 |
$440,000 |
337 |
199 |
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$440,001 |
$480,000 |
237 |
128 |
| $480,001 |
$520,000 |
176 |
101 |
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$520,001 |
$560,000 |
117 |
63 |
| $560,001 |
$600,000 |
127 |
56 |
| $600,001 |
$999,999 |
299 |
115 |
| $1. Million |
Over |
69 |
45 |
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A FEW MORE REAL
ESTATE STATS! |
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Average house price : |
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$496,510 |
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Median house price : |
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$449,950 |
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Number of houses listed last |
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month: |
440 |
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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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$107,206 |
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Dollar value of sales in Aug 2007: |
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$263,366,448 |
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Dollar value of sales in Aug 2006: |
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$193,146,064 |
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SALES BY TYPE
Year to Date |
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2007 |
2006 |
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Acreage |
32 |
44 |
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Acreage with Home |
81 |
77 |
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Acreage - Waterfront |
1 |
1 |
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Business |
19 |
23 |
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Townhouse |
550 |
723 |
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Condo |
940 |
723 |
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Lots - Waterfront |
6 |
9 |
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Lots |
189 |
269 |
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Duplex |
153 |
127 |
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Farms |
12 |
12 |
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IC & I |
39 |
36 |
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IC & I Land |
18 |
14 |
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Leases |
68 |
57 |
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Multi-Family |
5 |
7 |
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Mobile Homes |
209 |
260 |
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Residential |
2137 |
1861 |
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Residential-Waterfront |
43 |
41 |
| Recreational |
46 |
18 |
| Timeshares |
5 |
0 |
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| Multi Plex |
13 |
5 |
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IF YOU ARE THINKING OF BUYING OR
SELLING, PLEASE GIVE US A CALL!
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Kelowna area population, exclusive of seasonal variance, will grow
by 2.5% - 3.0% this year and next.
Additionally, the Kelowna area’s attractive lifestyle will
remain a huge draw and will fuel population growth.
An influx of buyers seeking second residences and
resort-oriented housing (nonpermanent residents) has emerged as a
key source of housing demand and major
contributor to the local economy.
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