| | | | Kelowna Real Estate News July 2024 Stats July was similar to the previous quarter, maintaining it’s course with no big gains or losses.
Good news! The BC Government has revised their tenancy law changes, that purchasers looking to move into a home are now only required to give 3 months notice, vs the 4 months notice they had changed it to.
 SINGLE FAMILY HOMES
 Benchmark Price Trend (3 months) 11% of listings selling 80% of sales are under $1.250M With only 11% of the listings selling, single family homes are currently the weakest segment of all 3. Sales have been almost identical since April (189, 189, 190, 185 sales). For context, our 10-year average for July sales is 242; leaving us about 25% shy. Our listing inventory has seen it’s first month of decline all year which is good news. We still have 1.5x as many listings as we would expect for this time of year, giving buyers good options.
The benchmark price has remained steady and I don’t expect it to stray from from it’s $1M mark for the rest of the year.
Luxury Market ($2M+)
Excluding lakefront, 4 properties sold over $2M last month, with the most expensive at $3.225M in High Pointe; a 6,000sqft home with triple garage, pool, and outdoor movie theater.
Lakefront saw 6 homes selling last month (an impressive number). However, an even more impressive number is the sale price of the MOST EXPENSIVE HOME SALE EVER at a whopping $16 MILLION (not a typo). This 15,000 sqft home had 5 bedrooms and 10 bathrooms with 240 feet from lakefront in Carrs Landing. It featured a 12 car garage, guest house, karaoke room, glass floor wine cellar and infinity pool. It was originally listed in April 2023 for $19M. See photos here.
 TOWNHOMES
Benchmark Price Trend (3 months) 14% of listings selling 80% of sales are under $850K After June saw sales tumble by 30% compared to May, July is in line with June’s lower sales numbers. Listing inventory is holding steady 40% higher than our 10-year average.
115 of the 447 active listings are still brand new and vacant with an average price of $910K.
I had to triple-check the stats, because the benchmark price has shot up to $779K from $717K the previous month. I’m not sure if this is a true indication of an increase in value of townhomes over last month. We’ll keep an eye on it and see what happens in the coming months; I certainly haven’t noticed an 8% increase in townhome prices all of a sudden.
 CONDOS
Benchmark Price Trend (3 months) 15% of listings selling
80% of sales are under $550K Condos have surprisingly regained the lead with 15% of listings selling, just edging townhomes out.
After a surprising sales dip in June, sales have bounced back to a more reasonable pace, only 15% under the 10-year average, not bad at all!
The high number of listings is what is handcuffing this market segment, with 1.5x more listings than average. While the majority (80%) of sales are under $550K, almost half of the listings are OVER $550K.
Only 1 sale was over $1M in July; a 1,400ft unit on the 23rd floor of One Water for $1.130M. There are currently 55 condos for sale over $1M.
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“The month of July delivered another steady month of sales and listings, as we’d expect for an average summer season in our market,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “The sales in July tracked very closely to June numbers, which may have surprised some who expected that summer vacations would take more buyers out of the market. We did see inventory shrink a little from the previous month. This is not unusual for this time of year, but it is a trend we’ll keep an eye on because inventory levels are crucial to keeping our market balanced.”
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in July 2023 was $1,322,800. The benchmark value for the same home in July 2024 decreased by 2 per cent to $1,296,100.
Source Vancouver More Selection Not Translating To More Transactions Newly listed properties registered on the Multiple Listing Service® rose nearly twenty per cent year over year in July, helping to sustain a healthy level of inventory in the Metro Vancouver housing market. On the demand side, the Greater Vancouver REALTORS® reports that residential sales in the region totalled 2,333 in July 2024, a 5 per cent decrease from the 2,455 sales recorded in July 2023. This was 17.6 per cent below the 10-year seasonal average (2,831). “The trend of buyers remaining hesitant, that began a few months ago, continued in the July data despite a fresh quarter percentage point cut to the Bank of Canada’s policy rate.” said Andrew Lis, GRV director of economics and data analytics “With the overall market experiencing balanced conditions, and with a healthy level of inventory not seen in quite a few years, price trends across all segments have leveled out with very modest declines occurring month over month,” Lis added.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,197,700. This represents a 0.8 per cent decrease over July 2023 and a 0.8 per cent decrease compared to June 2024.
Source Calgary Supply Levels Improve, Taking Some Pressure Off Prices With the busy spring market behind us, we are starting to see some shifts in supply levels. With 2,380 sales and 3,604 new listings, the sales-to-new listings ratio fell to 66 per cent, supporting a gain in inventory. Inventories rose to 4,158 units, still 33 per cent below what we typically see in July, but the first time they have pushed above 4,000 units in nearly two years. Although the majority of supply growth occurred for homes priced above $600,000, the rise has helped shift the market away from the extreme sellers’ market conditions experienced throughout the spring.
“While we are still dealing with supply challenges, especially for lower-priced homes, more options in both the new home and resale market have helped take some of the upward pressure off home prices this month,” said Ann-Marie Lurie, Chief Economist at CREB®. “This is in line with our expectations for the second half of the year, and should inventories continue to rise, we should start to see more balanced conditions and stability in home prices.” Improved supply helped slow the pace of monthly price growth for each property type. In July, the total residential benchmark price was $606,700, similar to last month and nearly eight per cent higher than last year’s levels.
Source
Edmonton
Housing Supply Tightens As Number Of Sales Sees Late Summer Rebound There were a total of 2,941 residential unit sales in the Greater Edmonton Area real estate market during July 2024, a 3.5% increase from June 2024, and 27.1% higher than July 2023. New residential listings amounted to 3,729, up 2.9% from June 2024, and 13.2% higher than July 2023. Overall inventory in the GEA decreased 1.4% from June 2024 and is tracking 15.1% lower than July 2023.
“July’s heatwave didn’t stop home buyers from making the most of the market this month.” says REALTORS® Association of Edmonton 2024 Board Chair Melanie Boles. “The number of sales saw an unexpected bump considering things normally start to taper off after May and June have passed, while the added competition doesn’t seem to have impacted home prices just yet. The lower inventory available is something to keep an eye on, as we’ve seen the effects too little supply has had on prices in other markets.”
Total residential average prices came in at $440,466, a 0.4% increase from June 2024, and a 7.7% increase from July 2023.
Source Toronto Buyer Activity Increases Slightly In July Greater Toronto Area home sales in July 2024 were up compared to July 2023. While sales were up from last year, buyers continued to benefit from more choice in the GTA marketplace, with annual growth in new listings outstripping that of sales. The better-supplied market meant that buyers also benefitted from a slight relief in selling prices on average.
“It was encouraging to see an uptick in July sales relative to last year. We may be starting to see a positive impact from the two Bank of Canada rate cuts announced in June and July. Additionally, the cost of borrowing is anticipated to decline further in the coming months. Expect sales to accelerate as buyers benefit from lower monthly mortgage payments,” said TRREB President Jennifer Pearce.
The MLS® Home Price Index Composite benchmark was down by approximately five per cent on a year-over-year basis in July 2024. The average selling price of $1,106,617 was down by 0.9 per cent over the July 2023 result of $1,116,950.
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