KELOWNA: Wondering if the winter will ever end this year in Kelowna? We are sure it also has an effect on the activity in Real Estate. People are taking a ‘wait and see’ approach with buyers and sellers looking forward to the spring.
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Nothing sold over 1 Million last month and still our average price came up from $412,000 in Jan 09 to $448,000 in Feb 09. Only 5 lots sold last month and CMHC is reporting only 11 housing starts in February. Undoubtedly, the global economic downturn has battered everybody’s confidence. Please be careful in what you read in national and US housing reports and articles that do not reflect our local market conditions. We have promising signs here in Kelowna; It appears that we are moving towards a more balanced and stable market. Sales made some gains this month, prices are stabilizing and the rate at which our inventory is selling is increasing. With low interest rates, broad selection and improved affordability, buying opportunities have not been this strong in years. There are terrific opportunities out there right now, but with the inventory selling quicker, those opportunities may not be available for very long, and over quicker than you may think. Whatever you buy today, I am sure you will look like “a genius” in 10 years and you wish you would have bought more.
Great deals are not found, they are made!
Major Cities Report
Victoria: Real estate sales rebounded in February total of 403 homes and other properties sold. The average price for single family homes sold last month was $542,396, up from $526,148 in January.
Vancouver: Property listings decrease, as February sales improve 1,480 sales registered in February with a benchmark price of $486,054.
Kelowna: A rise in the average price plus improved sales over January with similar inventory point to a better market ahead.
Calgary: 825 sales in the month of February 2009 showing an increase of 50 per cent from 550 sales in January. The average price of a single family home was $415,568 up 0.6%
Edmonton: Local housing prices continue to slide while sales rise. The average price of a single family home in February was $347,309 with 1,075 residential sales and 21,440 homes in the inventory.
Winnipeg: February MLS® sales down 14%. 660 units sold, dollar volume remained strong as the level resulted in the third highest on record.
Toronto: Sales and average price were above January levels. The average home price was $361,305 in February with 4,120 residential sales and 7,097 homes in the inventory. |
