| | | | Kelowna Real Estate News April 2024 Stats April saw a welcome increase in sales, shifting our market close to, and into a balanced market for the first time since August last year. Listings have continued to climb higher, although it’s seasonally expected, they are quite a bit higher than the 10-year average. Prices are holding steady across the board.
However, this past 7-10 days felt like the market has slowed right down again. It could be a blip, could be weather-related, or could be a mentality shift of waiting for interest rates to change. Time will tell and we’ll know more by the end of the month.
 SINGLE FAMILY HOMES
 Benchmark Price Trend (3 months) 14% of listings selling 80% of sales are under $1.2M April saw an uptick in activity which was welcomed! The sales numbers in relation to the 10-year average saw a large increase which is great news! That has pushed us to be the closest we’ve been to a balanced market in 8 months. While we’re not quite there yet, it’s getting closer.
The listing inventory however, is continuing to climb. With 1,376 listings, that makes this the highest April in 10 years. By comparison, the 10-year average is only 907 properties for sale, which makes April 1.5x the average. This is good news for buyers as they finally have lots of selection, however, over half of the properties for sale, are over $1.2M, and 25% are over $1.6M.
With 80% of the sales UNDER $1.2M, and 50% of the listings OVER $1.2M, you know which part of the market is hottest and which has the most competition among sellers.
There are 123 brand-new unoccupied homes for sale currently, this makes up about 10% of the inventory.
This brings us to the high-end market (over $2M), where including lakefront homes, there are 228 properties for sale. Some serious competition considering that only 8 sold in April. All were under $3M, except for a 2 acre waterfront property in Carrs Landing that sold for $6.5M!
The benchmark price has bounced back after a small dip in March, and is back in line with February. at almost exactly $1M.
 TOWNHOMES
Benchmark Price Trend (3 months) 18% of listings selling 80% of sales are under $850K Townhomes continue once again to outperform the other segments. With 18% of the inventory selling last month, this makes it the second month in a row in a balanced market. Sales edged up closer to the 10-year average, but it’s not all roses. For perspective, (skipping the 2020 anomaly) this April was tied with last year for the slowest April in 10 years.
Listings are continuing to inch higher and are 25% over the April average, which gives greater selection to buyers. However, 100 of the 385 listings (26%) are brand new unoccupied units, and that doesn’t include any presales or units under construction that are not on MLS as many developers don’t list them all online. With a median price of $835,000, these new construction units aren’t all high-end.
Similar to Single Family, this was the best month since August last year, and we hope it is setting the pace for 2024 to be a balanced market. The benchmark price is currently $734,600.
 CONDOS
Benchmark Price Trend (3 months) 15% of listings selling
80% of sales are under $650K Condos JUST squeezed into a balanced market in April. slightly outperforming homes. Sales made a big step up, climbing much closer to the 10-year average than before, which is great news, even though we are still 20% under average.
Listings are continuing to climb higher, and we have now have the highest April inventory in 10 years with 715 units available, compared to the 480 unit average. In contrast to townhomes, only about 10% of the listings are brand new, but many pre-sold buildings under construction either havn’t listed their units for resell yet, or are not allowed to at this point.
Only 2 units sold over $1M; 1 in discovery bay, and another on Truswell (close to the new Aqua development)
ex-Short Term Rental Building Pulse
Playa Del Sol: 12 of 283 units for sale (1 sale in last 30 days)
Discovery Bay: 19 of 263 units for sale (1 sale in last 30 days)
Sunset Waterfront: 6 of 131 units for sale (0 sales in last 30 days)
As you can see , we still havn’t seen a flood of units out of the largest short term rental complexes. I’ll be curious to continue to keep an eye on this and see how it progresses. I’m sure some good deals could be made in these buildings though.
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“The spring market in Victoria kicked off with a gentle increase in sales when compared to last year and continued stable pricing,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “These factors, combined with growth in the available inventory, has created a welcoming and more balanced market for buyers and sellers.”
There were 3,017 active listings for sale on the Victoria Real Estate Board Multiple Listing Service at the end of April 2024, an increase of 14 per cent compared to the previous month of March and a 47.7 per cent increase from the 2,043 active listings for sale at the end of April 2023.
Source Vancouver Inventory Reaches Highest Level Since The Pandemic Summer Of 2020 Actively listed homes for sale on the MLS® in Metro Vancouver continued climbing in April, up 42 per cent year-over-year, breaching the 12,000 mark, a number not seen in the region since the summer of 2020.
“It’s a feat to see inventory finally climb above 12,000. Many were predicting higher inventory levels would materialize quickly when the Bank of Canada began its aggressive rate hikes, but we’re only seeing a steady climb in inventory in the more recent data. The surprise for many market watchers has been the continued strength of demand along with the fact few homeowners have been forced to sell in the face of the highest borrowing costs experienced in over a decade.” said Andrew Lis, REBGV director of economics and data analytics.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,205,800. This represents a 2.8 per cent increase over April 2023 and a 0.8 per cent increase compared to March 2024.
Source Calgary Price Growth Persists In Calgary As Seller’s Market Prevails Sales in April rose by seven per cent compared to last year, to 2,881 units. While the pace of growth did ease compared to earlier in the year, sales remain 37 per cent higher than long-term trends for the month. Much of the growth in sales has occurred for relatively more affordable, higher-density products.
At the same time, there were 3,491 new listings in April, an 11 per cent gain over last year but only three per cent higher than long-term trends. The rise in new listings compared to sales prevented any further deterioration of the inventory situation. However, with 2,711 units in inventory, levels are 16 per cent below last year and half of what is traditionally seen in April.
“While supply levels are still declining, much of the decline has been driven by lower-priced homes,” said Ann-Marie Lurie, Chief Economist at CREB®. “Homes priced below $500,000 have reported a 29 per cent decline. Meanwhile, we are seeing supply growth in homes priced above $700,000. Persistently high-interest rates are driving demand toward more affordable products in the market and, at the same time, driving listing growth for higher-priced properties.”
Source
Edmonton
Housing Market Shows Strong Sales, Still Moderate Prices There were a total of 3,128 residential unit sales in the Greater Edmonton Area (GEA) real estate market during April 2024, showing increases of 27.1% over March 2024, and 54.9% over April 2023.
“Sales continue to outpace last year’s numbers with generous margins.” says REALTORS® Association of Edmonton 2024 Board Chair Melanie Boles. “Sellers are doing their best to hold up their end, adding 8.7% more new listings to the market last month, and hopefully we’ll see even more homes up for sale now that prices are steadily rising.”
Total residential average prices came in at $431,387, a 2.5% increase from March 2024, and 5.4% increase from April 2023.
Source Toronto More Choice for Home Buyers in April “Listings were up markedly in April in comparison to last year and last month. Many homeowners are anticipating an increase in demand for ownership housing as we move through the spring. While sales are expected to pick up, many would-be home buyers are likely waiting for the Bank of Canada to actually begin cutting its policy rate before purchasing a home,” said TRREB President Jennifer Pearce.
Greater Toronto Area REALTORS® reported 7,114 sales through the Toronto Regional Real Estate Board MLS® System in April 2024 – down by five per cent compared to April 2023. New listings were up by 47.2 per cent over the same period. On a seasonally adjusted monthly basis, sales edged lower while new listings were up compared to March.
The average selling price was up by 0.3 per cent to $1,156,167. On a seasonally adjusted month-over-month basis, the MLS® HPI Composite was up by 0.4 per cent and the average selling price was up by 1.5 per cent compared to March.
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