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Kelowna Real Estate News

Single Family Homes

It’s nothing new that sales have slowed and listings have been climbing since the spring, and the graphs below will confirm that. What is interesting though, is that for the past 4 months, our sales to listings inventory ratio for single family homes hasteetered between a balanced and buyers market, and continues to sit there.

Our sales numbers for October are back in line with the 10 year average after a brief dip below, and although listings are up almost 30% over this time last year, we are still 10% under the 10 year average.

Townhomes

The same cannot be said for the increase in townhomes for sale. An incredible 93% increase in listings over last year!? The inventory almost doubled! Over 1/3 of today’s townhome inventory, is brand new or 1 year old. We are starting to feel the effect of the building rate that started 2 years ago. While still under the 10 year listing average for now, sales continue to slow.

Apartments

Apartments are still doing well and currently sit deep in a balanced market. They historically are a lagging indicator, so it’s no surprise they are still doing as well as they are. With 75% of the sales occurring under $400,000, and only 7 sales over $500,000 the upper end of that market is starting to struggle.

Major Cities Report

Victoria

Markets return to balance not linear as predicted

A total of 598 properties sold in Victoria over October which was 9.9% fewer than the 664 properties solin in October of 2017. Condo sales were down 15.5% compared to last year and single-family homes were down 14.7%. Over the month we saw a total of 2,510 active listings, a 31.8 increase from 2017. The home price index for a single-family home was up by 6.1%, while the bench mark price for a condo was up by 9.86%.

Vancouver

Home Listings at Four-Year October High as Sales Remain Below Typical Levels

For October 2018 residential homes sale totalled 1,966 a 34.9% decrease from the 3,022 sales recorded in October 2017, and sales reaching 26.8% below the 10-year October sales average. There were 4,873 detached, attached and aparment homes newly listed which is a 7.4 increase compared to the 4,539 homes in October 2017. For all property types, the sales-to-active-listings ratio for October 2018 is 15.1%. By property type, the ratio is 10.3% for detached homes, 17.3% for townhomes, and 20.6% for condos.The MLS® Home Price Index composite benchmark price for all residential homes in Metro Vancouver is currently $1,062,100. This represents a 1% increase over October 2017 and a 3.3% decrease over the last three months.

Calgary

Oversupplied Market Weighs on Prices

Elevated inventory levels compared to sales, are causing prices to ease further in Calgary’s housing market. Citywide benchmark prices totaled $426,300 in October 2018 which is a decline of 2.9% since October 2017. Inventories and sales totaled 7,345 and 1,322 in October. While some easing in new listing growth will help prevent further inventory gains, inventory levels remain near record highs for the month of October 2018. For each of the property types, sales activity has improved in the lower price ranges, leaving most of those segments relatively balanced. However, the upper end of the ranges has seen significant gains in supply compared to demand, which is likely having more of an impact on prices in those ranges.

Edmonton

Year Over Year Residential Unit Sales and Average Prices Decrease

Across Edmonton, all residential unit sales had decreased by 13.61% from October 2017. Average prices were also in decline, a single-family home was $425,864 down by 1.30% year over year. Duplex and rowhouses were down 2.21% year over year coming in at $333,215 and Condos down 8.80% to $221,293. New listings and overall inventory are up from October 2017 by 8.50%. Average days on market for a single-family home was up 7 days from October 2017, 5 days longer for duplex/rowhouses and 3 days shorter for condos.

Toronto

Market Looks to be Tightening

A 6% increase was reported year over year in October 2018, with reported sales for the month being 7,492. The average sale price was up 3.5% to $807,340. There were 14,431 new listings entered October 2018, down by 2.7% compared to October 2017. The fact that sales were up and new listings were down year-over-year in October suggests that market conditions became tighter

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