Thursday, 20 November 2014

Year-to-Date Home Sales for October 2014 compared to 2013

The British Columbia Real Estate Association reports that a total of 7,648 residential unit sales were recorded by the MLS in October, up 14.6 per cent from October 2013. Total sales dollar volume was $4.4 billion, an increase of 22 per cent compared to a year ago. The average MLS residential price in the province rose to $575,504, up 7.1 per cent from the same month last year. Great news for all those that are selling!

Consumer demand for housing continues at an elevated level. There were more homes purchased during the first ten months of the year than during all of 2013. To the end of October 73,001 homes have traded hands in the province compared to 72,936 for all of last year.

Strong year-over-year increases in housing demand were experienced in Chilliwack is up 31 per cent, Victoria is up 21.9 per cent and in the Kootenay they up 19.4 per cent in these market areas. Vancouver, Vancouver Island, the Fraser Valley and here in the Okanagan  also posted a marked increase in sales activity last month.

Year-to-date, BC residential sales dollar volume was up 23 per cent to $41.4 billion, compared to the same period last year. Residential unit sales were up 15.8 per cent to 73,001 units, while the average MLS residential price was up 6.2 per cent at $566,687.

2014 Fourth Quarter Housing Forecast for BC

Consumer demand has really gone up this year and is expected to remain at a more elevated level through 2015. With historically low mortgage rates to support the demand, the housing market is also being underpinned by a more robust economy and associated job growth, strong migration and consumer confidence.

The BC MLS residential sales are forecast to increase 15.1 per cent to 83,900 units this year. Stronger economic conditions are expected to be somewhat offset by higher interest rates later next year, and keep home sales from advancing much further. As a result, MLS residential sales are forecast to edge up a further 1.2 per cent to 84,900 units in 2015. The 15-year average is 80,400 unit sales and a record 106,300 MLS residential sales were recorded in 2005.  

The average MLS residential price for the province is forecast to increase 6 per cent to a record $569,800 this year and a further 1.2 per cent to $574,300 in 2015. The new construction activity is generally keeping pace with population and household growth, keeping supply in line with consumer demand. BC housing starts are forecast to increase 4.6 per cent to 28,300 units this year and a further 1.4 per cent to 28,700 units in 2015.

Tuesday, 11 November 2014

New Listing on Selkirk Dr. in Dilworth Mountain Estates $999,000.00

The outstanding views are sure to please, in this custom build by Dilworth Homes. An entertainers dream kitchen is complete with high end stainless steel appliances, gorgeous silestone counter tops and amazing feature lighting. Four bedrooms upstairs, and the large master suite that will not disappoint. Double sinks, accent lighting in both bedroom and bathroom, not to mention TWO walk-in closets! The bonus room is a fantastic place to relax and watch a movie, or a perfect space for the kids. The cork flooring throughout the home, creates a seamless flow from room to room. Quietly located right next to a park, you can enjoy the evening from your balcony watching the twinkling city lights. Downstairs boasts an incredible 2 bdrm 2 bath fully contained above ground suite, that is perfect for in-laws, grown children, or perhaps a little extra income each month. No expense was spared, with high end appliances, granite counter tops and more. Even the suite has beautiful views! Dont miss out on this one of a kind home. For more information or to schedule your private viewing, please contact Steve Higgins RE/MAX Kelowna 250.864.7893

Monday, 3 November 2014

New Listing in Lake Country! $29,000.00

Priced to Sell Quickly. Very short walk to the Lake. Close to Shopping, golf, and amenities. 2 Bedrooms, 1 bath, forced air heating. Electric Fireplace. 100 Amp. 55+ Park. Pets with Restrictions. Rentals allowed. Great Neighbors. Peach tree & Raspberries. Owner has moved to Assisted Living. Call Steve Higgins RE/MAX Kelowna  for private viewing 250-864-7893.

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