BC's Strong Housing Demand Pulls Our Inventory to an Eight Year Low.

The British Columbia Real Estate Association reports that a total of 8,553 residential unit sales were recorded by the MLS in September, up 12 per cent from the same month last year. The total sales dollar volume was $5.2 billion, up 18 per cent compared to the previous year. The average MLS residential price in the province of BC rose to $605,258 up 5.3 per cent from September 2014.

The strong consumer demand has pulled down the inventory of homes for sale to its lowest level in eight years! BC's market conditions are favouring home sellers in some of our board areas, while contributing to relative balance between buyers and sellers in others. There was a five month supply of residential inventory province wide in September. A balanced market typically exhibits a 5-8 month supply of homes for sale.

The year-to-date BC residential sales dollar volume increased by 33.8 per cent to $49.5 billion, when compared with the same period in 2014. Residential unit sales have climbed by 21.1 per cent to 79,170 units, while the average MLS residential price was up 10.4 per cent to $624,659

If you are looking for the perfect with home to raise your family, look no further this home has 3 bedroom and 3 bathrooms 1848 sq.ft. Located in a Wonderful Neighbourhood only a few steps to Cross Glen Park which has tennis courts, walking paths & playground. Quiet street, super close to schools, shopping, transit & more. Main floor living and family rooms provides space for both kids and adults. This home is priced to sell quickly. Call Steve Higgins RE/MAX Kelowna 250-864-7893 for private viewing.

Great Place to Live or as an Investment.

Awesome 2 Bedroom 2 bathroom. Corner Unit Condo. Gas Fireplace, Huge 20 x 11 Deck and 2nd Deck off Master. Super location. 1 dog or 1 Cat - 8kg. Large Master. Fast Possession Possible. Call or text Steve Higgins RE/MAX Kelowna for viewing appointment 250.864.7892

Market Report for July 2015

Some statistics for the Central Okanagan from January through July 2015:

Pricing:

 Residential homes YTD: Average $506,539 up 2.23% - Median $475,000 up 5.56%

 Apartments YTD: Average $259,296 up 4.83% - Median $230,000 up 2.22%

 Townhouses YTD: Average $361,405 dn 1.92% - Median $344,950 dn 1.44%

AVERAGE PRICE FOR JULY 2015

Residential $535,845

Town Houses $390,680

Condo's $272,638

Lots $208,877

 

RESIDENTIAL HOMES that SOLD JULY 2015 were 282

Average days on the market for July 2014 - 73 days /July 2015 - 64 days. In Kelowna there are 1985 active listings, in West Kelowna there are 1058 active listings

To summarize, sales of houses, apartments and townhouses show significant gains year to date. With sales up 9.51% YTD.

It is taking fewer days to get a sale and house and apartment prices are rising. One surprise is that townhouse prices show a bit of a decline in average and median pricing. 

 

What does this mean? Well, there is no doubt real estate sales are up significantly. We feel and see it every day and yet prices, while rising, are not rocketing skyward. This may be the influence of news from across the country and around the world, including what is happening in Greece. Yes, our economy in BC is doing well and we remain positive about our province and the country. Politics aside, employment is stable and even the issues with oil don’t seem to be having

a significant impact on our economy or real estate. The economists tell us the lower Canadian dollar is clearly helping to drive exports which is critical for a strong Canadian economy and strong employment. So what we have seems to be a stable economy yet a healthy dose of caution on the part of the populous.

 

This is probably a good thing and may well help us to maintain a pattern of ongoing slow but steady growth in our economy in general and in real estate in Kelowna.

New Listing Priced at $757,900.00

Custom built home located on a quiet cul de sac in the gated community of the Highlands, West Kelowna. This private oasis offers 180 degree valley views, covered outdoor entertaining areas with fireplace and an in-ground saltwater pool. This 6 bedroom, 4 bathroom home includes travertine flooring and granite counter tops. Cosmetic, mechanical & plumbing repairs are required to bring this home back to it original grandeur. Double attached garage and plenty of additional parking. Priced at $757,900.00 Please call or text Steve Higgins @ 250-864-7893 for your personal tour of this investment opportunity. www.stevehigginsrealestate.com

Investors Dream comes True! Sold!!

I listed this home on Sunday and had multiple offers by Tuesday night! Sold it Wednesday morning for over asking, deal went firm yesterday!! If you know of anyone looking to sell their Duplexes please let me know I have buyers.

This is an Investors dream!! Fully Updated Duplex with Suites. Great Income Potential only 2 KM from Downtown. One side has 3 bedrooms and a 2 bedroom suite, the 2nd side has 3 bedrooms and a 1 bedroom suite. 6 foot crawl space offers tons of storage and the landscaped backyard is a gardeners dream with privacy. Own your home and help pay the mortgage with the rental income. Hurry, this income opportunity wont last long. Call Steve Higgins RE/MAX Kelowna 250-864-7893 to arrange a private viewing.

Second Strongest June on Record.

The British Columbia Real Estate Association has reported that a total of 11,294 residential unit sales were recorded by the Multiple Listing Service in June, up 25.6 per cent from the same month last year. Total sales dollar volume was $7.1 billion, a 42.6 per cent increase in comparison to the previous year. The average MLS residential price in the province rose to $631,962, a 13.5 per cent increase since last June. BC home sales posted the second strongest June on record.

With a growing provincial economy and record low borrowing rates continue to push demand higher, particularly in the lower mainland. While the consumer demand is surging, the supply of homes for sale is not kept pace. The resulting imbalance of supply and demand is puttinng upward pressure on prices in many areas of the province, most notably with respect to single-detached homes. With year-to-date, BC residential sales dollar volume increased 36.8 per cent to $32.6 billion, when compared with the same period in 2014. Residential unit sales climbed by 23.1 per cent to 51,559 units, while the average MLS residential price rose 11.2 per cent to $631,946. This being good news for the sellers, not so good for buyers.

Investors Dream for only $683,000.00

 This is an Investors dream!! Fully Updated Duplex with Suites. Great Income Potential only 2 KM from Downtown. One side has 3 bedrooms and a 2 bedroom suite, the 2nd side has 3 bedrooms and a 1 bedroom suite. 6 foot crawl space offers tons of storage and the landscaped backyard is a gardeners dream with privacy. Own your home and help pay the mortgage with the rental income. Hurry, this income opportunity wont last long. Call Steve Higgins RE/MAX Kelowna 250-864-7893 to arrange a private viewing.

New Listing in Joe Rich $3,199,900.00

One of a kind property located just a short drive from town. 320 acres, 2 separate titles, fully usable and completely private. This property is fully fenced and has a cozy 2 bed 2 bath home along with a spacious barn and other outbuildings. From beautiful forest trails to wide open meadows and wet lands this property is home to numerous wildlife and is a nature lovers paradise. There are few parcels such as this available in Kelowna and this one is worth a close look. Call Steve Higgins RE/MAX Kelowna 250.864.7893 for a private tour today!

BC Housing Demand is Forecasted to be Strongest Since 2007

The British Columbia Real Estate Association released its 2015 Second Quarter Housing Forecast. There is a more robust economic growth, with strong consumer confidence and the rock-bottom mortgage interest rates are expected to push housing demand this year to its highest level since 2007. 

Multiple Listing Service residential sales in British Columbia are forecast to rise 2.4 per cent to 86,050 units this year and a further 3.9 per cent to 89,400 units in 2016. The ten-year average is 82,100 unit sales. There was a record 106,300 MLS residential sales were recorded in 2005. That would be nice to see that again! 

The average MLS residential sales price is forecast to rise 4.5 per cent to $594,000 this year, with most of the upward pressure being exhibited on the South Coast. Elevated consumer demand is expected to be partially offset by resale inventories and additions to the housing stock in 2016. As a result, the average MLS residential sales price is forecast to increase by 2.4 per cent to $608,500 next year.

Great Investment Opportunity in Lake Country $353,000.00

1st TIME BUYER or INVESTOR OPPORTUNITY. 3 Bedrooms on Main with a large suite down. Close to Shopping and Amenities. Take advantage of low vacancy rates in the Okanagan. Live upstairs and rent down or rent both. Tenants up and down. All measurements are approximate. Please verify. Good time to get into the market. Call Steve Higgins RE/MAX Kelowna 250-864-7893

Hottest April in BC for Home Sales in a Decade

Through out the province of BC the British Columbia Real Estate Association reports that there has been a total of 9,952 residential unit sales were recorded by the MLS in May, up 28.7 per cent from the same month last year. Total sales dollar volume was $6.3 billion, a 45.5 per cent increase in comparison to last year. The average MLS residential price in the province rose to $634,744, a 13 per cent increase since last May. Last month was the strongest April for home sales in a decade. 

With the elevated level of the buying activity this spring, it is now expected to push 2015 home sales to their highest level since 2007. Consumers are taking full advantage of rock bottom interest rates and are demonstrating significant confidence in the housing market. However, with dwindling inventories combined with competition for detached homes in the province`s large urban markets is pushing home prices higher. During the first four months of 2015, BC residential sales dollar volume rose 37.1 per cent to $19 billion, when compared with the same period in 2014. Residential unit sales increased by 24.5 per cent to 30,091 units, while the average MLS residential price rose 10.1 per cent to $631,860.