Where are we now?? Kelowna Market Does anyone else remember the fanfare a year ago when the average price of a home in Canada rose above $300,000 for the first time? The Canada Mortgage and Housing Corp. were heralding the good times and all the lines on all the graphs were pointing up and to the right. Now, a year later, the Canadian Real Estate Association has reported that the average price of a home in Canada has fallen for 5 consecutive month over month price declines and the average sale price of a home in this country is now $281,000. The average sale price for a home in Kelowna this year is $508,400 but the average sale price in October was $464,200.
With inventory of homes and condominiums for sale there are certainly some deals out there. For example we have a two bedroom plus den condo in Playa del Sol (1 year old across from beach) fully furnished asking $305,000. Qualified buyers are having an easier time negotiating terms with lenders when financing homes with unauthorized basements suites with some banks recognizing rental income when they never would before.
There are also some strong signals that the Kelowna market will be getting back to a more balanced one with 385 condominiums and houses coming off the market between October 30th and November 15th. I was showing houses on this past Monday and of the 8 I was planning on showing, 2 had accepted offers on the weekend.
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