Thomson report

In April 2009, Okanagan Mainline Real Estate Board reported 841 sales in total– down fifty per cent from April 2008. While April sales remained lower than last year, the housing market gained momentum on a month-over-month basis.

The median price of a residential detached home is down by just over 15.5 per cent over April 2008 but up by a slight 1 per cent over March of this year, and up 5 per cent from January’s low. Home purchases have increased as households have taken advantage of low interest rates and slightly lower home prices.

In other cities across Canada, new listings are declining monthly, yet Kelowna is experiencing a minor monthly listing and inventory increase since the beginning of the year, with only the condo market showing a slight decline last month.

There’s a greater balance in the housing market, as evidenced by an increase in sales to active listings ratio with houses (9.21%).

More and more first time home buyers are taking advantage of great inventory and very low interest rates. Spring sales activity will likely also get a boost from the federal government incentives announced in the last budget, including the increase in the maximum withdrawal allowed under the Home Buyers’ Plan and the First Time Buyer Tax Credit.

Sales By Price, year to date

Price Range 2009 2008

$0 to $200,000 2 0
$200,001 to $240,000 7 2
$240,001 to $280,000 13 14
$280,001 to $320,000 35 15
$320,001 to $360,000 67 39
$360,001 to $400,000 75 90
$400,001 to $440,000 58 113
$440,001 to $480,000 40 107
$480,001 to $520,000 44 92
$520,001 to $560,000 18 89
$560,001 to $600,000 18 61
$600,001 to $999,999 45 132
$1 Million and over 3 15

A Few More Real Estate Stats

Average House Price in Apr. 2009 $451,110
House Price in Apr. 2009 $417,000
Number of houses listed last month: 470
Number of lakeshore homes sold last month: 1
Average Mobile Home Price: $82,494
Dollar value of sales in Apr. 2009 $117,836,272
Dollar value of sales in Apr. 2008. $229,581,472

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A new report by Altus Clayton, prepared for the Canadian Real Estate Association says each residential MLS® transaction generated an average of $46,400 in additional consumer spending in the period from 2006 to 2008. This included the purchase of furniture and appliances, moving costs, renovations, services, and taxes. By comparison, from 2004 to 2006 the average transaction yielded $32,200 in additional consumer spending. In the period from 2002 to 2004, it was $24,697.

The new study says the economic impact of each MLS® sale varies by province or region, from a high of $60,200 in British Columbia to $28,925 in Atlantic Canada. Report contact Rob Marak, Royal LePage-Kelowna.