Thomson report

REAL ESTATE REPORT – February 2011
Provided by Rob Marak
Royal LePage
250-470-1311

With all of the talk on the news channels, radio and print advertising, it seems that there is confusion in our marketplace. It is amazing how many varying opinions there are. You would think that it would be simple to figure out, but with multiple offers still happening at times and days on the market increasing, it seems that these are opposing events happening within the marketplace.

It is good to know that the buyers are out there and buying, it is also good to know where they came from. 65% of buyers in the last quarter of 2010 came right from this area and 13% from the lower mainland for a total of 78% in British Columbia. It shows that the confidence in Real Estate for our community is there. Albertans are still buying as well with 14% of the buyers, Saskatchewan/Manitoba at 3% and outside Canada (U.S. and Overseas) at 2%. These numbers may have a bit more reflection on their own economy and not our own.

So, is it a good time to Buy? Sell? Short answer, yes and yes! Of course making sure that you are not overstepping your credit boundaries is very important, but that is the case in all types of markets.

With interest rates still low and more choice in the market, buyers are able to get into the home they want. Sellers looking to move up to bigger homes are also in a great position. Although their current home may be worth less than what they paid for it a couple of years ago, so is the new home they want to purchase and again still at low interest rates. When interest rates rise, move-up buyers as well as first time buyers may find their dream out of reach.

Nobody can be 100% sure as to what the market will do in the next short while, but what we can do is look over the stats for the last century of Real Estate. Will the market go up? Yes! Average increases in Real Estate show to be approximately 6% per year. There will be ups and downs, but as a whole Real Estate is still a great investment.

Residential Sales by Price – Year to Date

Price Range - 2011:2010

$0 to $200,000 - 1:1
$200,001 to $240,000 - 3:0
$240,001 to $280,000 - 3:3
$280,001 to $320,000 - 6:3
$320,001 to $360,000 - 14:18
$360,001 to $400,000 - 18:20
$400,001 to $440,000 - 13:23
$440,001 to $480,000 - 7:16
$480,001 to $520,000 - 8:14
$520,001 to $560,000 - 9:11
$560,001 to $600,000 - 2:7
$600,001 to $999,999 - 9:17
$1 Million and over - 1:2

Summary of Residential Sales – Year to Date

TYPE - 2011:2010

Acreage - 3:2
Acreage/House - 9:7
Acreage (Waterfront) - 0:0
Business - 1:1
Townhouse - 30:32
Condo - 36:53
Duplex - 4:5
Farms - 1:0
IC & I - 7:18
IC & Lands - 1:0
Lots - 6:16
Leases - 1:0
Lots (Waterfront) - 0:0
Multi-Family - 0:0
Multi Plex - 0:0
Mobile Homes - 10:10
Recreational - 0:2
Residential - 98:134
Residential (waterfront) - 4:3
Timeshares - 0:00

TOTAL - 208:282

A Few More Stats

Average House Price in Jan. 2011 - $436,913
Median House Price in Jan. 2011 - $410,000
Number of houses listed last month: 378
Number of lakeshore homes sold last month: 9
Average Mobile Home Price: $53,830
Dollar value of sales in Jan. 2011: $80,681,301
Dollar value of sales in Jan. 2010: $109,571,755

Active Listings

Residential: 1227
Mobiles: 185
Strata: 1295
Lots: 531