Every month the Krieg family, a long-time real estate family from ReMax, put this information together for the column. They can be reached at 250-868-8000.
Sales of Single Family Dwellings (SFD) reached 166 this October, which is 36% above October 2012 and was just one sale under the average of the last 22 years. The number of active listings is 1,238 which is 18.2% lower than October 2012. YTD the total listings taken is 6.8% lower than the same period last year.
Percentage of Listings vs. Sales
13.4% of the listing inventory sold in October. This is similar to September, but far above October 2012 with only 8.1 % of the listings selling.
Average Price is Stable
The average price here in Kelowna was $481,993 last month. Year to Date, we are at $462,617 which is slightly lower than 2012, by 1.1%.
Million $ Plus
The MLS system shows that a total of 9 properties sold in October over $1 Million These were: 2 Lakefront Homes, 2 acreages.
We are happy to see the sales-to-listing ratio holding strong since April. It is currently at about 14%, compared to about 8% in the last 4 years.
Our average price went up, to just to under $500K and our over $Million activity was low with only 4 SFD sold which makes it a strong month. (The other transactions over a $ Million are excluded from the stats.)
We see a trend towards a strong 2014.
Congratulations to Canadian Tire on a super advertising campaign on TV. Their commercials are all aimed at young people and going outside to play, get some fresh air, play some sports or do something rather than play video games or watch TV in their spare time.
They are one of our more successful big box stores and a good organization who fights all the changes taking place in the country with new competition in just about everything.
At one time in this country Canadian Tire was the leader in many categories and sporting goods was one of them.
In twenty-five years I haven’t written much about politics but this time I have a little information that might be of interest to you. As you know the government has set a date of December 2nd for all for all proposals regarding the rail between Vernon, Kelowna and Lumby. I have been told that the date may be extended by six months. So far at least four parties are interested.
The population in Alberta has jumped to 4 million. Stats Canada just announced that the number from three million to four million was from migration.
The property where the School District has their offices is on the market again. Colliers Real Estate is the broker.
- 4 Acre site. A+ premium location directly across from Orchard Park Shopping Centre with transit, health services, and a variety of other amenities.
- The City of Kelowna is open to rezoning to Commercial and/or High Density Residential uses.
- The Seller requires a 2 year leaseback. This will allow the Purchaser time for rezoning and planning as our market continues to improve.
- Designated an Urban Centre in a strong growth area.
- Potential to enter into an agreement to build a new 18,000 square foot facility with the School District.
I remember back when Revelstoke Resort was just beginning and people from all over were buying shares and the prospects were hot. It was one of those things where the citizens of the area weren’t believing the developers. One of the those developers (and for the life of me I can’t remember his name, but he was known as the condo king in Vancouver a long time ago). I believe his biggest project was the redevelopment of the BC Tel office tower. It sold out within hours. His wife had bought shares in the development. I phoned him in Toronto but he didn’t want to discuss it.
I believe this is where Tom Gaglardi and his Northland Properties Ltd. came into the picture.
Northland Properties own The Sandman Inns, The Chop Houses, Denny’s Western Canada, Moxies and Sutton Place. There is a Sutton Place 220-room hotel on the mountain.
Gaglardi and his management staff have done a terrific job with the property.
Statements and opinions expressed in this article are those of the author, John Thomson. While we are sure that every care has been taken in the compilation of this information and every attempt made to present up-to-date and accurate information, we cannot guarantee that inaccuracies will not occur.
Castanet will not be held responsible for any claims, loss, damage or inconvenience caused as a result of any information within this article.