The Bank of Canada kept its target overnight rate at 1 per cent this morning. In the statement accompanying the decision, the Bank forecast that the Canadian economy will gain momentum through the year following a weak second half in 2012, but slow growth through the first half of this year will limit real GDP growth to just 1.5 per cent in 2013 before rising to 2.8 in 2014. The Bank’s revised forecast means that the economy is now projected to return to full capacity in mid-2015, rather than in 2014 as previously predicted. A more persistent output gap will keep downward pressure on inflation, which is now expected to gradually rise to the 2 per cent target rate by mid-2015. The Bank continued to sound a much more dovish note on future rate increases, noting that the considerable policy stimulus currently in place will likely remain appropriate for “a period of time, after which some modest withdrawal will likely be required.”
With an expanding output gap and inflation trending well below its 2 per cent target, it is natural to ask if the next move by the Bank of Canada is a rate cut rather than the rate hike that almost all economists have penciled into their forecasts. However, unless the economy deteriorates much more or inflation trends much lower, the Bank is unlikely to lower interest rates since doing so would run counter to a year of loudly exhorting households to cut back on debt. Instead, the Bank will likely continue to use forward guidance about the need, or lack thereof, for future rate hikes in order to influence long-term rates and the Canadian dollar lower. The combined of effect of which should provide continued stimulus to the Canadian economy.
Copyright British Columbia Real Estate Association. Reprinted with permission. BCREA makes no guarantees as to the accuracy or completeness of this information.
Wise on Real Estate (RE/MAX Kelowna) – Monthly Residential Market Watch(1)
December 2012 – Central Okanagan and Kelowna Real Estate Statistics
The Kelowna Residential real estate market decreased this month from a price perspective. December 2012 average house price decreased slightly 1.3% from $470,578 to $464,283 throughout the month. Average house price is down 1.07% from the December 2011 average of $472,888. The median increased slightly to $425,150 compared to last months $419,500.
The number of Kelowna/Central Okanagan sellers decreased as is typical for this time of year. The number of total residential listings by end of December was 1173 units down over last month’s 1381 units. How many SOLDS did we see? December 2012 was down from last year with 86 units. Of those 86 units, 54 sold for under $500k, 23 sold between $500k – $699k, 5 sold between $700k – $999k and 1 sold over $1 million. Average number of residential unit sales for the month of December is 125 units (average over the past 10 years) – so we continue to show a buyer’s market. Days on market increased to 145 days. As a percentage 6.82% of all residential listings sold this past month.
For more information on Kelowna Real Estate and the Kelowna Area please visit http://www.trishwise.com
(1) Source www.OMREB.com statistics – please verify if important
November 2012 – Central Okanagan and Kelowna Real Estate Statistics
The Kelowna Residential real estate market increased this month from a price perspective. November 2012 average house price increased 3.9% from $452,886 to $470,578 throughout the month. Average house price is up 1.34% from the November 2011 average of $464,335. The median held steady at $419,500 compared to last months $419,900.
The number of Kelowna/Central Okanagan sellers decreased as is typical for this time of year. The number of total residential listings by end of November was 1381 units down over last month’s 1514 units. How many SOLDS did we see? November 2012 was up from last year with 146 units. Of those 146 units, 95 sold for under $500k, 38 sold between $500k – $699k, 9 sold between $700k – $999k and 4 sold over $1 million. Average number of residential unit sales for the month of November is 167 units (average over the past 10 years) – so we continue to show a buyer’s market. Days on market increased to 131 days. As a percentage 10.14% of all residential listings sold this past month.
For more information on the Kelowna Area and Kelowna real estate go to http://www.trishwise.com.
Wise on Real Estate (RE/MAX Kelowna) – Monthly Residential Market Watch(1)
October 2012 – Central Okanagan and Kelowna Real Estate Statistics
The Kelowna Residential real estate market dropped this month from a price perspective. October 2012 average house price decreased 7.3% from $488,788 to $452,886 throughout the month. Average house price is down 2.94% from the October 2011 average of $466,600. The median also decreased to $419,900 compared to last months $447,250.
The number of Kelowna/Central Okanagan sellers decreased as is typical for this time of year. The number of total residential listings by end of October was 1514 units down over last month’s 1616 units. How many SOLDS did we see? October 2012 was down from last year with 142 units. Average number of residential unit sales for the month of October is 195 units (average over the past 10 years) – so we continue to show a buyer’s market. Days on market increased to 115 days. As a percentage 8.12% of all residential listings sold this past month.
(1) Source www.OMREB.com statistics – please verify if important
For more information on Kelowna Real Estate or the Kelowna Area please visit http://www.trishwise.com
Every Room with a View…This stunning 5400 sq.ft. home has been custom built to take advantage of the full lake view offered by this half acre property. Nestled down into the hillside of Upper Mission, you will truly appreciate all the Okanagan offers from every room of this house. A very private location, offering your own personal retreat away from the bustle of every day life. Get lost in the view, watching the sunset over the lake and the lights of the city twinkle in the distance. 5 bedrooms each with their own ensuites, make this home perfect for gathering family & friends or gives the opportunity to start that B&B you’ve always wanted. Close to wineries, beaches, boat launch and parks, come live the true Okanagan Lifestyle.
Wise on Real Estate (RE/MAX Kelowna) – Monthly Residential Market Watch(1)
September 2012 – Central Okanagan and Kelowna Real Estate Statistics
The Kelowna Residential real estate market held steady this month from a price perspective. September 2012 average house price increased slightly 0.1% from $488,109 to $488,788 throughout the month. Average house price is down 5.43% from the September 2011 average of $516,853. The median increased to $447,250 compared to last months $430,000.
The number of Kelowna/Central Okanagan sellers held steady. The number of total residential listings by end of September was 1616 units down slightly over last month’s 1672 units. How many SOLDS did we see? September 2012 was down from last year with 128 units. Average number of residential unit sales for the month of September is 211 units (average over the past 10 years) – so we continue to show a buyer’s market. Days on market increased to 110 days. As a percentage 7.18% of all residential listings sold this past month.
(1) Source www.OMREB.com statistics – please verify if important
For more information on Real Estate in Kelowna and the Kelowna Area visit http://www.trishwise.com.
A View that doesn’t compare…Step out on to the deck and take it all in. Enjoy our long summer evenings, dining alfresco and lose your thoughts in the 180 degree lake view. After watching the sun set, you’ll be mesmerized by the beautiful lights that reflect on the lake below. This fully renovated home boasts two masters on the main floor, each with their own ensuite, a salt-water pool to cool off in and plenty of space to entertain or sit and relax with a good book. Close to wineries, beaches, boat launch and parks, come live the true Okanagan Lifestyle. Come Home to 415 Okaview Road. For your personal tour please call Trish at 250-718-9473
Wise on Real Estate (RE/MAX Kelowna) – Monthly Residential Market Watch(1)
August 2012 – Central Okanagan and Kelowna Real Estate Statistics
The Kelowna Residential real estate market increased this month from a price perspective. August 2012 average house price increased slightly 3.2% from $472,0847 to $488,109 throughout the month. Average house price is up 3.2% from the August 2011 average of $472,667. The median increased to $430,000 compared to last months $428,950.
The number of Kelowna/Central Okanagan sellers held steady. The number of total residential listings by end of August was 1672 units down slightly over last month’s 1696 units. How many SOLDS did we see? August 2012 was much better than last year with 194 units. Average number of residential unit sales for the month of August is 221 units (average over the past 10 years) – so we show a buyer’s market for this month. Days on market increased to 88 days. As a percentage 10.94% of all residential listings sold this past month.
For more information on Kelowna Real Estate or the Kelowna Area please visit Trish Wise at http://www.trishwise.com
(1) Source www.OMREB.com statistics – please verify if important
Wise on Real Estate (RE/MAX Kelowna) – Monthly Residential Market Watch(1)
July 2012 – Central Okanagan and Kelowna Real Estate Statistics
The Kelowna Residential real estate market dropped this month from a price perspective. July 2012 average house price decreased slightly 0.5% from $475,019 to $472,847 throughout the month. Average house price down 3.1% from the July 2011 average of $487,983. The median increased to $428,950 compared to last months $425,000.
The number of Kelowna/Central Okanagan sellers held steady. The number of total residential listings by end of July was 1696 units down slightly over last month’s 1775 units. How many SOLDS did we see? July 2012 was much better than last year with 231 units. Average number of residential unit sales for the month of July is 238 units (average over the past 10 years) – so we show a balanced market for this month (we’ll want to see multiple months in a row to before we’ll know if this is a new trend). Days on market dropped to 75 days. As a percentage 12.38% of all residential listings sold this past month.
(1) Source www.OMREB.com statistics – please verify if important
July is off to a pretty good start in comparison to July of 2011. In the first 15 days we’ve seen 103 single family homes sell with the following break-down by price range (vs. 81 for the same time period in 2011):
The trend continues that homes listed under the $500,000 mark are the ones selling. Patience I’m afraid is the name of the game in this market with a lot of buyers waiting to see what the world economy is going to do.
For more information on the Kelowna Area and Kelowna Real Estate please go to http://www.trishwise.com.
Kelowna Real Estate Blog 