March Stats
See the homes that have sold in the last 30 days by clicking the links at the bottom of the email.
372 total Residential sales down 15% from 2018 of 440. There were 27% more sales in March 2019 vs February 2019.
1,053 New Listings were taken. There is 3,141 total listings (up 27% from 2018, up 10% from February).
Median home sale price $642,250 up from $619,000 in February (down 5% from March 2018)
Median apartment style condo sale price $348,500 (up 4% from March 2018)
Median townhouse sale price $482,000 (up 3% from March 2018)
Median mobile home sale price $156,000 (down 7% from March 2018)
March Activity
Residential Homes
136 Sales
434 new listings
current inventory 1,015
60 days on the market
Townhome Sales
72 sales
154 new listings
Current inventory of 391
80 days on the market.
Apartment/Condo
96 sales
207 new listings
Current inventory at 546.
64 days on the market
Mobile Home
22 sales
34 new listings
Current inventory of 103.
65 days on the market.
Federal Budget targeting first-time homebuyers
With it being an election year and home sales down across the country the Liberals introduced in the budget a new program to reverse some of the effects of the "stress test" has had on first time home buyers.
"Its key new measure is the First Time Home Buyer Incentive – an interest-free shared mortgage with the Canada Mortgage and Housing Corporation. This billion-dollar-plus initiative offers funding of 10% of the purchase price of new-build homes and 5%t of the purchase of resale homes.
The budget document said that this loan, which is only for first-time home buyers with a household income under $120,000 a year, could reduce monthly mortgage payments up to $228 per month on a $400,000 new-build home."
This program is only designed for first time home buyers and does not address the impact that the "stress test" has had on people looking to move up to a larger home.
On the flip side- Rates may decrease It appears some of the smaller banks and "online banks" that have lower overhead are cutting their rates. So far, for the most part, the Big 6 banks in Canada (RBC, TD, CIBC, Scotiabank, BMO, National Bank) that have large overhead costs seem to be holding firm on their rates with exception of TD. What does this mean to you? Looking to buy a home? It pays to talk to a mortgage broker, they may be able to get you a better rate from a smaller bank. This could increase the price point for a home you are looking for, giving you more options. Some mortgage brokers also have access to the credit unions who are not governed by the B20 Rule (Stress Test). By accessing this you may not have to qualify at the 5-year fixed rate +2% which can increase your budget. Renewing your mortgage? It may help you to talk to a mortgage broker and shop around to get a lower rate from a bank other than the Big 6. Word of caution, if you are moving your mortgage from one company to another, because of the stress test you may have to qualify at the 5-year fixed rate + 2% where if you renew with the same company you may not have to qualify at the higher rate.
Kelowna Home Sales