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Cranbrook market active thus far this year
Real Estate Update
By Jason Wheeldon
The Cranbrook real estate market has been active in for the first six months of 2015.
A total of 135 single family dwellings have sold in the City of Cranbrook; an increase of 16.4% over last year. Average sale price has been trending upward and year-to-date is 3.283% higher than the 2014 average sale price. Supply is lower with reduction in supply of 8.8% within the market when compared to the same period of 2014. Currently there are 115 single family dwellings offered for sale within the City of Cranbrook on the multiple listing service. The 2011 Census indicates that Cranbrook has 7,350 single-family dwellings within the city.
This year (2015) has been one of the stronger starts within the local market since 2008 and prices are appreciating modestly. Demand has risen, supply has reduced, creating upward momentum in local single-family dwelling prices.
New construction for single-family starts is at a lower pace with only eight single-family dwellings under construction in 2015. However, with the lower supply of housing available we expect to see an increase in construction to meet demand.
Vacancy rates in the city are down with CMHC’s spring report indicating a 1.8% vacancy rate within apartments within the city.
Demand and activity still remain strong going into July; however, we expect demand to return to a normal level when considering the economic outlook within Alberta and locally.
The last two quarters of 2014 saw 127 single-family dwellings sell within the city and we expect absorption to continue at that same pace. The local market on average has been absorbing 21.8 units per month with 115 available units indicating approximately five months of inventory available.
The Kootenay Unemployment rate as of May 2015 sits at 7.2 and the provincial average at 6.1.
All sources recorded within this update come from the Kootenay Real Estate Board Data, Canada Mortgage & Housing, WorkBC Official Site and the 2011 census.
– Jason Wheeldon is as committed to his profession as a REALTOR® as he is to the City of Cranbrook. He has been a top-performing agent with Royal LePage East Kootenay Realty. Since he started his professional career in 1994, Jason has consistently set the bar as high as possible. Along with his outstanding performance record at Royal LePage East Kootenay Realty, Jason has also been one of the Top one per cent producers of Royal LePage Realtors in Canada. He was also the Cranbrook and District Chamber of Commerce’s Citizen of the Year in 2012, recognition for volunteerism in the community.
