Kelowna's $1-Million Plus Club

One of 22 Kelowna homes sold for more than a million dollars year-to-date (ytd) and one of 25 in West Kelowna.

71.43% of the home sale activity ytd (1,526) is in Kelowna and the balance in West Kelowna (28.57%).

Over the past ten years Kelowna's $1-million plus home sales have increased a bit more consistently than West Kelowna's eratic trend.

Of the fifteen neighborhoods defined by the Okanagan Mainline Real Estate Board (OMREB), the top three for Kelowna $1-million plus home sales ytd are:

• Upper Mission (46.94%),
• Lower Mission (12.24%) and
• North Glenmore (10.2%).

West Kelowna has seven neighborhoods and it's top $1-Million Plus Club neighborhood is:

• Lakeview Heights ~ 76.47% of the ytd $1-mil plus house sales.  An area with a very strong concentration of  desireable luxury residences!

66.3% and 33.7% of the active single family residential inventory (1,543) is in Kelowna and  West Kelowna respectively.  18.3% of Kelowna homes actively listed have a price tag of a $1-million plus and West Kelowna it is16.73% of it's inventory.  At this time great selection of $mil + residences if you are a Buyer!

Have a look at how Kelowna compares with Vancouver, Toronto and Calgary's $1-million plus home sale activity:

"The percentage of homes sold above $1 million has doubled in the past two years.  In the first nine months of 2011, fully one in five homes sold on the Vancouver market went for more than$1 million.  That's up from 10.1 per cent in 2009.

Like in Vancouver, the percentage of million-dollar homes sold in Toronto has doubled in the past two years.  But in Toronto, one in 20 homes sold for over $1 million in the first nine months of this year, compared to one in five in Vancouver.

The number of million-dollar homes sold in Calgary has exploded in the past six years.  The numbers saw a dip during the financial crisis of 2008, but have returned to their upward course."

Source of Graphs and Text: Huffington Post Canada

Read full article: Canada Income Inequality: How A Growing Earnings Gap Is Raising Home Prices For All Of Us

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