Saturday, 7 January 2012

HIGGINS REPORT ON THE MARKET

The 2011 real estate market finished on a
stronger note than it began. December’s residential
sales were up over 9% over the same
time last year but more importantly the continued
early activity into the new year is encouraging.
We are seeing more buyers coming forward
showing interest in purchasing real estate. The
record low interest rates certainly have something
to do with it along with the great selection
of properties. Even the mild winter has people
thinking about real estate sooner than they
normally would but we believe that there truly
is a sense of optimism in the air. We have now
had four years of a slower real estate market
which has created more affordable housing
options and selection. People realize that
Canada and more specifically our area is
experiencing economic growth, as moderate as
it may be. Job stability exists and we are now
finally starting to see more positive signs coming
out of the US that their economy is going to
grow.
The Okanagan Mainline Real Estate Board
stated in their year end update that “despite
concerns about employment, personal debt load
and net worth which dampened consumer confidence
and slowed overall demand in most BC
markets during 2011, OMREB ended the year
on a positive note and is moving forward with
optimism. A modest improvement is anticipated
for 2012 with a slow but steady increase
in sales activity, downward trend in listings,
and stable home prices for balanced market
conditions in our area.”
We predict that 2012 is the year we return to
a balanced market with fewer listings coming
onto the market and prices showing modest
movement upwards. The Alberta economy is
on a rebound along with their job growth and it
will without doubt have a positive impact on
our area. What this all means is it truly is a
great time to invest in our real estate market
now.
Cliff Shillington
Owner, Managing Broker
RE/MAX Kelowna

No comments:

Post a Comment

Follow by Email