Thursday, 3 January 2013

Real Estate Outlook for 2013

I am sure we are all wondering what the real estate market is going to look like in 2013! Here in Kelowna we expect a healthy housing demand with growth to be slow but steady for Kelowna's resale market. As positive growth is forecast both regionally and provincially particularly in the mining, forestry and tourism sectors.

The elimination of the HST in April will likely be good for housing across the board, but particularly new construction. With consumer confidence expected to increase, that should bring some buyers back into the market especially those that held off buying in 2012. There is a strong outlook for Alberta that should also help the Kelowna market as Albertans make up approximately 20 percent of the city's buyers. Also, there are indication that the mortgage rates will continue to remain low for another year, which will help with first time buyers and those wanting to move up.

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