Monday, 8 July 2013

Kelowna Housing Market

The demand for new and existing homes is expected to strengthen later this year and in 2014. Stronger employment growth coupled with low mortgage interest rates will support increased demand for housing in Kelowna.

MLS home sales are forecast to remain stable in 2013. Expect sales to move higher, increasing 11 per cent in 2014. Buyers will continue to benefit from an ample supply of listings and price competition among sellers.

Prices are forecast to stabilize in 2013 and edge higher in 2014 as demand improves and the supply of listings is drawn down.

Kelowna area housing starts are forecast at 1,000 homes this year and 1,100 homes in 2014. Both single-detached and multiple-family starts are forecast to move higher.

Kelowna’s apartment vacancy rate is expected to edge lower in 2013 and 2014.

Mortgage rates are not expected to increase until mid 2014. The anticipated small and steady increases in mortgage rates will lead to somewhat higher mortgage rates by the end of 2014. However, these rates will remain low, by historical standards, over the forecast horizon.

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