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.

My Feature Listing of the Week Mar. 6-13

Immaculate Rancher Walkout with Spectacular Lake & Mountain Views! Huge 3080 SF 4 bed/3 bath home with nice updates. New Roof & Windows 2009. Water softener/Central-Vac 2011 & Furnace & Double Garage door 2009. Large Master bedroom with Ensuite and walk-in closet. 2 Decks and total Privacy. Cable TV and RV parking is included in the low strata fee of $165/mth. 19+ Adult community. Close to Airport & University. Easily suited. Where can you buy a 3000 square foot Rancher Walkout home in mint condition with Lake and Mountain Views? Country View estates. MLS# 10059184 Call Steve Higgins RE/MAX Kelowna 250-864-7893

BC Home Sales Remain Subdued but Stable

The British Columbia Real Estate Association (BCREA) reports that a total of 3,410 residential sales were recorded by the Multiple Listing Service® (MLS®) in BC during January, up 1.8 per cent from December on a seasonally adjusted (SA) basis, but down 13.6 per cent compared to January 2012. Similarly, total sales volume increased 3.8 per cent SA, but declined 16 per cent from the same month last year. The average MLS® residential price in the province was $514,134, up 3.2 percent from December, however, down 2.7 per cent from a year ago.

"Despite a modest uptick in consumer demand last month, home sales have remained relatively stable at a noticeably lower level since last August," said Cameron Muir, BCREA Chief Economist. "Continuing low mortgage interest rates combined with an easing back of home prices in some areas is expected to trend home sales higher during the spring and summer months."

"The ratio of home sales to new listings is indicative of a balanced market at 42 per cent," added Muir. "However, there remains a backlog of existing home listings to either sell or be pulled off the market before supply and demand can be considered in check."
Dramatic swings in average price statistics caused by a surge and subsequent pullback in luxury home sales appear to be near an end. The year-over-year change in average prices now more closely reflects the home price indices in Vancouver and the Fraser Valley."

2013 First Quarter Housing Forecast Update

The British Columbia Real Estate Association released its 2013 First Quarter Housing Forecast Update today.

BC's MLS residential sales are forecast to increase 5.6 per cent to 71,450 units this year, before increasing a further 6.1 per cent to 75,830 units in 2014. The five-year average is 74,600 unit sales, while the ten-year average is 86,800 unit sales. A record 106,300 MLS residential sales were recorded in 2005.

2013 is shaping up to be a transition year in the BC housing market, said Cameron Muir, BCREA Chief Economist. The groundwork has already begun for stronger housing demand as a significant number of part-time jobs in BC were converted into full-time employment last year. Residential values are expected to be on a more solid footing in 2013 as lower prices, both actual and inflation adjusted, have improved affordability. Many potential buyers that stayed on the sidelines in 2012 will likely enter the marketplace over the next year as the relatively strong financial condition of BC households precludes any deflationary spiral.

The average MLS residential price in BC is forecast to edge down nearly 1 per cent to $510,400 this year and remain relatively unchanged in 2014, albeit up 0.6 per cent to $513,500.

BC Home Sales Decline in 2012

The British Columbia Real Estate Association (BCREA) reports that a total of 67,637 residential sales were recorded by the Multiple Listing Service in BC during 2012, a decline of 11.8 per cent compared to 2011. Total sales dollar volume also declined 19.1 per cent to $34.8 billion over the same period. The annual average MLS residential price in the province was $514,836 in 2012, down 8.3 per cent from 2011.

A noticeable drop in consumer demand in Vancouver and Fraser Valley during 2012 was more than enough to offset the increases in home sales in the Okanagan, Kootenays and BC Northern regions.

At least half of the 8 per cent decline in the BC average home price was the result of fewer luxury homes selling in Vancouver and fewer overall Vancouver home sales relative to the rest of the province in 2012. However, there were more luxury homes sold in Kelowna this year.

In December, BC residential sales dollar volume was down 28.6 per cent to $1.5 billion, compared to December 2011. Residential unit sales declined 26.4 per cent to 3,011 units, while the average MLS

residential price was down 3 per cent to $498,205 over the same period.

How's the Market

Last month we asked the question…Is the market
taking a pause?... following Septembers sales numbers
dropping 19% in comparison to the previous year.
We are pleased to report a respectable showing of
MLS® unit sales for the month of October, down only
slightly, 1.12%, with 266 residential properties trading
hands in comparison to 269 in October of 2011 as
reported by OMREB.
Other noteworthy results include Westbank First
Nations Residential sales up 400% last month and
39.13% YTD. Apartment and Townhome unit sales
are up 10.54% and 10.73% YTD, respectively.
Year To Date, acreage unit sales are up 28.57%. Lot
unit sales up 23.31%, Westbank First Nations lot sales
are up 200%, total lot unit sales are up 100% and the
sale of Commercial Land units are also up 400%.
These results reveal increased consumer confidence
locally.
The Okanagan Mainline Real Estate Board (OMREB)
is on track to post its best year for MLS® residential
sales since 2009. Home sales are expected to finish the
year up over last year. Currently total residential sales
are up 7.20% year to date.
“Recovery in consumer demand is being bolstered by
improved affordability, resulting from lower unit
prices and persistently low mortgage interest rates.
Market conditions in the OMREB area continue to
favour home buyers. However, the inventory of homes
for sale has trended lower in recent months as new
listings activity slowed.” Reports BCREA.
Currently, listing inventory is down 3.21% year to
date. The reduction in new inventory will help our
market return to a more balanced market in 2013 as
unabsorbed inventory will be reduced.
The BC Real Estate Association forecasts that the
average residential sale price is to remain relatively
unchanged this year and increase just under 2% in
2013. The Residential Average Sales Price year to
date is $400,464 down 1.12% over last year.
Home market values depend on a variety of factors
such as location, inventory, condition and competition.
We invite you to contact our office to receive your
complimentary market evaluation.
Courtesy of
Deborah Moore
Managing Broker
RE/MAX Kelowna

770 Cactus Rd. Kelowna $319,000.00

Excellent 4 bedroom, 2 bath home. 2 bedroom suite down. This home would be great for first time home buyers or as an investment property. Close to schools, shopping & parks. Dining room french doors lead to lg deck. Corner lot with fully fenced yard with beautiful landscaping. Cherry, Plum, Peach and Walnut tress along with flower beds that stop cars! Jetted tub, new blinds and curtains throughout.Recent reno's include roof, gutters, windows & shutters, garage door with remotes. New insulation and shelves in garage. Tile shower and new kitchen in basement. Water tank new 3 years.Much of the furniture can be included in the sale making for a great starter home. Quick possession possible. This won't last. Call Steve Higgins to view 250-864-7893. Click on link below to see more of this home. http://marketing.remaxdesigncenter.com/95/128095/1697480/index.ipv

Gorgeous 3 level Citybrook Town home overlooking amazing Bird Sanctuary.

Gorgeous 3 level Citybrook Town home overlooking amazing Bird Sanctuary. Imagine sitting on your deck with your own private Nature Preserve in front of you! Modern 3 Bedroom, 2 Bathroom home with Hardwood flooring & Stainless Steel Appliances. Large 1644 sq. ft. of living space. Main floor living room with Hardwood Floors and Glass Block Windows. Downstairs family room or man cave with room to add a bedroom. Single car garage, central air conditioning and playground in family friendly complex. Great for first time home buyers or someone looking for maintenance free lifestyle. This is a great time to make the move. Call Steve Higgins at 250-864-7893 for private viewing. Click on link below to see more of this home. http://marketing.remaxdesigncenter.com/95/128095/1683151/index.ipv

HIGGINS REPORT ON THE MARKET....

 HOW’S THE MARKET?

Kelowna, BC – We anticipate that newly released HST Transitional Rules, continued low interest rates and abundant supply will spur the market in 2012 as first-time home buyers, new home buyers and investors take advantage of bonus’s and increased rebate thresholds for new homes.

HST HIGHLIGHTS:
· The First-Time Home New Home Buyer’s Bonus – 5% OF THE PURCHASE PRICE UP TO MAXIMUM OF $10,000
· The B.C. new housing rebate threshold will be increased to $850,000, effective April 1st with a maximum rebate of $42,000
· New homes where construction begins before April 1, 2013 and possession occurs after, buyers will not pay the 7% provincial portion of the HST but rather a Transitional Tax of 2% plus GST.
· Enhanced New Rental Housing Rebate to support the construction or substantial renovation of affordable rental housing.

RE/MAX Kelowna has had a brisk start to the year, writing 28% more transactions year to date than in 2011. We are monitoring the trend of investors making real estate their investment vehicle
of choice which is evidenced in OMREB’S January Buyer’s Survey which reported that investors made up 16.6% of all of our Buyers in the month of January, which is up considerably over previous year’s numbers.
The Okanagan Mainline Real Estate Board (OMREB) reported February 2012 sales activity of all MLS® property types improved over the same month last year as the housing market continues on a moderate but steady upward trend.
“February home sales remained strong in the Okanagan-Shuswap, and on par with the 10-15 year average for unit sales,”says Rob Shaw, OMREB Vice President. “The trend in modest rising sales over the past few months is in line with the gradual growth in the economy and indicates market improvement.
Province-wide, prices are staying relatively flat and holding steady in most segments in our Board area.”
Overall sales in the Central Zone for the month rose 16% to 289 units ($100.4million) compared to 249 ($95.5 million) in February 2011, and improved by 58.0% over the units sold last month (183). Total residential sales for February were up 11.4% to 263 units compared to 236 sold last year, and jumped 39.2% from 189 in January. Single family home sales (130 units) remained similar to last February (129), but climbed 27.5% compared to last month (102). Townhouse sales in February showed a 113% improvement over 2011 (to 49 from 23), and were up 96% from units sold in January (25). While inventory for the month (4,500) units was up 1.4% over 4,437 in 2011, the 954 new listings for February dropped 6.7% from the 1,022 last year at this time.
Values range from property to property depending on location, condition, inventory and other factors. Contact Me for your Housing Check-Up today!

Celebrating the Home

HOME Design

THE KITCHEN IS THE HUB

Ever wonder why “kitchen parties” naturally occur every time you have guests?
Well, it’s because the kitchen is the hub of every home. It’s where we get nourishment, refreshment, gather and regroup after a busy day. It is a room with real value for family. At RE/MAX we’ve learned that kitchen upgrades can really deliver, with a 44 % higher return on investment over the average return on other popular renos you might consider.
Whether you’re working with a contemporary kitchen or more of a country feel, stainless steel appliances continue to hold a lot of interest. In cabinetry, look at fine-grained maple, stained or natural, over the traditional heavy oak look of the past. Laminates and marble are great choices for counter tops, but
granite continues to be the most popular surface of all. Check out the latest fixtures in today’s new brushed nickel finishes.

HOME Maintenance

POTENTIAL BUYERS WILL BE LOOKING FOR VISUAL CLUES THAT YOUR HOME IS WELL CARED FOR.

How much work a house seems to require will impact the offering prices you receive, so it’s worthwhile to ensure that everything is in good working order.
BATHROOMS - Ensure all plumbing fixtures are clean and in good working order. Outfit leaky faucets with new washers and clean any visible stains on porcelain fixtures. Replace old, worn shower curtains and bath mats.
DOORS and WINDOWS - Spray WD40 on all hinges so everything operates smoothly. Have windows cleaned inside and out. Potential buyers will be estimating their energy costs, so fix drafts by re-caulking windows and replace exterior doors in necessary.

Did You Know...

RE/MAX is proud to support the Western Hockey League and excited to offer fans a chance to win a group of 24 tickets to see your local WHL team in an upcoming game! By offering this promotion we want you to know that we appreciate your business in the communities in which we live and work.
To enter your group, go to www.RemaxKelowna.com and click on the RE/MAX Home Team Contest link.

Okanagan is Booming!!

Kelowna is second only to Lower Mainland in forecast growth. The population of the Central Okanagan jumped by 17,563 or 10.8 per cent during the past five years, making this region the fourth-fastest growing in Canada.
The Kelowna metropolitan area - as it is described by Statistics Canada - had 179,839 people from Peachland to Lake Country in 2011 compared to 162,278 in 2006.
That percentage increase was greater than that of the national rate at 5.9 per cent and the B.C. rate at seven per cent.
Kelowna ranked No. 22 in population among the country's 33 census metropolitan areas. Canada's population on census day was 33,476,688. This shows the incredible role that the university (UBC Okanagan) is playing in our growth, migration from within British Columbia, and also the continued efforts to bring both skilled workers and entrepreneurs from overseas into our community.  Growth may have slowed during the past couple of years, but the Okanagan remains a desirable place to live, whether it's the lifestyle that everybody likes, the climate or the lakes. It's exciting to be in the fourth most-rapidly growing regions in the country.
Exceeding 30,000 was a milestone for West Kelowna. West Kelowna is fortunate to have a significant amount of undeveloped land already zoned for growth, for many years in the future. It needs to look at the housing mix, with possibly decreasing such a strong focus on single-family housing. That's the way of the future in terms of sustainability. As people age, there is generally a natural progression in their housing form. With growth in the emerging communities of West Kelowna and Lake Country also shows, that we weathered a fairly ugly recession and are certainly on the road to recovery.

Spring time....time to get Started!!

Can you believe Spring is right around the corner? With Spring comes peak Real Estate Season and if you're thinking of putting your home on the market, the time to get started is now as houses are staying on the market for an average of 100 days. However, if you have your home priced right and the right Real Estate Agent who will market your home aggressively and give your home to the most exposure potential buyers, then your house will sell faster. Because it is a buyers market it is Critical that you hire the best Real Estate Agent to work for you to get the best price for your home.

You only have One chance to make a Good First Impression!!

Tips For Preparing Your Home For Showings

• Tidy up the porch/decks and garage. Keep the lawn trimmed and edged. Make sure that your yard is clean.  When showing in the winter make sure snow is cleared and walkways are free of ice.

• Your front door adds to that first impression - be sure it is clean or repainted if necessary.

• Wash windows and clean/dust window coverings.

• If any decorating or painting is needed (especially in the kitchen), do it now! Forty dollars worth of paint will make a difference in the sales price.

• Bathrooms help sell homes. Make them sparkle.

• Replace burnt out bulbs and turn on the lights for all showings. Illumination is like a welcome sign.

• Wash dishes/turn on dishwasher, make beds, put away clothes and straighten up.

• Keep pets out of the way during showings – as some people are allergic to them.

• Leave the showing to the Realtor.  The Realtor knows the buyer’s requirements and can best emphasize the features of your home.  If possible, leave the house during a showing.

• Don’t discuss anything about the sale with a potential customer.  Let your Realtor discuss price, terms, possession and other items concerning the sale.   Your Realtor is qualified to bring negotiations to a favorable conclusion.

• Pack away valuables, store extra furniture and knick-knacks.

• Look at your home objectively. Pretend you are seeing it for the first time, through a buyer’s eyes.

HIGGINS REPORT ON THE MARKET. 2010 vs 2011

As you can see the number of sales for the last 6 months of 2011 were up as compared to 2010. Available inventory remains high making for a strong Buyers Market.

Moving Checklist

Closing And Moving - once the contract is firm and all conditions have been removed you are nearing the final stretch. Some of the terms that are negotiated on the contract are closing and possession dates. These dates determine the deadlines for communicating with your financial lender, attorney, movers etc. We will follow-up with your attorney and financial lender to ensure that all the proper paperwork has been received.  Moving with Children - Often when you are thinking about moving with children, you decide to move in the summer when they are out of school. If you are moving to a new neighbourhood, it is important to think about how difficult it may be for them to make new friends during the summer holidays. Moving during the school year allows them to instantly meet children in the classroom. This gives them time to make a couple of friends their own age, who live in the neighbourhood before the summer holidays. A Smooth Move: Prepare a file to keep receipts of moving expenses, you maybe able to claim some for tax purposes depending on how far you are moving and why you are moving.  Get written estimates from at least two moving companies.  Go through everything and donate what you no longer need to charity - moving cost is by weight so don't take what you don't need.  Get packing paper, boxes, pens and tape.  Transfer the utilities out of your name.  Change of address for Canada Post, newspapers, magazines, clubs, organizations, doctors, friends and family, services and your insurance company.  Order new cheques from the bank with your new address.  Notify the outbound and inbound schools.  If moving into or out of an apartment, book the elevator.  Return all items you have borrowed and get back what you have loaned.  Plan and start early! Here is a detailed moving check list: Task Due Date Check Get estimates from moving companies and arrange method of payment ASAP Get packing paper, pad for inventory, and marking pens, boxes, and twine for packing belongings 25 days prior Notify Existing Water Company 25 days prior Notify Cell Phone Company 25 days prior Notify Housecleaning Service 25 days prior Notify Vehicle Registration and Licensing Agency 25 days prior Notify Existing Internet Supplier 25 days prior Notify New Internet Supplier 25 days prior Complete Change of Address form with Canada Post 25 days prior Notify Lawyer 25 days prior Notify Finance Companies 25 days prior Arrange for a yard sale for unnecessary belongings 25 days prior Notify New Gas/Oil company 25 days prior Notify Alarm Service 25 days prior Notify Existing Cable/Satellite Company 25 days prior Notify New Cable/Satellite Company 25 days prior Notify Credit Cards 25 days prior Notify Schools 25 days prior Notify Magazines 25 days prior Notify Book & Music clubs 25 days prior Notify Doctor 25 days prior Notify Dentist 25 days prior Notify Canadian Revenue Agency (CRA) 25 days prior Notify New Electric Company 25 days prior Notify Existing Electric Company 25 days prior Notify Garbage (special pick-up) 25 days prior Notify Existing Telephone Company 25 days prior Notify Loan Institutions 25 days prior Notify Loyalty Programs 25 days prior Notify Library 25 days prior Notify Newspapers 25 days prior Notify Catalogue Subscriptions 25 days prior Notify New Water Company 25 days prior Notify Existing Gas/Oil Company 25 days prior Notify Non-government Supplementary Health Plan 25 days prior Notify Insurance Agencies 25 days prior Arrange for work that has to be done at new home 25 days prior Notify New Telephone Company 25 days prior Verify your moving in date with your new landlord 15 days prior Collect items being cleaned or repaired 15 days prior Check to make sure you have returned all rented items 15 days prior Check to make sure you have returned all borrowed items and get back any items you have loaned 15 days prior Clean Rugs and Drapes 5 days prior Take down any items that have been excluded in your contract 5 days prior Prepare a list of items you'll need immediately at destination, such as a flashlight, light bulbs, toilet paper, cleaning supplies, pillows, sheets, blankets, towels, snacks and drinks. If not taking this box with you make sure it is marked: FIRST OFF 5 days prior Get utilities turned on, or meters read 5 days prior Collect all keys including garage and shed for new owner 1 day prior Leave garage door openers for new owner 1 day prior Leave all manuals, warranties and guarantees for new owner 1 day prior All Meters Read Moving Day Lights Turned Off Moving Day Keys left as agreed with new residence/Realtor Moving Day Windows and doors locked Moving Day Double check rooms, closets, drawers, shelves, outdoor areas and garage to make sure you've taken everything Moving Day Make sure you have your Medical and Dental records Moving Day Furnace turned down or off Moving Day Get appliances hooked up Moving Day Give your new phone number and an alternate contact to your mover before they leave Moving Day List claims for lost or damaged articles Moving Day Make sure you have your Insurance policies Moving Day Make sure you have your moving related documents Moving Day Check to see appliances (refrigerator, freezer, washer and dryer, etc.) are working Moving Day

Tourism in the Okanagan is up but spending is down.

So there is some good news and bad news in Kelowna's latest tourism stats.
The good news is that 1.5 million tourists visit Kelowna annually, which is up 27% from 2006. The bad news is the spending is down even with the increase in visitors. Their spending is down 3.1% over the past five years to $279 million a year.Which is not surprising considering the economic collapse in late 2008 and with the upheaval that still continues today.
The bottom line is, people are still vacationing in Kelowna in increasing numbers. It shows that Kelowna is a great destination and people will continually come here.

HIGGINS REPORT ON THE MARKET 2

Okanagan‐Shuswap Market Ends Year on a Strong Note.

Kelowna BC-The Okanagan Mainline Real Estate Board (OMREB) reported December 2011 sales activity of all MLS® property types improved over the same month last year as the housing market continued to
normalize with prices stabilizing and inventory on the decline at year end.
“As 2011 came to a close, overall sales activity in the recovering Okanagan‐Shuswap market continued to
strengthen with moderate but steady improvement during the last two quarters of the year, and showed
remarkable resiliency despite ongoing global economic and financial uncertainty,” says Rob Shaw, an active
REALTOR® in the North Zone and OMREB Vice President. “Sales in most segments are stable and holding their own compared to 2010, as historically low interest rates continue to positively impact purchasing power and improve affordability for buyers. However, modest economic recovery and job growth have affected
disposable income for potential recreation and investment purchasers so these sectors remain sluggish.
“Although listings are trending downward and keeping inventory in check, there is still an ample supply and
good selection of properties available in this market,” Shaw notes. “The 686 new residential listings taken
Board‐wide for the month of December in both 2011 and 2010 are at 2002 levels (637) and on par with the 10‐year average (679) for this month. However, year‐to‐date listings reported for the 12 months of 2011 (17,619) are 9.8% higher than the 10‐year average (16,491) but similar to pre‐recession levels (17,855 in 2007).”
Board‐wide (Peachland to Revelstoke): During December, the 293 overall sales in OMREB’s Board area improved by 7.7% compared to last year’s 272, but dropped 28.9% from the 412 sold this November.
December sales are typically lower given that home buyers turn their attention to Christmas rather than house
shopping. Sales volumes of $113.9 million were up 3.4% for the month compared to $110.1 million in 2010.
Inventory (active listings) for December was down slightly (0.3%) to 6,870 units compared to 6,892 in 2010, while new listings for the month were the same as last year at this time (686).
Central Zone (Peachland to Lake Country): Overall unit sales in the Central Zone jumped by 4.6% to 183 units ($77.0 million) compared to 175 ($77.9 million) last December, and were down 29.1% compared to the 258 units sold in November. Total residential sales improved by 9.3% to 165 units compared to 151 sold last December, but were down 30.1% from 236 in November. Single family home sales of 96 units rose 12.9% compared to 85 last year, but dipped 22.6% compared to this November (124). December’s inventory of 3,853 units was up 3.4% compared to 3,725 in 2010, and the 461 new listings for the month rose 3.3% over the 446 last year.
North Zone (Predator Ridge to Enderby): Overall unit sales in the North Zone for December rose 10.0% to 77 units ($26.4 million) compared to 70 ($23.4 million) in 2010, and slipped 18.9% from the 95 units sold this November. Total residential sales for December improved by 23.6% to 68 units compared to 55 last year, but dipped 17.1% from the 82 sold in November. Single family home sales (35) were up 20.7% compared to the units sold in December 2010 (29), but were down 25.5% compared to unit sales in the previous month this year (47). While last month’s inventory dropped by 5.0% to 1,850 compared to 1,947 last year, the 129 new listings taken were up down 16.8% from 155 in 2010.
Shuswap Zone (Salmon Arm to Revelstoke): Overall unit sales in the Shuswap Zone improved by 22.2% to 33 units ($10.4 million) compared to 27 units ($8.8 million) in December 2010, but were down 44.0% from the 59 sold this November. Total residential sales of 25 units rose by 8.7% over the 23 in 2010, but dropped 52.8% from the 53 sales in November. The 14 single family unit sales remained the same as the units sold last December but were down 48.1% from the 27 sales during the previous month this year. While inventory dipped 3.4% from last December (1,161 compared to 1,202 in 2010), new listings (95) were up 14.5% compared to last year (83).
OMREB MEDIA RELEASE
January 5, 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