The average residential home is expected to decline 13% to $396,600 in the province of British Columbia. Residential sales are also being fore-casted to decrease by 9% from 68,923 unit sales in 2008 to 62,650 unit sales. Cameron Muir, Chief Economist for BCREA says "Downward pressure on mortgage rates and lower home prices are providing much needed improvement in home affordability. Increasing affordability and significantly lower housing starts are setting the stage for a healthier market in the years to come." I agree with Cameron Muir's assessment of the current real estate market in British Columbia. With average home values adjusting (0 comments)
central okanagan market statistics: The reasons to buy a home in the Central Okanagan keep getting better!
- 01/29/09 06:11 AM
As a Realtor® I am often asked questions such as: "How's the Real Estate Market?", "Do you think the Real Estate Market will crash?" and my personal favorite "What do you think is going to happen in the Real Estate Market this year?" The track record of those who try to forecast the ups and downs of any market is exceptionally poor, so let's consider what is factual about the current real estate market in Central Okanagan currently. Certainly, it is much more of a Buyer's market than we have seen in recent years. Sellers also are starting to recognize the change in (4 comments)
Foreclosures are few and far between in the Central Okanagan today. The Kelowna Real Estate Market has returned to more of a balanced one with homes taking longer to sell and buyers have more selection. There are also a number of "Subject to Sale" deals where one home owner is waiting for another home owner to sell their property before completing on their agreement. This certainly has a bit of a domino effect and requires the patience of all parties involved. I have put together the current listing inventory for the Central Okanagan Region. Current listing inventory is as follows: Single Family Dwellings - (4 comments)
Although many real estate markets across Canada have been very sluggish in terms of sales, the month of December for sales in the Central Okanagan were quite encouraging. Kelowna and its many neighbourhoods are still considered to be among the most desirable to live in anywhere in this great country of ours. For complete December 2008 Stats for the Central Okanagan please visit: OMREB Stats Here's the break down on the December 2008 sales stats: Lots and Acreages - 1 sale Manufactured Homes - 8 sales Single Family Residential - 74 sales Strata (Condos & Townhomes) - 37 sales Total December Sales: 120 Looking at just the (0 comments)