A Look Back Ten Years Ago….

A Look Back Ten Years Ago….

As we head into 2011, this it the time of year when many people ask Jo-Ann and I what we think will happen to the Kelowna housing sector next year. Before predicting the future, let’s look back a decade. The 4th quarter of 2010 has produced 352 residential sales (with a week or so to go) with an average sale price of $534,500. Go back to the beginning of the decade when the 4th quarter of 2000 yielded 328 sales at an average sale price of $201,800. Pause, go back and read that again, now a quick toast to the tenacious Kelowna housing market that has survived fires, recessions, labour shortages and HST.

For years during the 1990’s houses were selling in the $140,000 – $160,000 range and I could appraise a home in my head walking from my car to the kitchen table (uh oh, starting to sound like an old guy). I remember the huge psychological difference when houses jumped over the $200,000 hurdle for the first time and they’ve never looked back. It will be interesting to guess where house prices will be in 2020 and judge which areas or neighborhoods will increase the most. The different neighborhoods in Kelowna have different advantages and a  walk down to the city to see what is in the OCP could help in seeing what the city’s plan is for each area and what the anticipated growth will be.

The Canadian Real Estate Association predicts that Canadian house prices will fall less than 1% while Royal LePage predicts an increase of 1.6%.

I think prices will remain static until the out of town buyer finally reappears. Traditionally this is when we see significant increases and I don’t see it being any different this time.

Realtor Andrew Smith
Living in Kelowna,
Andrew Smith
Royal LePage Kelowna
250-979-8066 or Toll Free 1-877-330-5884
Follow me on Twitter @smithap01

Cal for more information https://www.okanaganbc.com/ or view here Kelowna housing market

Single Story For Sale in Lake Country East

Single Story For Sale in Lake Country East

Quick Possession Possible

1,374 sq. ft., 3 bath, 3 bdrm single story
MLS®$280,000

Lake Country East, Lake Country – Well thought out floor plan in “as new” condition. Well appointed with three bedrooms on one level. Handy location close to school, golf course, library, shopping and Creekside Theatre.

 

Living in Kelowna,
Andrew Smith
Smith McLellan Group
Royal LePage Kelowna
Info@OkanaganBC.com
To view homes go to www.Okanaganbc.com
250-979-8066
Follow me on Twitter @smithap01

Kelowna Home Buyers….Where Do They Come From?

Kelowna Home Buyers….Where Do They Come From?

Like most communities, the majority of buyers are local. They’re people moving to a bigger house when they have a baby or downsizing to a townhouse once the kids move out. Royal LePage tracked 3,160 Kelowna Home buyers and found some surprising stats.

The eye-opener for me was that so few purchasers have been coming from Alberta lately. In this 12 month period, 18 were from Edmonton, 43 from Calgary and 28 from rest of Alberta. That seemed like a typical Spring weekend in the good old days instead of a 12 months period.

I was surprised too to find out that so many came from the South Okanagan (90) and North Okanagan (167). Vancouverites still love moving here with 172 moving trucks coming this way. Other areas…

Sask-Manitoba 10, International 5, USA 9, Northern BC 19, Ontario 16.

For a Realtor it is always a consideration where to advertise and what percentage of advertising dollars in each area will bring the best response and attract the most promising buyer for a particular Kelowna listing. We are always looking for the perfect answer to what will make the phone ring.   So, the next time a Realtor has a strategy to attract out of town buyers for your home it might be more prudent to advertise the home in Salmon Arm or Penticton instead of Calgary of Edmonton. You can ask your Kelowna Realtor where the majority of buyers have been coming from and how likely your home would fit their requirements.

If you are considering putting your home on the market or just wondering what the Kelowna market value is, please call Andrew 250-979-8066 for an honest answer. Andrew can go over the market details and recommend to you the best time to go on the market and what improvements will bring you the highest return  on investment when you do decide to sell.

Realtor Andrew Smith
Living in Kelowna,
Andrew Smith
Royal LePage Kelowna
250-979-8066 or Toll Free 1-877-330-5884
Follow me on Twitter @smithap01

Cal for more information https://www.okanaganbc.com/ or view here Kelowna market value