Kelowna Foreclosure sign with Andrew Smith

 

 

Do you think that Kelowna  foreclosures are dragging down the Kelowna real estate market?   Is Canada following the USA market?  It appears like it.  With  4,500 Kelowna homes for sale on MLS this year only 164 were foreclosure sales.  Good news or Bad news??.

That’s  good news!! Compared to the 224 Kelowna court ordered sales 2012 but it does not look so good compared to the 26 Kelowna foreclosures listed in 2003.  Foreclosures  escalated  from 31 to 108 in 2009 and  in  2010 increased  from  164 to  224 in 2011.  Having  164 is still a big number, but it is heartening  to see the numbers decreasing.   According to the census in 2011 there were over 42,000 Kelowna single family homes  so there will always be foreclosure sales.  If the foreclosures numbers had  increased to the 290 – 400  range then it would have had an even greater force on market values and our city at large.  In Kelowna the high cost of housing means more debt for home owners.

With the Canadian average sale of $330,000 we’re more susceptible than other Canadians with the Kelowna average home sale at $480,000 and when there’s a  10% decrease in values we feel it harder.  Especially  for the  buyers who purchase  with 5 or 10% down. In areas that had a huge increase in new homes built and completed at the end of 2007 beginning of 2008 boom  like Wilden, Mission Hill Estates and Southridge, the sellers are having a tough time selling because in many cases their homes are worth less than what they paid for them.  But..the worst is over and most of us got through safe and sound.   In October there were only 6 new court order sales  in our Kelowna real estate board.down from 13  foreclosures in October 2012. 1 in Peachland,1 in Shannon Lake 1 in Glenmore, 1 in Joe Riche and 2 in  Black Mountain

My  two brothers live in the USA  in Athens Georgia and St. Louis Missouri and they each have 6 foreclosures near their homes. If you have missed a couple of mortgage payments or think that you are going to miss a  payment call your Realtor for some suggestions on how to avoid foreclosure   Are you looking for a deal in Kelowna real estate?

You can get this weeks list of  all  the Kelowna Foreclosure homes and condos on the market. www.Kelowna-foreclosures.ca or call Andrew 250-979-8066

 

Kelowna Real Estate Specialist

Andrew Smith and  Jo Ann McLellan

Smith McLellan Group Royal LePage Kelowna

www.OkanaganBC.com

Follow Andrew on Twitter @smithap01

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