Kelowna Real Estate Online

REAL ESTATE OVERVIEW

Housing Market Up 10% Over Last Year

There have been nothing but positive developments in the real estate industry of late especially with the election of Gordon Campbell's Liberals and the announcement of a 25% decrease in Provincial taxes. The month of May saw 246 residential sales compared with 189 for the same month last year. This represents a 30% increase in market activity.

Year to date the market is up 10% over last year with 803 sales this year compared to 734 last year. Appraisers, real estate agents, home inspectors and lenders are all busy these days and we're hopeful it will continue throughout the Summer. It normally takes a bank 24 hours to determine whether a purchaser is eligable for a mortgage and now they're asking for at least 48 hours.

Every weekend we are seeing more and more people coming to town from the coast and Alberta so this strong market activity should continue. The out of town buyer is still playing a significant role in Kelowna's real estate activity.



	REAL ESTATE OVERVIEW Housing Market Up 10% Over Last Year There have been nothing but positive developments in the real estate industry of late especially with the election of Gordon Campbell's Liberals and the announcement of a 25% decrease in Provincial taxes. The month of May saw 246 residential sales compared with 189 for the same month last year. This represents a 30% increase in market activity. Year to date the market is up 10% over last year with 803 sales this year compared to 734 last year. Appraisers, real estate agents, home inspectors and lenders are all busy these days and we're hopeful it will continue throughout the Summer. It normally takes a bank 24 hours to determine whether a purchaser is eligable for a mortgage and now they're asking for at least 48 hours. Every weekend we are seeing more and more people coming to town from the coast and Alberta so this strong market activity should continue. The out of town buyer is still playing a significant role in Kelowna's real estate activity.