CMHC Predicts Modest Gains in 2011

Paul Fabri from Canada Mortgage and Housing predicts modest housing gains next year. CMHC anticipates a switch from a buyers’ market to a more balanced market in 2011. Read entire story below…

http://www.castanet.net/news/Kelowna/58249/Housing-market-trending-upward-in-2011

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

168 Sales in October

168 Sales in October

168 Sales in October

The Kelowna residential housing market encountered what statisticians might call a  last month. There were 168 residential sales which was better than most anticipated after 3 consecutive slow months but 14 of those sales were over $1 million, 3 were over $3 million and 1 was $10 million. In a community of over 100,000 people and an average household income of about $55,000 these numbers are way out of line of what we can consider normal. Clearly, there has been a lot of pent up demand in the high end of the market and those buyers decided this was the time to jump in. This is the good news. The average every day wage earner is still in “wait and see” mode so we aren’t seeing as many $275,000-400,000 sales. Last month’s data skewed the average sale price in Kelowna up to $625,000.

A year ago, October 2009 saw 221 sales for the month with an average sale price of $509,000. The 168 sales are a marked improvement over the past 4 months and those who had predicted a tough Winter market might have to take a wait and see approach as sellers appear to be more realistic with pricing and buyers are starting to act. It is always noted by the number of SOLD signs that are visible that the Buyers have stopped just looking and have started making their decision and writing an offer on the homes in Kelowna listed for sale. When the sold signs start appearing in the neighborhoods then it is an indication prices will start to rise and the inventory is reduced.  Are you sitting on the fence?? I may be time for you to make a move.

On a personal note, Jo-Ann & I are running the New York Marathon on November 7. There will be a total of 45,000 runners.

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 residential housing market