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 weâ€™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?