Kelowna Housing Market is heating up despite the doom and gloom news from the oil fields in Alberta
Hello Everyone! This is Andrew Smith Royal LePage Kelowna. It is Sunday March 1.2015 Welcome to Kalamar Park in West Kelowna located in Lakeview Heights. We parked at the end of Casa Loma lust a block up from the Casa Loma Resort and hiked in. The trail will eventually take you to Quails Gate Winery, it is a nice hike, fairly easy if you have about one hour.
There is hardly anyone out here, we saw a couple of dogs, a mountain biker and a lost German Backpacker.
Anyways fun times….. quick market update for Kelowna
1316 residential homes on the market, which is less than what we need in Kelowna right now. There are 508 condos. Out of those listings 43 residential homes are in foreclosure and 8 condos are in foreclosure. That number has really gone done in the past year.
Last February there were 205 residential sales averaging a sale price of $525,000. That is a huge number and when you compare it to February 2014 when we only had 115 residential sales. We have more or less doubled the number of sales and we have done that despite all the newpapers saying “Oil, OIL , OIL” it is going to impact our market. It just hasn’t and I think that a lot of us are getting tired of talking about it. It just has not happened.
Interest rates are clearly the reason that the market is serging along here. Winter months are typically local buyers buying from local sellers. I know we are only 2 months into this year, but it is looking pretty good.
That is about it Thanks for watching