The August Media really was full of doom and gloom for the BC Real Estate market.
Looking at the sales stats and ratio of sales to listing, I would have to agree, and yet the market has felt a little busier during the last week or so.
In Quail Ridge, for instance, there have been 4 sales in just over a week at the Pinnacle Pointe condos, where as it had previously been very slow.
I have also seen new sales in Discovery Bay and Waterscapes, in Sunset Drive, and a new sale this week in The Cove Lakeside Resort, which shows we have been seeing buyers again in the more recreational properties.
We have also been seeing buyers, that we have been working with for quite some time, thinking the Kelowna market is now representing quite good value, they have then found willing sellers, and have put together some great deals.
Aug 2010 Central Okanagan Real Estate Stats
Type Total S. Fam Strata Lot Manuf
Aug 10 269 129 107 15 18
Jul 10 219 122 72 11 14
Jun 10 343 207 97 18 21
Aug 09 370 199 135 10 26
At last, we have reversed the downward trend in sales, however we are still well below the sales numbers for last year. Looking at the listing to sales ratios we are still showing no sign of a balance market, and we will have to see a significant reduction in listings or increase in sales to see the trend improve.
CMHC have also just issued their current predictions for housing starts for the remainder of 2010 and 2011—for the full report please review http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2010/2010-08-31-0815.cfm it also predicts fewer house sales through out Canada in 2011.
At the moment, I am still predicting a ‘difficult’ market for sellers for the foreseeable future and it remains a buyers market.
Cell 250 864 1707
Web site http://www.mykelownarealestate.com