Starting last month, the Okanagan Real Estate Board (OMREB) invited Selling Realtors® to give brief details about their previous month’s sales. Of the questionnaires returned, the analysis for October 2010, showed that 21% of Buyers were first time buyers, 23% moved up and 10% purchased for investment purposes.
As I have been saying for a while, most of these Buyers have been coming from within the OMREB area (Revelstoke to Peachland) – 57% of Buyers came from our area, 14.5% from the Lower Mainland and 13.6% from Alberta.
Central Okanagan Real Estate Stats for November 2010
Type Total S Fam Strata Lot Manuf
Nov 10 199 117 68 7 7
Oct 10 246 149 74 10 13
Sep 10 219 132 72 5 10
Aug 10 269 129 107 15 18
Nov 09 287 145 108 21 13
Nov 08 141 74 54 3 10
Sales were down again this month; however, whilst these figures remain disappointing, it is very interesting to view these figures against 2008. As you will see sales are actually higher this year. Putting it all in to perspective, Real Estate sales usually fall off during the winter, here in the Okanagan, so don’t be too concerned by these latest figures!
Four main issues continue to be ‘key drivers’ to the Kelowna and Central Okanagan Real Estate Market -:
1. Interest Rates – subdued latest growth figures issued, by the government, this week, will probably make the Bank of Canada think twice about increasing interest rates again this month.
2. Inventory – whilst the number of properties for sale has been falling, we have still not yet reached a balance – it remains a Buyer’s Market, here in Kelowna and the Central Okanagan.
3. Incentives (government initiatives) e.g First Time Home Buyers Incentive, these are helpful, but tightening of affordability by Financial Institutions is making it tougher for some to obtain mortgages.
4. Price – continues to show some signs of stabilising, but weak consumer confidence due to fears of unemployment and continuing negative news about the economy, as a whole, may keep prices subdued, particularly over the winter months.
If you have any questions about my latest update or have any Real Estate questions, please feel free to contact me.
Cell 250 864 1707
Main Office #14 - 1470 Harvey Avenue, Kelowna, BC, V1Y 9K8
Tel 250 860 7500