Okanagan Housing Market Continues to Strengthen
MEDIA RELEASE
For Immediate Release:
March 5, 2010
Okanagan Housing Market Continues to Strengthen
Kelowna, BC – The Central Zone of the Okanagan Mainline Real Estate Board (OMREB)
reported February 2010 sales activity of all MLS® property types improved over 2008 and the
early part of 2009 as the housing market continues to strengthen and gain momentum.
“This month’s figures demonstrate ongoing consumer confidence in the Okanagan market as
sales activity remains strong and listings continue to increase,” says Brenda Moshansky,
OMREB Director and REALTOR® in the Central Zone. “While inventory is down 8% from last
February (4,418 units compared to 4,848), a wider selection of properties is now available to
Buyers as new listings have increased 23% from last year (1,098 compared to 888) and are up
7% over January (1,021).”
Total sales of 289 units jumped 78% last month from the 162 sold in February 2009 and rose
14% from the 252 sold in January. The 249 residential units sold showed a 64% improvement
over last year at this time (151) – a 13% increase from last month (219).
Sales of 123 single family units were up 43% over last February (123 from 86) – similar to sales
in January (122). Townhouse and apartment sales improved 77% (32 townhouses sold
compared to 18) and 90% (57 apartments from 33) over February 2009.
“We are optimistic that the upcoming changes to mortgage criteria in mid-April, the pending HST
in July, and potentially higher mortgage rates in the future could generate more sales in the
coming months,” Moshansky notes. “As the unseasonably warm weather brings people out and
about – especially during Spring break and now that the Olympics are over, we can expect the
low interest rates and attractive home prices to drive first-time Buyers into the market, and to
draw investment and recreation property buyers away from high prices in the Lower Mainland.”
Brenda adds, “The guidance of a REALTOR® to help determine market value in this competitive
marketplace is important for both Buyers and Sellers. If a home is priced well it will sell.”
The Central Zone of OMREB covers an area from Peachland to Lake Country and east along
Highway 33 to Westbridge (including the Christian Valley).
The Okanagan Mainline Real Estate Board (OMREB) is comprised of 1,152 member
REALTORS® and 86 real estate offices in the Southern Interior of BC. For the most
comprehensive source of all real estate listings, home buying and selling information, visit our
national websites at www.realtor.ca and www.icx.ca. Our local public website is available at
www.omreb.com. All OMREB listings are published in the MLS® Real Estate Review magazine
available at all real estate offices and various locations in the Central Okanagan, North
Okanagan, the Shuswap and Revelstoke areas.
For comprehensive Board-wide statistical information please visit www.omreb.com