Opinion

Morgan: Affordable housing opportunities created in Kelowna

Today’s Okanagan real estate market continues to remain in the buyer’s spectrum. With inventory remaining high, home buyers have the luxury of taking their time to sift through the properties without fear of a multiple offer scenario.

However, Okanagan buyers are not the only ones who have caught wind of the saturated Okanagan real estate market. It was reported by Canada Real Estate Wealth Magazine that Kelowna North has made the top 100 list of best places to invest in real estate.

A total of 20 B.C. neighbourhoods made this exclusive list, compiled from extensive industry analysis and statistics including population, average home price, capital growth and vacancy rate.

While Canada battles back in our economy, the U.S. has recently experienced an upward trend in property sales, reflecting the largest quarterly gain since 2006.

“There are definitely still great deals out there but our market has seen major improvements and well under way to recovery,” said  Arizona real estate agent Griffen Hall.

Arizona remains one of the hottest real estate markets in the U.S. for Canadian investors, but just for how long? Recent statistics reflect an average house price has increased 11.5 per cent since January and 2013’s real estate forecast for the United States is promising for a stabilization in sale prices.

Perhaps the days of investing in the real estate market down south has dissipated and the new day of putting our local money back into Okanagan real estate investment properties has arrived.

The basic of investing/purchasing in real estate still remains the same. Number one rule of this venture is location, location, location;  the second rule is to get the best return on your investment, buy low—sell high; and finally know your budget and take the time to consult with a local real estate agent for market trends and property price comparisons.

Kelowna remains to be a desired place to both retire or raise a family, but investing in our housing market is clearly becoming more popular not just for locals in the Okanagan but for Canadian buyers from coast to coast.

The real estate economy in the Okanagan is remaining as a buyer’s market, but as the U.S. real estate is slowing changing should we be asking ourselves is Canada’s turn finally next?

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