Morgan: Housing sales optimism for 2013

Despite the madness of the Yuletide season, Kelowna’s real estate market has also continued to follow suit with the hectic season.

With the craziness of Christmas upon us, it’s easy to get wrapped up in gift buying, mistletoes and the constant hustle and bustle of the city during this time of year.

But despite the madness of the Yuletide season, Kelowna’s real estate market has also continued to follow suit with the hectic season.

It was recently reported by the Okanagan Mainline Real Estate Board that sales are slightly down for the month of November, but this decrease in sales is predictable for this time of year.

Still, last month there were 140 single family homes sold in the Central Okanagan. Compare that to the 136 sales in November 2011.

That’s a 2.94 per cent increase this year over last for November.

For November, there were 1,381 dwellings listed on the MLS system, a decrease of nine per cent from the previous month.

As inventory continues to decline coupled with low interest rates, the real estate economy will continue to remain in the buyer’s spectrum.

Home sales are expected to finish the year up 13 per cent at 5,450 units— even after factoring in the impact of tighter credit conditions in the Central Okanagan.

It has been forecast by British Columbia Real Estate Association that interest rates will be remain low heading into 2013, but we may see a gradual increase in mortgage rates later in the year.

“Forecast sales in 2013 reflect an improvement from the levels this summer in the immediate wake of the mortgage rule changes,” said Gregory Klump, BCREA’s chief economist.

With the Okanagan remaining one of B.C.’s most desired places to live, our region will continue to drive people to invest in vacation homes, settle down or simply enjoy the lifestyle.

“It is one place where you golf in the morning and snowboard in the afternoon or night,” said Kelowna resident Kyle Swain.

“The Okanagan is defiantly the place to live. Kelowna really is a community that cares and comes together in times of need.”

Local resident Danielle Rideout can speak to that, having reached out to our community for help during her family’s time of distress and received an outpouring of local support.

The New Year looks bright and prosperous for the Okanagan. Remember that slow and steady will always win the race.

From my column to your home, Happy Christmas to all and to all a good night.

Just Posted

Closet cleanout this weekend in Kelowna

The Kelowna Closet Cleanout helps ladies update their wardrobe this while supporting local charities

Keeping the Okanagan on the Federal Radar

Kelowna-Lake Country MP Stephen Fuhr’s column

Letter: Not a pretty picture, driving around Kelowna

Kelowna letter-writer says there’s a lot to dislike driving around Kelowna

Reel Reviews: Fear or love

We say, “Once again, one worth seeing, one not.”

Two people safe after falling through ice

Kelowna Fire Department urges caution around icy waters during warm weather

Your March 19 Morning Brief

Check out the top stories of the day in the Okanagan-Shuswap with Carmen Weld’s Black Press Morning Brief.

Heat drops two at nationals, Lea an all-Canadian

UBC Okanagan come up short at U SPORTS women’s volleyball finals in Quebec City

Pedestrian airlifted to hospital after semi truck collision north of Cache Creek

RCMP say person sustained non-life threatening injuries

Sanford helps Bears win 16th CIS title

Cole Sanford has an assist in final as Alberta beats St. Francis Xavier 4-2 for national title

A frustrated Trump lashes out at special counsel Mueller

In a series of weekend tweets naming Mueller for the first time, Trump criticized the investigation into Russian interference in the 2016 presidential election

B.C. teachers’ union to ask for higher salaries to help with shortages

B.C. starting teacher salaries are $10,000 to $15,000 lower than Ontario or Alberta says B.C. Teachers’ Federation president.

Few political staffers on Parliament Hill report sexual misconduct: survey

Sixty-five of the 266 survey respondents said they had personally experienced at least one incident of sexual harassment.

Experimental pot lab sprouting cannabis-infused drinks, new edibles

Nestled inside Canopy Growth Corp.’s sprawling marijuana facility outside Ottawa is a special laboratory

Federal committee to examine human trafficking in Canada

The Commons committee plans on holding hearings in Montreal, Toronto, Edmonton and Vancouver.

Most Read