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

UBCO Heat teams unable to secure any wins against Mount Royal Cougars

The mens and womens volleyball and basketball teams went 0-4, but all have rematches Saturday night

Rockets held scoreless in loss against Red Deer

Rockets will look for some points in final game of road trip against Edmonton

Kelowna’s definitive Christmas market list

We’ve prepared a list of every market in the Central Okanagan

Your guide to winter light ups around the Okanagan

From Vernon to Summerland, with a stop in Kelowna, we’ve found some activities for you to enjoy

New maintenance crew to look after Okanagan Connector

Acciona Infrastructure Maintenance Inc. will replace Argo Road Maintenance Inc. in 2019

Trudeau offers to help Pacific islands face climate change impact

Prime Minister Justin Trudeau met with the leaders from the Pacific island nations on Saturday during the APEC Summit in Papua New Guinea

Price makes 36 saves as Habs edge Canucks 3-2

Late goal lifts Montreal past Vancouver

BC Minister of Agriculture loses stepson to accidental overdose

Lana Popham announces death of her 23-year-old stepson, Dan Sealey

Canadian military’s template for perfect recruits outdated: Vance

Gen. Jonathan Vance, the chief of defence staff says that the military has to change because the very nature of warfare is changing, particularly when it comes to cyber-warfare

‘Toxic’ chosen as the Word of the Year by Oxford Dictionaries

Other top contenders for 2018 include ‘gaslighting’ and ‘techlash’

RCMP bust illegal B.C. cannabis lab

Marijuana may be legal but altering it using chemicals violates the Cannabis Act

Canada defeats Germany 29-10 in repechage, moves step closer to Rugby World Cup

Hong Kong needs a bonus-point win over Canada — scoring four or more tries — while denying the Canadians a bonus point

Avalanche Canada in desperate need of funding

The organization provides avalanche forecasting for an area larger than the United Kingdom

5 B.C. cities break temperature records

Parts of B.C. remain warm, at 10 C, while others feeling chilly

Most Read