Central Okanagan Market Report - December

The 2011 real estate market finished on a stronger note than it began.  December's residential sales were up over 9% over the same time last year but more importantly the continued early activity into the new year is encouraging.

We are seeing more buyers coming forward showing interest in purchasing real estate.  The record low interest rates certainly have something to do with it along with the great selection of properties.  Even the mild winter has people thinking about real estate sooner than they normally would but we believe that there truly is a sense of optimism in the air.  We have now had four years of a slower real estate market which has created more affordable housing options and selection.  People realize that Canada and more specifically our area is experiencing economic growth, as moderate as it may be.  Job stability exits and we are now finally starting to see more positive signs coming out of the US that their economy is going to grow.

The Okanagan Mainline Real Estate Board (OMREB) stated in their year end update that "despite concerns about employment, personal debt load and net worth which dampened consumer confidence and slowed overall demand in most BC markets during 2011, OMREB ended the year on a positive note and is moving forward with optimism.  A modest improvement is anticipated for 2012 with a slow but steady increase in sale activity, downward trend in listings, and stable home prices for balanced market conditions in our area."

We predict that 2012 as the year we return to a balanced market with few listings coming onto the market and prices showing modest movement upwards.  The Alberta economy is on a rebound along with their job growth and it will without a doubt have a positive impact on our area.  What this meands is it truly is a great time to invest in our real estate market now.