Kelowna area hard real estate market facts

The past couple of days news headlines report Canadian Real Estate Association's (CREA) revised  real estate market forecast of "stronger than expected sales and prices in the second quarter and good momentum entering the second half of the year"  and that economist "warn Canadians should expect a gradual slowdown in the housing market to begin next year, as sales in Toronto and Vancouver cool and interest rate hikes eventually kick in".....Read More

CREA Updates Resale Housing Forecast.....Read More

Kelowna and West Kelowna home sales and sale prices for the first six months of 2011 are less compared to 2010:

HOME SALES:

• -8.13% Kelowna
• -28% West Kelowna

MEDIAN HOME SALE PRICE

• -3.98% Kelowna
• -1.6% West Kelowna

AVERAGE HOME PRICE first six months of 2011

• $511,522 Kelowna
• $475,963 West Kelowna

MEDIAN HOME PRICE first six months of 2011

• $441,672 Kelowna
• $425,000 West Kelowna

40% of Kelowna area sales come from buyers outside the Kelowna area and approximately 60% are Okanaganites.....Read More

It's a great time to take advantage of continued lower interest rates and softer Kelowna area home prices!