2012

First day of the 2012 is a great time to anticipate where Kelowna area real estate market activity is heading.

With 2011 behind us we know that 2011 total sale activity numbers were similar to 2010 and the lowest in the past ten years.  But the good news is for 2012 analysts predict that Calgary and Edmonton will be Canada's hottest housing markets in 2012.

What does this mean for the Kelowna area?  Spin-off maybe.....in time?

Since the Fall of 2010 the Okanagan Mainline Real Estate Board (OMREB) has been tracking MLS buying transactions with a monthly survey to OMREB members who acted as Buyers Agents.  The survey collects information with regards to where OMREB buyers are coming from - both geographically and demographically.

On the average since Fall 2010 home buyers have been coming from:

• 56.46% within the OMREB Board area;
• 14.44% Alberta;
• 12.78% Lower Mainland/Vancouver Island;
• 7.96% other areas of BC;
• 3.36% Saskatchewan/Manitoba;
• 2.97% Eastern Canada/Maritimes;
• 2.2% outside Canada;
• 0% Northwest Territories/Yukon.

As you can see with the above percentages a sizable proportion of local sales come from buyers that originate outside our region ~ 40% being non-local with almost 30% from Alberta and the Lower Mainland.

When analyst are saying, 'Vancouver and Toronto for the past couple of years have ranked as the hottest major housing Canadian markets' but now predicting 'Alberta's two major cities, Edmonton and Calgary will lead the pack in 2012'......will the Okanagan area see a 2012 increase in non-local buyers from Alberta?

My guess ~ likely!  How much only time will tell as 2012 unfolds.

OMREB covers the Central Okanagan, North Okangan and Shuswap - from Peachland to Revelstoke!

p.s. For the past 15 months according to OMREB's monthly survey, anywhere from 46-64% of Buyers preferred destination for investment is Kelowna and West Kelowna!