Real estate market continues recovery

The Central Zone of the Okanagan Mainline Real Estate Board (OMREB) reported
April 2010 sales activity of all MLS® property types improved over 2008, the early part of 2009 and last month as the local housing market continues to rebound.

“As listings continue to increase, the wider selection of properties has improved choice, and sparked buyer interest and sales activity in the Central Okanagan,” says Brenda Moshansky, OMREB President and Realtor in the Central Zone.

“New listings rose 16% over last year at this time (1,364 compared to 1,169) and unit sales have jumped 26% since April 2009.”

Compared to the 321 units sold last April, overall sales rose to 404 units this month (a 26% increase) and were up 9% from the 366 units sold this March.

Total residential units sold showed a 20% improvement over last year at this time (362 compared to 300) – a 9% increase from last month (331).

Sales of 194 single family units were up 22% over last April (159) and increased 12% compared to sales this March (172). Townhouse and apartment sales continue to show improvement, rising 50% (50 townhouses sold compared to 38) and 16% (77 apartments from 66) over March 2009.

The sale of higher end properties has improved significantly over 2009 (from 2 to 16).

“Better than expected economic and employment growth in BC and across the country – and the sense of urgency created by the resulting increase in carrying costs – has spurred local buying activity. During the coming months, we expect to see moderate increases in sales as buyers’ purchasing power is affected by tighter mortgage qualifying criteria, rising mortgage rates and the pending HST,” Moshansky notes.

“However, home prices remain relatively affordable and mortgage rates comparatively low – factors that will continue to draw Buyers into the Okanagan market.”