Okanagan Insider

Happy New Year one and all. My goal this year will be to bring news and interesting articles to you a few times each month, so expect the articles to be shorter than the past and on target for you as a real estate investor.

By now, you will no doubt have had the opportunity to read many reports on the real estate market performance of 2006. This was another record setting year for our region in terms of dollar volume although not unit transactions.

CMHC is once again forecasting a banner year with good appreciation and stable interest rates. Kelowna’s economy keeps on turning and interest in the Okanagan region is increasing every week.

As a realtor, my phone and email communication systems are burning up with enquiries from potential purchasers requesting market analysis for their upcoming decision to buy resort property in the Okanagan. Of course, much of last year’s articles were focused on helping you understand that the asset appreciation we saw in resort properties was beginning to bring us inline with other international destinations, and with the enquiries we are receiving at the moment, that would certainly be the case.

January has been one of the busiest months on record for our office, and interestingly, the interest is more diverse than seasonal ski type product. With buyers coming into town so early to purchase their lake front resort property, our belief is that the resale market for this property is starting to pick up quite radically. That being said, the market needs to be carefully weighed with the amount of expected inventory from the past few year’s pre-sales programs.

I was privileged to spend some time in the southern Okanagan and meet with representatives of Oliver and Osoyoos Economic Development offices as well as the Osoyoos Indian Band. With Mount Baldy (www.skibaldy.com) generating so much interest and already committing to lift expansion and further subdivision development, it was interesting to get a regional perspective on growth. It will be fascinating to see this region develop over the next several years. One of the most encouraging aspects of the meetings was the recognition of tourism being such an important industry for them. The understanding of the infrastructure required to support tourism was refreshing and with such high quality vineyard offerings in the Southern Okanagan, I would be the first to recommend keeping a sharp eye on what is happening in the warmer climes just south of us.

We look forward to bringing you some January stats in our next article and encourage you to talk to your realtor if you are considering timing of a purchase or sale of your property, 2007 is sure to be another very frenetic and exciting year in the Okanagan Valley, British Columbia.

This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.