Spring Conditions and Affordability Spark Buyer Interest

Vernon, BC - The North Zone of the Okanagan Mainline Real Estate Board (OMREB) reported
April 2009 sales activity of all MLS® property types continued to pick up - increasing by 36%
from 93 sales in March to 127 in April. In particular, single family residential units sold in April
increased by 38% from March - up from 50 units to 69.

"While spring does gain momentum as a norm, this spring's month over month activity since
January has shown larger gains than we have averaged in the last seven years," says Rob
Shaw, OMREB Director and REALTOR® in the North Zone. "Compared to April 2008, we are
off the mark. However, the current total unit sales activity is mirroring the levels seen in 2000
and 2001."

"Signs of balanced market conditions are being reported in the Lower Mainland as the bridge
between buyer demand and housing supply begins to narrow with even higher sales activity," he
adds. "This is good news as what happens there typically filters to the Okanagan. We are
waiting for the spring weather to start bringing more people out and sparking Buyer interest."

"Increased affordability combined with a good selection of homes should result in more Buyer
activity," Shaw notes. "The guidance of a REALTOR® to help determine market value in this
competitive marketplace is important for both Buyers and Sellers."

The North Zone of OMREB covers an area from Predator Ridge north to Vernon and
Coldstream, and also includes the surrounding areas of Falkland, Enderby, Grindrod,
Armstrong, Spallumcheen, Lumby and Cherryville.

The Okanagan Mainline Real Estate Board (OMREB) is comprised of 1,123 member
REALTORS® and 86 real estate offices in the Southern Interior of BC. For the most
comprehensive source of all real estate listings, home buying and selling information, visit our
national websites at www.realtor.ca and www.icx.ca. Our local public website is available at
www.omreb.com. All OMREB listings are published in the MLS® Real Estate Review magazine
available at all real estate offices and various locations in the Central Okanagan, North
Okanagan, the Shuswap and Revelstoke areas.

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