North Okanagan Housing Market Continues to Recover

MEDIA RELEASE

For Immediate Release:

January 7, 2010

North Okanagan Housing Market Continues to Recover

Vernon, BC -

December 2009 sales activity of all MLS® property types has improved over last year and the

early part of 2009 as the market continues to recover.

“The year ended on a positive note after six months of steady growth,” says Rob Shaw, OMREB

Director and REALTOR® in the North Zone. “Sales activity has continued to improve

significantly compared to the decline seen during the latter part of 2008. As inventories drop and

prices stabilize, we move into 2010 with more balanced and sustainable market conditions.”

Overall sales in December rose 127% compared to the units sold in 2008 (107 from 47) but

dipped by 17% from the 129 sold in November, a normal seasonal occurrence. Total residential

sales increased by 117% over last year (85 from 39) and dropped 22% from last month (109).

Single family units sold were up 116% over December 2008 (52 from 24) and down 17% from

this November (52 from 63). Townhouse and apartment sales improved 71% (12 townhouses

sold compared to 7) and 50% (6 apartments compared to 4) over last December.

“The momentum will continue in 2010 as low mortgage rates are maintained and consumer

confidence strengthens in an economic environment that is in growth mode once again,” Shaw

continues. “These positive factors will encourage more first-time buyers – who are essential to

stimulating sales at all levels – to enter the market, and bring interested investors and recreation

buyers back to the Okanagan. We expect that prices will begin to rise moderately during the

coming months as consumer demand increases and the economy improves.”

“If a home is priced well it will sell,” Rob 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 1,139 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

The North Zone of the Okanagan Mainline Real Estate Board (OMREB) reportedwww.realtor.ca and www.icx.ca. Our local public website is available at

www.omreb.com

available at all real estate offices and various locations in the Central Okanagan, North

Okanagan, the Shuswap and Revelstoke areas.

For comprehensive, Board-wide statistical information please visit

. All OMREB listings are published in the MLS® Real Estate Review magazinewww.omreb.com

Hayley Brown

Hayley Brown

REALTORĀ®
CENTURY 21 Executives Realty Ltd.
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