For current foreclosure stats please visit: Okanagan Foreclosure Properties
Foreclosures are few and far between in the Central Okanagan today. The Kelowna Real Estate Market has returned to more of a balanced one with homes taking longer to sell and buyers have more selection. There are also a number of "Subject to Sale" deals where one home owner is waiting for another home owner to sell their property before completing on their agreement. This certainly has a bit of a domino effect and requires the patience of all parties involved. I have put together the current listing inventory for the Central Okanagan Region.
Current listing inventory is as follows:
Single Family Dwellings - 1801 properties including 12 pending offers
Strata - 1489 properties including 9 pending offers
Manufactured Home - 139 including 2 pending offers
Lots/Acreages 597 properties including 4 pending offers
Total properties for sale - 4026
And amongst the entire listing inventory...only 14 Foreclosures!!!
Foreclosure properties represent a mere 0.0035% of the total listing inventory. Not what I would label a melt down of the local real estate market! The current foreclosure break down is as follows: 1 Lot/Areage, 12 Single Family Dwellings and 1 Strata Property at Big White Ski Resort. Unfortunately, we still see reports in the media that the real estate market could crash at any time and in doing so send the message to not invest. This type of sensationalism and misguided representation on the real estate market in general is completely unfounded!
Now is a terrific time to buy a home as house prices are favouring buyers and with interest rates at a 50 year low. As a matter of fact, the Bank of Canada is set to announce another rate decrease on Jan.20/09. There is speculation that it will be .5% rate reduction. However, the national banks or "Big Five" as they are called may not be so generous and pass on the same reductions in their posted fixed rates. Bottom line is now is a great time to invest in real estate here in the very sunny Okanagan Valley.
The Regional District of the Central Okanagan reported in 2007 there were just over 72,000 household and 14,562 businesses. The current population is estimated to be 180,000. The total area covered is 2,956.3 km sq or 1141.5 miles sq. The Central Okanagan stretches from Lake Couuntry to the north of Kelowna, Big White Ski Resort/Beaverdell to the east, Westside/Westbank to the west and Peachland to the south.
If you would any further information on these foreclosure properties or have general questions about the local real estate market in Kelowna, please e-mail at: jason.neumann@century21.ca or call (250) 808-7700.
Sincerely,
Jason Neumann