Nancy Robideau

“This month’s figures demonstrate ongoing consumer confidence in the Okanagan market as sales activity remains strong and listings continue to increase,” says Brenda Moshansky, OMREB Director and REALTOR® in the Central Zone. “While inventory is down 8% from last February (4,418 units compared to 4,848), a wider selection of properties is now available to Buyers as new listings have increased 23% from last year (1,098 compared to 888) and are up 7% over January (1,021).”

Total sales of 289 units jumped 78% last month from the 162 sold in February 2009 and rose 14% from the 252 sold in January. The 249 residential units sold showed a 64% improvement over last year at this time (151) – a 13% increase from last month (219). Sales of 123 single family units were up 43% over last February (123 from 86) – similar to sales in January (122). Townhouse and apartment sales improved 77% (32 townhouses sold compared to 18) and 90% (57 apartments from 33) over February 2009.

“We are optimistic that the upcoming changes to mortgage criteria in mid-April, the pending HST in July, and potentially higher mortgage rates in the future could generate more sales in the coming months,” Moshansky notes. “As the unseasonably warm weather brings people out and about – especially during Spring break and now that the Olympics are over, we can expect the low interest rates and attractive home prices to drive first-time Buyers into the market, and to draw investment and recreation property buyers away from high prices in the Lower Mainland.”

Brenda adds, “The guidance of a REALTOR® to help determine market value in this competitive marketplace is important for both Buyers and Sellers. If a home is priced well it will sell.”