Okanagan Market Update - second half of 2012 expected to be strong due to population grown, low mortgage rates and positive employment figures

The British Columbia Real Estate Association reports the market to be a stronger half of the year is expected in 2012.

"The pace of home sales slowed during the first half of the year," said Cameron Muir, BCREA Chief Economist. "However, the downturn is likely to be temporary as population growth, persistently low mortgage rates and encouraging employment figures suggest a stronger second half of 2012."

Muir further advises, "The 5-year conventional mortgage rate remains within 5 basis points of its 20 year monthly low. BC's population is growing by approximately 45,000 individuals a year. Full-time employment climbed 3 per cent during the first half of 2012 at the expense of part-time employment, which declined 1.9 percent."

The Okanagan Mainline Real Estate Board reports for June 2012:

Residential Average Prices = $374,689 down 1.7% from 2011

Residential Active Listings = 6827 down 1.5% from 2011

Residential Sales = $220,317 UP 15.8% from 2011

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Terri Ann Novello

Terri Ann Novello

CENTURY 21 Assurance Realty Ltd.
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