Kelowna Real Estate Pros

February proved to be in favour of townhome and lot sales compared to 2011. Lot sales saw an extreme increase over 2011, upwards of 225%! While townhome sales grew by 113% over the townhomes sales of 2011. What surprised me the most was the drop in the median home price for both Single Family homes and Condos.  Single Family homes median price went from $422K in 2011 to $405K in February 2012.  Condos also saw a large gap in median price from 2011’s $240K to $186K today. The townhome inventory has shrunk over last year but surprisingly the median price has increased ....

The Community of the Lower Mission is Kelowna’s oldest community, dating back to 1859 when Father Charles Marie Pandosy established the first white settlement in the Okanagan Valley. When settlers first claimed the area as their own it was thought that the land itself held no great value. Consisting mostly of swamp, settlers were forced to take refuge on higher ground. During this time the higher ground of the Mission was used solely as range land for cattle and other free range farm animals. It wasn’t until 1900-1910 that real development of the Mission took place. ....

Based on January units listed & sold, the market has stabilized, with a 1.42% drop in listings and .47% drop in sales from January 2011. Translated that means, although sales are slightly down, listings are further down. Based on the “Law of Supply & Demand” there is an insinuation that prices could be changing direction to an upward slope. Current Month Average DOM (days on market) is down to 118 from 125 in January 2011, meaning activity is increasing slightly and Buyers are gaining confidence in the Kelowna Real Estate Market. Although these Market....

December was a crazy month for sales with Move up Buyers leading the pack! Move up Buyers made up over 23% of Buyers in December pushing the leader in November “First Time Buyers” to third place. The good news was local Buyers were confident in our market which resulted in over 68% of the Buyers for December, who said December is slow month? Our consistent Alberta Buyer is still active and pursuing Kelowna real estate, even with all the rumours of Albertans buying south of the boarder. We are seeing a good start to 2012 and January remains strong. Our 2011 fall marke....

Tough Rules If Housing Market Gets Too Hot Financial Post Jan 23, 2012 Garry Marr A new round of mortgage rules from Ottawa could include tough new measures for calculating how the self-employed qualify for loans and tighten regulations for condominium buyers, according to two separate sources. Ottawa remains concerned about the possibility of an inflated housing market and wants to crack down on the practice where consumers self-disclose what they make when applying for a loan. In the case of the condominium buyer, the government continues to consider a proposal that wo....

The Community of Glenmore Glenmore is one of Kelowna’s oldest and most established neighborhoods. It is situated between downtown and the Kelowna International Airport. Glenmore is an excellent place call home because of its diverse nature and established community atmosphere offering multiple recreation sites, schools, and easy access to amenities. History The Okanagan is known for its agricultural background, but all of this would have not been possible if it weren’t for the vision of several local businessmen who formed the Central Okanagan Lands Ltd. to buy and ....