Investing in Kelowna real estate- Is this the right time?
Despite fluctuating real estate market conditions, Kelowna real estate arena booms exhibiting excellent
results in housing. Canada Mortgage and Housing Corporation (CHMC) report a double in the number of
housing units recently, especially in the month of August. Though the decline in Kelowna real estate in
the month of July can’t be denied, such seasonal fluctuations can be excused. Being in the heart of the
holiday season, many potential buyers are busy enjoying their summer vacation; therefore their money
is being spent elsewhere rather than in the real estate market. Probably this may also be one of the
prominent reasons for the seasonal fluctuations.
“Detached home starts climbed to the highest monthly level in almost two years,” says CMHC Market
Analyst Paul Fabri and added, “Lower lot prices and construction costs combined with favorable
mortgage interest rates have been key factors fueling demand for new detached homes. More
townhouses and semi-detached homes were built in August than last year.”
He says builders of multi-family housing have focused on smaller, phased projects in 2010, targeting
local buyers rather than investors. "Multi-family construction boosted Kelowna area starts in August.
Kamloops housing starts matched last year’s levels with the detached home sector accounting for the
lion’s share of new home construction. In Vernon, housing starts edged lower in August."
Kelowna has experienced the largest percentage increase in housing starts this year, with 697 units,
which is a 165% jump from the same time period last year. If ever you want to follow the statistics, just
take a look at (www.omreb.com) and follow the links to market statistics. With regards to real estate in
Kelowna, most Kelowna realtors are finding that they are seasonally busier both showing properties and
writing offers. But the truth is that Kelowna real estate market is well balanced and poised for an
increase in absorption rates over the next year.
In Kelowna, most of the home buyers begin their home search on the Internet. Therefore, the real
estate representative you select should have a strong background in online marketing presence as well
as be visible through social media outlets in order to reach the widest possible audience. Websites such
as Coldwell Banker on Location, a branded YouTube channel, allow real estate agents to showcase their
listings and local knowledge by tapping into the power of video and offering consumers a new way to
search for homes online. Finally all the circumstances of Kelowna real estate market are favorable and
so if you have any idea of investing, just move on and put it into action.
The author of this article has expertise in Kelowna real estate. The articles on Kelowna Real Estate Agent
reveals the author’s knowledge on the same. The author has written many articles on Real Estate
Kelowna as well.