Okanagan housing market picks up.

The Central Zone of the Okanagan Mainline Real Estate Board reported March 2010 sales activity of all MLS property types improved over 2008, the early part of 2009 and last month as the local housing market continues to pick up steam moving into Spring.

“Sales activity remains strong and listings continue to increase in the Central Okanagan as Spring unfolds and the promise of warm weather spurs Buyer interest,” says Brenda Moshansky, OMREB President.

“New listings rose 27% over last year at this time (1,362 compared to 1,070) and are up 12% over February (1,098). A wider selection of properties means more choice for buyers and a better opportunity to find the dream home they are looking for.”

She says overall sales of 366 units this month jumped 49% from the 245 sold in March 2009 and rose 26% from the 289 sold in February.

Total residential units sold showed a 42% improvement over last year at this time (331 compared to 233) – a 33% increase from last month (249).

Sales of 172 single family units were up 32% over last March (130) and increased 34% compared to sales this February (123).

Townhouse and apartment sales continue to show improvement, rising 85% (63 townhouses sold compared to 34) and 19% (56 apartments from 47) over March 2009.

“As economic growth improves in BC and recovery is well underway across the country, mortgage rates have gone up with the anticipation of potentially higher inflation. Despite the increases, home prices remain relatively affordable and mortgage rates comparatively low in the Central Okanagan – factors that will continue to draw buyers into our attractive market and to strengthen sales.”

She says they expect to see buyers with pre-approved mortgages making a move before the upcoming changes to qualifying criteria come into effect in mid-April.

“And, others could jump in sooner rather than later in the coming months to avoid further rate increases and the pending HST.”

BC Housing Market Exhibits Balanced Conditions

Vancouver, BC – August 14, 2009. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province climbed 53 per cent to 10,051 units in July 2009 compared to the same month last year. After six consecutive months of rising home sales and declining inventories, the province moved into balanced conditions in July, the first time since April 2008.

"Record home sales in Metro Vancouver and Victoria propelled the province into balanced conditions last month,” said Cameron Muir, BCREA Chief Economist. “While conditions in many interior markets are getting much better, their reliance on the struggling resource sector and a recent spate of forest fires have contributed to a more gradual pace of improvement."

Year-to-date, MLS® residential sales dollar volume declined 10 per cent to $21 billion over the same period last year. A total of 46,380 units were sold in the first seven months of 2009, down 6 per cent from 2008, while the average MLS® price declined 4 per cent to $451,758.