Despite fluctuating real estate market conditions, Kelowna 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 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 (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 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.