Property Type:
22.9% by First Time Buyers
17.4% of purchases were by Move-Up Buyers
11.1% buying Revenue/Investment Property
10.4% moving from Single Family Home to Strata Unit
7.6% Recreation Property Buyers
5.6% moving into Retirement Home/Seniors Community
3.5% moving from Strata property to Single Family Home 

Moving From: 
50% from Within OMREB Board Area
18.8% from Alberta
10.4% from Lower Mainland/Vancouver Island
10.4% from Other Areas in BC
6.3% from Eastern Canada/Maritimes
2.8% from Outside Canada
1.4% from Saskatchewan/Manitoba

Source: OMREB

Kelowna, BC – The Central Zone of the Okanagan Mainline Real Estate Board (OMREB) reported August 2011 sales activity of all MLS® property types slower than this time last year and down marginally compared to July as a buyers’ market continues into the fall. During August, overall sales dipped 2.05% over last year (to 286 units from 292) and were down 16.12% over July (from 341), with sales volumes of $113.3 million compared to $155.7 million in 2010. Total residential sales last month were down 3.72% compared to August 2010 (to 259 units from 269). Single family home sales rose 1.54% over last year (to 132 compared to 130) – a 2.94% drop from the 136 homes sold in July. While inventory continues to decline over last year (down 1.23% to 5,230 units from 5,295), new listings for the month rose over last August (up 0.97% to 832 from 824) but declined 13.6% compared to listings taken in July (from 963). “The summer finished with steady home sales and stable home prices in the Central Zone. Most market segments continue to move along and hold their own in the Okanagan Shuswap, while the recreation and investment segments are still sluggish – being most affected by attractive U.S. opportunities and a slower than expected recovery in Canada,” says OMREB in the Central Zone. “Concerns over personal debt loads, net worth and employment fuelled by reports of American economic instability have cooled consumer confidence and overall demand in most BC markets, and volatility in the equity markets could result in further belt tightening and apprehension about making big purchases moving into fall. However, we’re hopeful the BC Government will reveal its HST transition plan quickly to alleviate some market uncertainty. ” OMREB notes, “Serious buyers are looking for well priced properties – recognizing that now is the time to buy while there is still a good selection of homes and room to negotiate, and knowing that higher interest rates anticipated later this year could impact their purchasing power and determine the home they can afford. Sellers can benefit from working with a professional REALTOR® to price strategically at current values and make the most of buyer activity. Homes with good curb appeal that are listed by vendors with the sharpest pencils are selling quickly in this competitive market. “The results of OMREB’s Board wide monthly Buyers Survey profiling who the buyers are, what they are buying and where they are from shows that the majority of buyers are from within the Board area. First time buyers and move up buyers are a driving factor, and stimulate the chain of ownership.

Newsletter produced by OMREB

Few Canadian cities can boast the successful growth and rapid development of an identity like Kelowna can. In a little more than two decades, it has gone from being a not-so noteworthy interior town to one that has everything most people look for in a place to live. It’s all the more common now that folks from the Lower Mainland of BC and others from all across Canada are seeing Kelowna as a viable alternative to the stresses of bigger-city life. Opportunities abound, the cost of living is much less daunting and there’s a genuine warmth to the people. It’s no surprise that more and more folks are looking at Kelowna real estate listings with an eye to moving to this vibrant city.

Your Kelowna home search should begin with the proven professionals at Royal LePage Kelowna. A Royal LePage Kelowna realtor understands the importance you are attaching to the potential purchase of a Kelowna home and responds by pairing their expert knowledge of the area’s housing market with your specific needs. You can expect him or her to be at your every beck and call and be proactive in establishing what Kelowna listings meet your criteria before arranging viewings that work with your schedule. While it’s not Vancouver, the number of Kelowna real estate listings is considerable and you want a realtor who is exactly in tune with what will work for you and what will not.

Having a realtor who’s attuned to your needs in this way is an essential component of your Kelowna home search. This is due to the fact that properties that perfectly match your criteria are very likely meeting those of other potential homebuyers as well. This is what makes for a “HOT” listing and being able to identify them quickly and give them precedence over others is a characteristic of an expert realtor. Such expertise comes standard with a Royal LePage Kelowna realtor and they’ll waste no time in preparing and presenting your offer on any Kelowna home, all the while maintaining the highest standards of professionalism throughout the process.

You will be hard pressed to find anyone who has relocated to Kelowna and isn’t thrilled with the life they have discovered there. There’s just enough hustle and bustle and an abundance of natural beauty with readily-accessible means of enjoying it. The fact that Kelowna real estate listings don’t come with the same hefty price tag you’d find in Vancouver really appeals to most folks as well, and yet you are still only 4 or so hours away from the Lower Mainland.

Start your Kelowna home search the right way at http://kelownahomefinders.ca

- J. Shorman