Elspeth Manning

Real Estate sales are showing signs of stability and remain steady for the coming 2011 market.  Better economic and employment conditions are expected to improve during the first quarter of 2011.  Howard Neufeld, with the Okanagan Mainline Real Estate Board (OMREB), indicates that sales are trending upwards as long as the revised lending criteria doesn’t tighten the cost and availability of credit.

The OMREB Board are now documenting per regions where home buyers are coming from in the North Okanagan.  In the past 5 months (57%) have come from Alberta;  (14 %) from the Lower Mainland/Vancouver Island areas; (13% from Saskatchewan/Manitoba; (2 %) from Eastern Canada/Maritimes) and (4%) from outside of Canada.  Brenda Moshansky,  president of the OMREB believes understanding these kinds of statistics can help reveal not only market dynamics but also identify which factors actually drive local demand. 

When someone upgrades to a new or larger home, it leaves room for their smaller older home to be available for a new home buyers.  Inevitably the economy environment and local employment opportunities directly influence decisions for Real Estate purchases.