Thursday, December 17, 2009

Kelowna lakeshore real estate sales

So as we wind down 2009... the real estate market in Kelowna has settled down for what we hope to be a healthy balanced market with some slight increases in price for 2010. I had mentioned in a previous entry that I had experienced a flurry of interest from people interested in lakeshore property.
Real estate on any lake is a dream for a lot of people. This year the least expensive lakeshore property sold was a 3500 square foot, gradelevel home that was built in 1987 and needed complete updating. Located on Green Bay Road in the West Kelowna neighborhood of Lakeview Heights, it sold in June for $815,000. At the other end of the spectrum, the most expensive lakeshore property sold in 2009 was a newer 7200 square foot custom built 2 story home with an in-ground pool, deep water moorage, and an oversized boat lift. This sold in July for $4,810,000.
I'm dreaming of winning the lottery tonight!
Talk to you soon...

Tuesday, December 15, 2009

Growth Predictions in Kelowna for 2010

Recently Robert Fine, Manager of Economic Development for the Central Okanagan spoke at our Real Estate Board's AGM. Always positive, Robert spoke of BC leading our country in economic growth in 2010 at a predicted rate of 4.3%. Already, employment growth is back to 2007 levels and manufacturing sales to the end of the 3rd quarter this year are up 2.1% over last year.
In the Central Okanagan our unemployment rates have dropped for the last 6 months... being cut in half from 12.3% to 5.6%, well below the 10 year average of 8.5%. There are 17 major projects to the 2nd quarter of 2009 with 89 currently underway for a total of $30 billion dollars being spent in our region! Examples are Kelowna General Hospital Expansion ($433 million), Big White Ski Resort Development ($250 million), University of BC Okanagan additions ($150 million), and Kelowna International Airport expansion ($36 million).
Kelowna and the Central Okanagan are still very attractive on the world stage and with BC leading the growth in Canada, the Olympics are expected to add 1% GDP in the 1st quarter of 2010.
Kelowna real estate is still a "buyers bargain" relative to the UK/European markets and we will continue to see immigration playing a major role in investment here. MLS home sales are increasing in Kelowna and have been for several months while inventory has levelled off creating a stable, balanced real estate market.
Let's look forward to a prosperous 2010!
Talk to you soon...