Real estate agents tend to agree that the market is doing considerably better than predicted a short year ago. But they are equally in agreement that those who are in the selling end of the market are not making the money that was to be had during the peak times in the British Columbia real estate market.
It is a cyclical market. That is a given. And yes, the consensus is that the market is taking an upward turn, but a rather slow one. The Vancouver market is seeing more properties being listed with more sales resulting. In the Okanagan, while new listings are being added, the sales have not been keeping up.
There is less for the potential home buyer to choose from at the moment. Currently there are 4,120 properties listed for sale, compared to 4,648 from January of 2009. That is a decrease of 11 percent. On the upside, new listings have increased. In December 2009 a scant 525 homes were added to the inventory. In January 2010 that number almost doubled, to 1,021. January of 2009 only showed 884 new listings.
Sales from this January numbered 252 units, as compared to the 113 units that changed hands in January of 2009. The continued low mortgage rates and affordable home prices should keep the sales momentum moving in a positive direction throughout most of 2010. Perhaps the 2010 Olympics will give places like Kelowna a boost, since property there is more reasonably priced than in the Vancouver area. It may be a somewhat slow climb back to real estate prosperity for those in that industry, but at least we are moving in the right direction.
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