CMHC Housing Outlook - Kelowna Housing Markets Stronger in 2010
By Jaime Briggs, REALTOR® www.BriggsOnHomes.com
November 2, 2009
This just in from CMHC!
Kelowna area housing starts and sales of existing homes will move higher in 2010. Expect demand for both new and existing homes to pick up as the BC and Canadian economies record stronger growth. Housing starts, led by the detached home sector, will increase in next year. Strong price competition from a well-supplied existing home market and rising inventories of new, completed and unoccupied apartment condominium units will constrain multi-family construction during the first half of 2010. This year’s upswing in existing home sales will carry over into 2010. Competitive pricing, a good selection of listings and favourable interest rates will help sustain growth in demand for existing homes next year. Expect existing home prices to edge back up as demand improves and the supply of listings is drawn down . . . . .read more