Real Estate Forecast News - Kelowna

Real Estate forecast


by Contributed - Story: 60362 Castanet.net

Feb 25, 2011 / 5:00 am

Real Estate forecast for 2011 revised upward

Sales expected to rebound in 2012 - prices continue to rise.

There are good things on the horizon for the Canadian real estate market. At least, so say the latest industry forecasts, which have just been revised upward. The Canadian Real Estate Association (CREA) has just boosted its 2011 national forecast for MLS® sales. What’s more, CREA has now also issued a very positive forecast for 2012.

The new forecast, issued February 8th, represents an upward revision to CREA’s earlier national forecast for 2011. National MLS® sales activity is now expected to reach 439,900 units in 2011. This solid showing represents only a modest annual decline in the number of transactions of 1.6% below the previous year's active pace. In 2012, CREA forecasts that national sales activity will rebound by 3% to 453,300 units (which is roughly on par with the ten-year average for resale homes trading hands in Canada). CREA cites recent improvements in economic outlook, along with further expected improvement in consumer confidence as reasons for the upward forecast.

There’s good news for homeowners and home sellers too, as property values are expected to continue their upward climb, although at a much more moderate pace. According to CREA, the national average home price is expected to rise 1.3% in both 2011 and 2012, to $343,300 and $347,900 respectively. The average price is expected to rise modestly in most provinces, reflecting the continuation of a healthy balance between supply of, and demand for, homes listed for sale.

Of course, this is just an overview of the national picture. Home prices can vary dramatically between communities, within neighbourhoods, and even on the same street. For a more detailed look at home sale activity and resale prices in your area, contact your local Coldwell Banker real estate professional.

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Housing market trending upward in 2011 - Kelowna News - Castanet.net

Housing market trending upward in 2011 - Kelowna News - Castanet.net

by Castanet Staff - Story: 58249
Nov 15, 2010 / 5:30 pm

Kelowna area housing starts and sales of existing homes are forecast to move higher in 2011, according to Canada Mortgage and Housing Corporation’s (CMHC) Fall 2010 Kelowna Housing Market Outlook Report.

“Demand for both new and existing housing is expected to pick up as the provincial and regional economies record stronger employment growth,” says CMHC Market Analyst Paul Fabri.

Favourable interest rates will also support growth in demand. Buyers of existing homes will benefit from an ample supply of listings and strong price competition among sellers."

Fabri says gains in both new home construction and existing home sales will be modest.

Housing starts, led by the detached home sector, will increase next year.

“This year’s uptick in detached home construction will carry over into 2011.”

Lower lot prices and construction costs have allowed builders to compete more effectively with the existing home market and attract more buyers during the past year.

Kelowna’s multifamily sector will record more condominium and attached home construction and fewer rental apartment starts in 2011.

Existing home prices are forecast to edge up in 2011. Ample supply in combination with modest growth in demand will limit upward pressure on prices.

Kelowna’s existing home market will move to a balanced from a buyer’s market position in 2011 as demand improves and the supply of listings slowly comes down.

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