Kelowna Real Estate Blog – Paige Guernsey

Kelowna housing market outlook

Posted by paige on May 20, 2010 | No Comments

Bob Rennie, the condo king from Vancouver was here the other day to talk about the real estate market in BC.  His opinion is that all the underlying factors are here to see continued growth and prosperity for British Columbia and certain more desirable areas like Kelowna, Vancouver Island, and Vancouver.  In particular the fact that the whole world saw a lot of our province for the first time during the Olympics is important.  Real estate should continue to be a strong and considerable investment when you consider that relatively speaking, Kelowna is considered inexpensive compared to other parts of the world and on the world stage we are only JUST on the radar.  Condos in Vancouver are an oversaturated market as it is here.  Fortunately for Kelowna though, a lot of the projects that were slated to be underway didn’t break dirt as the market started to feel the economic pinch of the recession we’ve just been through.  This means that although there are a number of condos still available and competing with each other, the market for condos is becoming more stable, with those buildings having important ammenities contributing to lifestyle like proximity to shopping and leisure activities are selling first over those that have less that all the necessary fundamentals.  CMHC has just released it’s spring housing market for Kelowna and it’s positive!  

Talk to you soon…

Paige