Few Okanagan realtors reaped riches in 2011, but those in the market for some silver linings were able to find solace in equilibrium.
In the Central Okanagan Real Estate Board’s year-end review, they pointed out year-to-date unit sales diminished by a mere 0.3 per cent — from 3,633 from 3,643. Dollars changing hands, however, were even less stellar as sales volumes dipped to $1.4 billion compared to $1.5 billion in 2010.
That said, the board’s optimism has yet to be shaken.
“Despite concerns about employment, personal debtload and net worth which dampened consumer confidence and slowed overall demand in most BC markets during 2011, OMREB ended the year on a positive note and is moving forward with optimism,” said Rob Shaw, a OMREB Vice President
“A modest improvement is anticipated for 2012 with a slow but steady increase in sales activity, downward trend in listings, and stable home prices for balanced market conditions in our board area. Ongoing near record low interest rates will keep affordability on an even keel and relieve some of the big purchase apprehension for home buyers across the country this year.”
Shaw did point out that economic growth across B.C. is expected to be tepid, but the most important news for the real estate industry doesn’t come within this province’s borders anyway.
“The Alberta economy and jobs are expected to improve as the oil patch continues to rebound,” he said.
“We are hopeful that better household balance sheets will free up funds and bring back potential purchasers who are looking for good recreation, investment and retirement opportunities in the Okanagan Shuswap.
We have already begun to see more interest in these areas with more Europeans and Albertans on the scene for ski vacations over Christmas and New Years.”
