The Canada Mortgage and Housing Corporation (CMHC) predicts 2013 will see more new and existing home sales in Kelowna and BC, and even more real estate activity in 2014. What does that mean to you if you want to buy a house in Kelowna or Kamloops this year?
It means 2013 is still a good time to be a homebuyer in BC.
Even though CMHC predicts more homes will be built, listed and sold this year, in the Okanagan real estate market and in BC, “…both sales and new construction are forecast to remain below their ten-year averages.”
Prices will stay stable in 2013. Across BC, house prices are expected to remain stable in 2013 at $511, 200.
What about 2014?
If CMHC’s right, you’ll see only “…modest home price growth next year.” That ‘modest’ price growth could make a big difference, though, especially if you’re a seller.
Prices will move from a buyer’s market to a balanced market in 2014. Thinking about selling a house in BC? Can you wait at least a year? Average MLS prices are forecast to rise from $511,200 in 2013 to $524,000 in 2014.
| (Quarter 4) 2011 | (Quarter) 4 2012 | ||
| Kelowna | Starts
MLS Avg. Price
MLS Sales |
215
$400, 015
695
|
235
$407, 111
674 |
| Kamloops | Starts
MLS Avg. Price
MLS Sales
|
93
$367, 422
311 |
96
$372, 948
255 (CMHC) |
An experienced mortgage broker in Kamloops or Kelowna can help you access low mortgage rates so you can take advantage of the BC housing market in 2013. Based in Vernon, BC, leading Okanagan mortgage broker Peter Pogue at Kal-Mor Mortgages also understands the Thompson-Okanagan real estate market.
Are you a first-time homebuyer? Check out our post on mortgage tips for first-time homebuyers.
Take advantage of low mortgage rates and housing prices in Salmon Arm, Penticton, Kelowna and Kamloops. Call Kal-Mor Mortgagesand Investments today!