Quote:
Originally Posted by Potty
I'm considering buying a house in Kelowna in the next 1-3 years, so I have a spreadsheet going using stats off the Okanagan Real Estate Board. Mostly tracking Sales/New Listings, as I feel it gives the best snapshot of the market for the specific period you're looking at. Since 1987 when the data starts, it also gives a fairly good indication of change in price of the average house as seen on the chart. I see no reason to buy a place in Kelowna right now and am happy to wait until I see the fundamentals improve for an extended period.
I would recommend anyone who is looking at investing in real estate in a certain area do something like this. It's easy and the information is readily available. |
Why would you not rather buy while prices are low in Kelowna? Why wait for the market to turn around for a significant amount of time and buy at a higher price? Kelowna is saturated with supply right now and there are good deals to be had right now. This is definitely a buyers market - if your price range allows it, there's a lot of lakefront homes for sale too.
Also, the impact of the HST is going to be interesting.